Leverages Artificial Intelligence and Machine Learning Capabilities
Intellinetics, Inc. (NYSE American: INLX), a digital transformation solutions provider, announces two recent sales of its IntelliCloud™ Payables Automation System within one week that represent a combined $150,000 in annual SaaS revenue. This reflects Intellinetics growing Payables Automation Solutions practice and provides an upward lift to its annual recuring revenue in this market. Both customers are scheduled for a go-live date in Q1 2024.
The IntelliCloud Payables Automation System utilizes patented artificial intelligence and machine learning technologies to eliminate the costly manual steps in general ledger (GL) coding, workflows and approvals, data entry, and invoice filing. These capabilities deliver a strong business case for clients to leverage Intellinetics’ software as the benefits of implementing include cost reductions, service improvements, strengthened compliance, and real-time dashboard views into data and documents.
“As organizations look to modernize manual accounts payable processes to free up time for higher-value activities, scale their business, and to reduce audit, fraud, and regulatory compliance risk exposure, building a digital-first modern finance department becomes a top priority for CFOs,” said James F. DeSocio, President & CEO at Intellinetics. “We are proving our IntelliCloud Payables Automation System is an enterprise-class software solution for financial platforms that support very complex cost-accounting markets.”
“Our Payables Automation practice brings us all the advantages that come with focus – a set of expanding solutions and services all of which are designed specifically for AP, while allowing us to scale through multiple entry points for different buyer needs. It has expanded our reach to serve customers ranging from enterprise to mid-market companies,” continued DeSocio. “With our platform, ecosystem, and scale, we are well positioned in the massive and largely unpenetrated Payables Automation market.”
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