OpenEnvoy uses GenAI to give visibility into spend without sacrificing control

OpenEnvoy releases Generative Analytics, giving Finance and business leaders full visibility to spend, suppliers, and contracts without sacrificing privacy or control.

SAN MATEO, Calif., April 11, 2024 /PRNewswire/ -- OpenEnvoy, a leader in Finance and Accounts Payable automation, introduces Generative Analytics to give Finance and business leaders easy access to critical operating and cost data by asking simple questions. Now, customers can give their employees the power of Generative AI when asking questions about spend with external suppliers, contracts, savings, project budgets, and cash flow. OpenEnvoy harnesses the machine learning and natural language capabilities that power popular large language model (LLM) services while respecting customer data access control.

Users can ask OpenEnvoy questions in regular English and get answers illustrated in the forms of charts, tables, and graphs. Questions like "How much did we spend with Deloitte last year?" or "How much are we spending on mufflers in each region?" are easily understood. Unlike public LLM services, users can click into answers to understand the exact transactions. Operating managers across the company get fast access to the data they need for decision making. Better visibility into spend and contracts helps Finance streamline the budget vs. actual process.

These capabilities let CFOs better support the business without hiring more data science or financial analysis experts. Because OpenEnvoy core capabilities deliver payback within a single year, CFOs have the opportunity to better support the business without major innovation budgets.

"CFOs are excited about the potential of GenAI to improve productivity and performance. OpenEnvoy's AskOE interface allows finance and business leaders to query and draw insights on all their financial data without compromising their data protection policy." Josh Burwick, CFO OpenEnvoy

Today's announcement of a new early access program for Generative Analytics follows the release of a new deep learning model to improve core AP processes including GL coding for non-PO invoices.

About OpenEnvoy

OpenEnvoy is the Applied AI platform that unifies payables, contracts, receivables, and transactions to free Finance teams from clerical work. OpenEnvoy provides customers with AI that eliminates coding errors, over-billings, and fraud to improve operating efficiency and cash flow without impacting suppliers or IT.

With OpenEnvoy, customers have eliminated more than $400M in losses.

To learn more about OpenEnvoy, visit www.openenvoy.com and follow us on LinkedIn.

Media Contact
Jake Adger
Vice President of Marketing
[email protected]

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SOURCE OpenEnvoy