Stampli’s New AI Will Automate Your Businesses’s Purchase Orders

Revolutionizing accounts payable with AI: Stampli, an accounts payable (AP) automation startup, has unveiled its latest innovation, Cognitive AI, at Oracle NetSuite’s SuiteWorld 2024 conference in Las Vegas, aiming to fully automate purchase order (PO) matching.

• The new AI solution combines large language models (LLMs) with structured business logic to replicate the complex reasoning and decision-making abilities of experienced AP professionals.
• Cognitive AI represents a significant advancement in financial automation, moving beyond simple data matching to handle the intricacies of PO reconciliation.
• The technology is designed to streamline one of the most time-consuming processes in corporate finance, potentially transforming how companies manage their accounts payable workflows.

Stampli’s AI expertise: The company’s leadership in AI-driven financial solutions is the result of nearly a decade of experience and a vast, secure dataset built through collaborations with finance teams.

• Stampli’s dataset, growing by $85 billion annually, provides the foundation for its advanced AI solutions.
• CEO Eyal Feldman emphasized that Stampli’s technical architecture, data warehouses, and corporate structure have been oriented around AI for years, giving the company a significant advantage in the field.
• This long-term focus on AI applications sets Stampli apart from companies that are just beginning to explore AI integration in financial software.

Addressing the PO matching challenge: Purchase order matching is a core task for finance departments, particularly in midsize companies dealing with large volumes of invoices and purchase orders.

• Traditional PO matching often involves resolving discrepancies in quantities, prices, deliveries, taxes, and fees, requiring significant manual intervention.
• Other PO matching tools using proximity algorithms typically achieve success rates of only 20-40%, according to Stampli’s estimates.
• In contrast, Stampli’s Cognitive AI has demonstrated a 97% success rate in controlled tests, with expectations to improve further as more real-world data is collected.

Real-world impact: Early adopters of Stampli’s Cognitive AI have reported significant time savings and increased productivity.

• Matt Andersen, CFO of Superior Masonry Unlimited, shared that the AI matched 100% of lines on 22 invoices in a single day, reducing processing time from days to just 15 minutes.
• Nini Johnston, VP of Treasury at Modigent, noted that Stampli’s solution has allowed her company to avoid hiring five additional people to process invoices.
• These testimonials highlight the potential of Cognitive AI to streamline financial operations and allow finance teams to focus on more strategic tasks.

Addressing labor shortages: The launch of Stampli’s Cognitive AI comes at a crucial time for the finance industry, which is facing significant labor shortages.

• A June 2024 report from the U.S. Bureau of Labor Statistics revealed 308,000 job openings in the finance and insurance sector, with only 132,000 hires.
• Automation technologies like Cognitive AI can help finance teams maintain productivity without adding headcount, allowing existing staff to focus on strategic initiatives rather than manual data entry and reconciliation.

Stampli’s holistic approach: Beyond PO matching, Stampli’s core innovation lies in centralizing the entire accounts payable process.

• The company has transformed invoices into central hubs where all conversations, documents, and approvals occur in one place.
• This approach simplifies traditionally fragmented workflows, facilitating collaboration across departments and reconciling data between vendors and internal systems.

Availability and future plans: Stampli’s Cognitive AI for PO Matching is now available as an add-on for customers using Oracle NetSuite, Sage Intacct, and SAP.

• Additional integrations with other financial systems are expected in the coming weeks.
• Stampli plans to expand Cognitive AI into other areas of finance operations, leveraging its expertise in automation and AI.
• An online demonstration of the technology is scheduled for September 18, 2024, allowing potential customers to see the system in action.

Broader implications: As businesses face increasing complexity in managing accounts payable, Stampli’s Cognitive AI positions itself as a potential game-changer in the finance industry.

• The technology’s ability to automate complex decision-making processes could lead to significant shifts in how finance teams operate, potentially redefining roles and responsibilities within organizations.
• As AI continues to advance in the financial sector, it may prompt a reevaluation of educational and training requirements for finance professionals, emphasizing skills that complement AI capabilities rather than compete with them.
• The success of such AI-driven solutions could also accelerate the adoption of similar technologies across other areas of business operations, potentially leading to a broader transformation of corporate workflows and decision-making processes.