OpenEnvoy Outperforms Hundreds of AP Automation Vendors, Earns Shortlisting in Gartner's Market Guide

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Aug 31, 2023, 08:00 ET

Recognized five times by Gartner for AI-Powered AP Automation

OAKLAND, Calif., Aug. 31, 2023 /PRNewswire/ -- OpenEnvoy, which empowers finance teams to maximize cash flow by taking complete control of their inefficient AP processes, today announced its recognition in the Gartner Market Guide for Accounts Payable Invoice Automation (APIA) 2023 report as having advanced AI/machine learning (ML) capabilities addressing the most challenging requirements in AP automation, especially with the evolving market needs.

According to the Gartner report, "OCR as a base digitization solution has limited effectiveness and requires a lot of effort to maximize its value. Cutting-edge vendors are now utilizing AI-driven computer vision and NLP to digitize image-based documents at much higher success rates out of the box." The report's expanded APIA scope includes advanced features such as automated multiway matching, fraud detection, and cash management. It highlights a growing customer demand for fully automated, touchless invoice processing.

OpenEnvoy's proven AI-native solution not only encompasses these critical capabilities but also establishes an unparalleled industry benchmark. It guarantees customers 100% accurate data extraction through a completely touchless process. Its comprehensive data extraction includes every field, header, and descriptive block, while separating multiple invoices from a combined file. This sets the offering apart from all other solutions in the industry empowering OpenEnvoy to contractually commit to generating cash flow by eliminating cash leakage.

Mathew Tillman, CEO of OpenEnvoy, stated, "Our recognition in the Gartner Market Guide for APIA underscores the strength of our solution and the dedication of our team. We're committed to creating innovative solutions to help enterprise finance teams unlock efficiencies, gather real-time insights, and regain control of their cash flow."

OpenEnvoy has been consistently recognized by Gartner across various reports for the past three consecutive years. Download the Gartner Market Guide for APIA here.

Gartner, "Hype Cycle for Procurement and Sourcing Solutions", Kaitlynn Sommers, Micky Keck, et al., July 19, 2023.

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 transforming accounts payable by requesting your AP automation demo with an expert here.

About OpenEnvoy

OpenEnvoy uses enterprise-grade AI technology to provide finance teams with complete control over their payment processes. Our AP automation solution eliminates overpayments, controls fraud, and maximizes cash flow, all with total visibility. Recently, Gartner named OpenEnvoy Reference Vendor for AI in AP and Payables Fraud Prevention.

Learn more about how you can generate 10X ROI using our industry-leading AP automation at OpenEnvoy.com, and follow @OpenEnvoy on X and LinkedIn.

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Press Contact:

Gabriela Garner
Vice President of Marketing, OpenEnvoy
[email protected]

SOURCE OpenEnvoy