AP automation savings is all about Matching. SoftCo has the best matching engine with 90% touchless processing including AutoML, the new Machine Learning model.
But how do you compare solutions and checkout vendor claims? Take the Smart Matching Challenge. Your own invoices, with no notice, versus our competitors. Then see why our Smart Matching engine leads the market.
Matching delivers the greatest savings for the AP team. It is the most important financial success factor of an AP automation project. If an invoice goes ‘straight through’ the AP process, with no need for human intervention, it provides over $10 savings per invoice versus manual processing. The equivalent of $500,000 savings for an organization handling 50,000 invoices annually.
However, many suppliers provide exaggerated claims of ‘straight through’ rates. Reality only bites after the project is live. This is why leading analyst Gartner recommends an ‘in-context’ live demo using a customer’s own critical cases to assess the real automation, up front. By presenting the supplier with a batch of challenging invoices with little notice and running them though the AP solution, the customer can distinguish between the claims and the reality!
SoftCo has the best Matching Engine in the market. With only 2 hours’ notice the SoftCo Smart Matching engine achieves 70% straight through processing. This rate increases to over 90% in a full implementation including our new Machine Learning technology, AutoML, which brings automation to another level.
“Procure-to-pay solutions are often a long-term commitment, but the market can be difficult to navigate. Take control during vendor product demonstrations by creating a demo script. Seeing the solutions live…. will be a major factor in the decision process.”
4 Steps to Choose Your Best-Fit Procure-to-Pay Solution. July 2022.
SoftCo’s SMART MATCHING technology delivers industry-leading straight-through processing and significant cost savings by incorporating new confidence scoring and industry-leading machine learning technology. SoftCo’s unique technology delivers a far higher percentage of invoices passing through SoftCoAP without requiring any Accounts Payable user intervention.
The SoftCo Smart Matching Engine enables organizations to process a greater volume of invoices and achieve a far higher rate of touchless invoice processing. The Smart Matching Engine utilizes confidence scoring to intelligently match invoices to the correct PO and PO line, even when the information on the invoice is missing certain elements or is not fully consistent with the details on your PO or GRN. While other matching engines depend on specific information in order to complete a first-time 2-way or 3-way match, the SoftCo Matching Engine analyzes all other elements and provides a suggested match and presents the degree of confidence for that match. Each matching operation results in a confidence score being assigned to the strength of the match. Customers select what confidence level will be allowed to flow through automatically to enable touchless invoice processing, while invoices matched with a lower level of confidence are presented to the AP team for review before release.
SoftCo’s new machine learning model, AutoML, is derived from 3 years of research and 50+ million matches. AutoML is fully automated and delivers optimal match rates from day 1. The engine is tailored for specific industries and automatically adapts to each customer’s environment. There is no need for any upfront or ongoing configuration or maintenance, and every invoice match is tracked and used to train all AutoML models. With AutoML, there is 100% transparency and auditability with dashboards and interactive analytics.
The SoftCo Recurring Invoice module delivers touchless matching of payments against supplier contracts. SoftCo’s matching engine captures all key elements of a contract as soon as it is uploaded to the SoftCo platform and automates the matching of corresponding invoices to the contract as they are received. SoftCo Pre-Approved Spend creates a predefined budget that instantly and intuitively sets the boundaries within which that budget can be spent. Spend can be limited by a time period, vendor(s), products, and overall available amount to spend. Once these boundaries have been established and Pre-Approved Spend budgets approved, the system understands when a requisition is associated with a Pre-Approved Spend budget and allows the requisition to bypass the standard approval process. With approved users able to draw down on Pre-Approved Spend budgets, the ability to react to day-to-day operational requirements is greatly improved, while also giving budget owners visibility and control to ensure all spending takes place within the defined limits controlled by the customer.
New innovative Smart Routing technology utilizes the latest in Adaptive Learning techniques to determine the correct routing of invoices for approval, reducing the time taken to correctly route invoices by 90%. Advanced Exception Handling functionality and an improved UI provide users with clear reasons for any exception and guidance on how to best resolve it, resulting in a dramatically accelerated process. Smart Coding harnesses Machine Learning to analyze previously coded invoices and automatically apply the correct coding for new invoices. This innovative feature significantly reduces the reliance on the AP team’s knowledge and enables coding in seconds rather than minutes.
“We are now automatically matching 80% of all of our supplier invoices.
This means they go straight through the process, touchless
without any manual intervention.“