Gartner Names OpenEnvoy Leading AP Real-time Auditing Vendor

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Sep 15, 2022, 07:00 ET

OpenEnvoy's revolutionary AI for Accounts Payable is enabling finance teams to save millions with real-time automation and auditing.

OAKLAND, Calif., Sept. 15, 2022 /PRNewswire/ -- OpenEnvoy, the industry-leading Bay Area fintech that offers AI for accounts payable, announced today that it has been recognized as a leading Sample Vendor for AP real-time auditing in the Gartner Hype Cycle for Procurement and Sourcing Solutions 2022 report.

OpenEnvoy's impressive track record showcases a best-in-class performance by delivering 20X ROI across customers over the past 12 months, with the product paying for itself in 60 days on average.

Gartner suggests, "AP real-time auditing solutions allow organizations to validate whether a payable is accurate and genuine, without the need for manual review. Companies deploying these solutions find that they typically pay for themselves within the first year of use."

Acknowledged for its distinctive features, OpenEnvoy offers immediate improvements for customers with high-volume variable cost invoices like:

Enhanced visibility into purchasing policy compliance
Reduced manual workloads
Elimination of overspend and duplicate payments
Complete contractual compliance in minutes

In addition Gartner states, "AP real-time auditing tools detect fraud, errors, overbilling, and other issues that cause organizations to pay invoices and expenses erroneously…spend policies are much easier to enforce when all transactions are automatically reviewed compared to manual spot-checking."

"It is an honor to be referenced as an industry leader in AP real-time auditing. From inception to market leader in two years wouldn't be possible without our great customers, and a team focused on producing returns", says Matthew Tillman, CEO of OpenEnvoy.

In 2021, Gartner also recognized OpenEnvoy as a leading AP automation vendor for helping finance teams eliminate payables fraud.

*Gartner, "Hype Cycle for Procurement and Sourcing Solutions", Kaitlynn Sommers, Micky Keck, et al., August 1, 2022.

**Gartner, "Quick Answer: How Do You Reduce Fraud in the Accounts Payable Process?", Akif Khan, Micky Keck, Jonathan Carel, December 6, 2021

Learn how OpenEnvoy is shifting the landscape for accounts payable by scheduling a demo with an OpenEnvoy expert today.

About OpenEnvoy

OpenEnvoy enables finance teams with visibility, automation, and cash flow solutions. Learn how OpenEnvoy helps prevent wasted spend by visiting https://www.openenvoy.com. Read more at Future FinOps or follow @OpenEnvoy on Twitter and LinkedIn.

For Press inquiries, please contact Courtney James at [email protected].

SOURCE OpenEnvoy