New artificial intelligence engine watches, learns and makes recommendations to improve performance and financial outcomes
Vroozi, the leading digital purchasing and spend management platform for enterprise and mid-market companies, has launched a new AI-driven procurement engine within its procure-to-pay solution. The AI engine, which leverages Amazon Web Services’ (AWS) AI capabilities, increases procurement and AP performance by analyzing transactional patterns to make accurate, data-based decisions. The technology also identifies appropriate actions, enabling companies to reduce tedious, manual processes, eliminate errors and manage risk.
“Modern finance and procurement teams want to work fast, lead meaningful initiatives and make decisions based on data and intelligence,” said Shaz Khan, Co-Founder and Chief Strategy Officer at Vroozi. “We are equipping our customers with intelligent and powerful technology that enables another level of speed, results and performance.”
Vroozi’s AI continuously watches, learns and makes recommendations to simplify processes and improve performance and financial outcomes. The solution, which improves over time based on what it learns about the specific customer, offers three distinct capabilities:
- Analytics: The engine automatically analyzes key performance data, such as historical spend, purchase orders and payment patterns, and shares data-based insights that improves the speed and accuracy of decisions.
- Monitoring: The AI watches over transactions, purchasing decisions, invoice approvals, vendor relationships and more to proactively flag errors, unearth potential issues, increase accuracy and mitigate supplier risk, compliance issues and fraud.
- Automation or Recommendations: The AI makes real-time suggestions and automates processes to save time, improve performance, increase quality, eliminate costly errors and take advantage of market opportunities.
AWS’ AI capabilities will be embedded directly into Vroozi’s workflows and applications with a set of actionable analytics. The AI is based on the same technologies used to power Amazon’s own businesses. The enhanced solution will be made available to all customers on the Vroozi platform.
“Our new AI ensures every finance and purchasing team has the innovative and modern technology it needs to scale and drive continuous operational efficiencies,” said Khan.
Vroozi offers modern and user-friendly purchasing and AP automation for companies of all sizes. Vroozi’s software automates the entire procure-to-pay process, including business purchasing, vendor invoices, payments and business spend management, to help organizations save time, improve operational efficiency and drive financial performance. To learn more, visit www.vroozi.com.
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