Vroozi, which works in purchasing and spend management for enterprise and midmarket companies, will roll out a new accounts payable and invoice automation platform, according to a press release.
Called Vroozi Intelligence, the platform will automate and simplify scanning, capturing and approving business invoices and payments, the release stated.
The platform will use artificial intelligence (AI), machine learning (ML) and data capture to automate invoice matching and coding along with exception handling and approval workflows, according to the release. The AI will have the ability to find and auto-fill necessary information to speed up the approvals workflow.
Vroozi Intelligence will be able to help companies move to total automation and, using smart account coding, will help companies save time on invoicing, the release stated.
“It’s 2021, and procurement and finance teams are still relying on tedious, manual accounts payable processes to pay suppliers,” said Vroozi Co-Founder and Chief Strategy Officer Shaz Khan in the release. “We developed this new technology to empower our customers around the globe to automate [purchase order (PO)] and non-PO invoice and payments accurately and efficiently so they can spend their time on what really matters: driving their business forward.”
Last year, Vroozi bolstered its cloud-based purchasing platform by adding AI-powered spend analytics provider Simfoni to its procure-to-pay solution.
Read more: Simfoni Joins Vroozi’s Cloud-Based Procure-to-Pay Platform
Simfoni’s analytics offer businesses on the Vroozi platform a way to get more savings opportunities and procurement actions automation, according to Khan, who said it is “critical” for companies to have access to spend intelligence and automation.
Simfoni Executive Chairman Chirag Shah said at the time that the firm “explored partnerships with various eProcurement partners,” but was “particularly impressed with the Vroozi platform.”
“It has rich functionality and is easy to deploy,” Shah said.
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