Groundbreaking technology combines LLMs with mapped business logic; its first application fully automates one of the most labor-intensive tasks in corporate finance
LAS VEGAS, Sept. 10, 2024 /PRNewswire/ -- Stampli, the only finance operations platform centered on Accounts Payable (AP), today unveiled Cognitive AI™ and its first application in Purchase Order (PO) matching at SuiteWorld 2024.
Stampli's Cognitive AI represents a breakthrough in applying AI to financial processes. By combining LLMs with meticulously mapped business logic, it understands the nuanced context of financial operations and replicates human decision-making processes.
"Cognitive AI thinks and reasons through complex financial scenarios just like an experienced AP professional," explains Eyal Feldman, CEO and co-founder of Stampli. "This level of human emulation has never before been achieved in financial software."
Only Stampli could develop Cognitive AI
Unlike recent entrants who are adding AI as an afterthought, Stampli has a decade of experience with AI, and has saved millions of hours of labor for finance teams.
Stampli's unique position to advance the state of AI stems from:
"While many companies are just beginning to explore AI applications, we've spent years orienting our technical architecture, data warehouses, user workflows, and even our corporate structure around AI," notes Feldman. "We've also brought on the best AI and engineering teams in the business. This head start allows us to deploy advanced AI solutions that others can only dream of."
Reasoning through PO puzzles like a human
Many midsize companies employ entire dedicated teams to manually reconcile invoices against purchase orders and documents.
POs and invoices can run into dozens or hundreds of line items, and discrepancies are routine. Examples of discrepancies include inconsistent descriptions, quantities and prices; mismatched unit types; missing deliveries or line items split across multiple deliveries; and taxes, freight charges, credits, discounts, rebates and many other variables. Each discrepancy requires careful investigation to resolve.
Other PO matching software providers use "proximity algorithms" to reconcile clear matches, and Stampli estimates they only have a 20-40% success rate.
In contrast, Stampli's Cognitive AI for PO Matching approaches full automation of the matching process.
In controlled tests, Stampli Cognitive AI reached the same conclusions as human operators 97% of the time, and Stampli expects that result to approach 100% as it gathers additional data from customer usage.
Stampli's early access customers are seeing even better results. Matt Andersen, CFO of Superior Masonry Unlimited in Fort Mill, SC, says, "The AI matched at 100% on every line on each of the 22 invoices that came in that day. Even though five of those invoices were around three pages long, the AI still matched everything perfectly. It only took me 15 minutes to review those invoices, compared to the many days it would have taken my team and I to process them manually."
Nini Johnston, VP of Treasury at Modigent, a national HVAC service company, says, "The other tools I've worked with for invoice processing are antiquated, difficult to use, and not performing in the manner you'd expect in 2024 for AP automation — light years behind Stampli. Today I see my team vouching invoices and POs much faster, and getting through many more a day. We love the matching AI, and we also love that we can set automatic approvals when an invoice below a certain amount matches a PO. Without Stampli, we would have had to hire five additional people to process invoices."
Andersen adds, "As a CFO, I have to be working on the business, not in it. I need my team focused on thinking strategically, looking forward, growing the business and navigating the changing economy. Let the AI do the basic tasks, so the team can utilize their human ingenuity. Stampli has given my team and I the ability to focus on the bigger strategic mission. We can 10x the size of the company right now without growing our AP headcount."
Availability
Stampli's Cognitive AI launch arrives at a pivotal moment for the finance industry. June 2024 U.S. Bureau of Labor Statistics data reveals a substantial labor shortage, with 308,000 finance and insurance job openings but only 132,000 reported hires.
Stampli's Cognitive AI™ for PO Matching is available immediately as an add-on service for Stampli customers who use Oracle NetSuite, Sage Intacct and SAP, with support for additional financial systems coming in weeks.
Additional applications for Stampli's Cognitive AI are expected in the near future.
A demonstration of the technology will be held at an online event on Sep 18, 2024. Request an invitation at Stampli.com/cognitive.
About Stampli
Stampli is the only finance operations platform centered on accounts payable. Built by AP experts for efficiency across the entire invoice lifecycle — from receipt to approval to payment — Stampli creates breakthrough productivity for AP and finance teams by centralizing all invoice-related communication, documentation and workflows into a single view for each invoice, and by automating all manual activities using Billy the Bot™, the industry's only proven AI. Billy the Bot has saved millions of hours of labor for Stampli's 1,600 customers as it processes $85B+ invoices every year. Stampli implements within weeks, not months, and is easy to learn for any stakeholder involved in the invoice lifecycle.
SOURCE Stampli