Procurify Adds New Insight Feature to Spend Management Platform

Procurify introduced an analytics feature for its middle-market-focused spend management platform.

Spend Insights is designed to help finance and procurement teams make faster and better decisions by using a combination of centralized company spending data and artificial intelligence-powered analysis, according to a Wednesday (May 14) press release.

“Spend Insights shows what’s possible when you bring AI and analytics together,” Chad Gaydos, who was named CEO of Procurify earlier this year, said in the release. “It extends our use of AI across the entire spend lifecycle — from extracting data from receipts, contracts and invoices, to surfacing up-to-date insights that drive smarter, faster decisions. This is the future of agile finance — and we’re building it today.”

Spend Insights combines interactive dashboards with a conversational AI assistant, Spend Analyst, letting users query and understand their data using natural language prompts, per the release.

“With instant access to spend data across purchasing, expenses and [accounts payable (AP)], teams can quickly surface trends, catch anomalies early, and act with greater speed and confidence, without waiting on reports or juggling disconnected tools,” the release said.

The launch came as AI turns into the equivalent of a corporate pacemaker, automating and regulating the flow of billions of dollars in disbursements.

The PYMNTS Intelligence report “Smart Spending: How AI Is Transforming Financial Decision Making” found that more than 8 in 10 chief financial officers at large companies are either already using AI or considering adopting it for accounts payable.

“The trend is particularly pronounced among the biggest enterprises, with 75% of companies earning more than $10 billion annually having already blended AI into their payment processes,” PYMNTS wrote in April.

However, the process of weaving AI into accounts payable systems is notoriously tricky, with close to two-thirds of CFOs reporting trouble in making the different systems work together seamlessly. Another roadblock is the lack of customization offered by some AI tools, making it difficult for companies to tailor the technology to their specific needs.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.