SoftCo, a global leader in financial automation software, announced details of the release of SoftCo10.5 on January 21, 2022.
A core focus of this major release is the deployment of Smart Technology to automate the most time-consuming Procure-to-Pay (P2P) tasks. The new platform incorporates unique Artificial Intelligence (AI) and Adaptive Learning technologies to minimize the number of supplier invoices that require manual intervention. The result is a 38% improvement in match rates versus standard matching engines, delivering significant increases in Straight Through Processing (STP) rates and a substantial saving per supplier invoice processed.
End-to-end performance of the StorLife Compliant Archive has also been significantly improved. Enhancements to the archive and database engine result in a 5 times improvement in the processing speed of document archival and retrieval. SoftCo10.5 also incorporates significant UI enhancements, advances in the underlying platform architecture, important security enhancements and a new SoftCo Knowledge Hub with instant access to essential user information and training guide videos.
Highlights of SoftCo10.5 include:
- Enhanced Intelligent Capture functionality delivers faster processing speeds and further improved accuracy rates.
- New Smart Matching engine uses AI Technology to match the most complex scenarios resulting in a 38% improvement in match rate versus standard matching engines.
- Advanced Exception Handling functionality and an improved UI provides users with clear reasons for any exception and guidance on how to best resolve it resulting in a dramatically accelerated process.
- New innovative Smart Routing technology, utilizing the latest in Adaptive Learning techniques, determines the correct routing of invoices for approval, reducing the time taken to correctly route invoices by 90%.
- Smart Coding harnesses Machine Learning to analyze previously coded invoices and automatically apply the correct coding for new invoices. This new feature significantly reduces the reliance on the AP team’s knowledge and enables coding in seconds rather than minutes.
- New Operational and Financial KPI Dashboards deliver greater clarity and deeper insight into real-time day-today performance.
- SoftCo Advanced Analytics, powered by AWS Quicksight, has been extended to now include reports on cash forecasting, payment and spend analysis, supplier performance, and operational trend analysis providing management with key insights required to manage costs, performance, and effectiveness of operations.
- SoftCo 10.5 incorporates extended Fraud Prevention and detection controls utilizing AI to identify abnormal behaviours and protect against fraud at all stages of the P2P process.
- Improvements to the SoftCo Compliant Archive through enhancements to the archive and database engine, result in a 5 times improvement in the processing speed of document archival and retrieval.
Commenting on the new product release, Robert Hickey, Chief Technology Officer at SoftCo, said:
“We have used the latest technologies available to ensure that the entire P2P process is accelerated through further automation and that the number of manual touchpoints are significantly reduced. Every new feature and enhancement in SoftCo10.5 delivers real world tangible benefits both for our P2P and Compliant Archive customers”