Stampli Unveils Cognitive AI for Autonomous Purchase Order Management

Stampli's Cognitive AI aims to handle all your businesses's purchase orders autonomously

Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More Stampli, an accounts payable (AP) automation startup, has introduced its latest innovation, Cognitive AI, at Oracle NetSuite's annual SuiteWorld 2024 conference in Las Vegas. Designed to streamline one of the most time-consuming processes in corporate finance, the AI solution aims to fully automate purchase order (PO) matching, a labor-intensive task traditionally managed by entire finance teams. By blending large language models (LLMs) with carefully structured business logic, Stampli's Cognitive AI represents a significant leap forward in financial automation. Unlike other AI tools that focus on simple data matching, this technology mimics the complex reasoning and decision-making abilities of experienced AP professionals, fundamentally changing how companies handle PO matching. Replicating human decision making with AI Eyal Feldman, CEO and co-founder of Stampli, emphasized the uniqueness of the new offering. "My background is in [Oracle rival] SAP, and I realized early on that structured processes like SAP and unstructured processes like Documentum could be combined for incredible efficiency," he told VentureBeat in a video call interview last week. Feldman said this marks the first time such a high level of human-like reasoning has been integrated into financial software. Stampli's leadership in the AI space is no accident. With nearly a decade of experience in AI-driven invoice processing, the company has built a vast, secure dataset through years of collaboration with finance teams. This dataset, growing by $85 billion annually, provides the foundation for Stampli's advanced solutions. Feldman added, "While many companies are just beginning to explore AI applications, we've spent years orienting our technical architecture, data warehouses, and corporate structure around AI." Solving the PO matching puzzle PO matching is a core task for finance departments, particularly for midsize companies that must reconcile large volumes of invoices against purchase orders. Discrepancies are common, ranging from inconsistent quantities and prices to missing deliveries and misaligned taxes or fees. Resolving these issues typically requires significant manual intervention, often consuming hours of work. Feldman elaborated on the complexity involved in accounts payable workflows. "The real problem of Accounts Payable is that it's a collaboration process, not just an approval process. People have to figure out what was ordered, what was received, and how to allocate costs," he said. This collaboration across multiple departments is at the heart of Stampli's approach to automation. Other PO matching tools rely on proximity algorithms to flag simple matches, but these systems achieve success rates of just 20-40%, according to Stampli's estimates. In contrast, Stampli's Cognitive AI automates the process almost entirely, achieving a 97% success rate in controlled tests. The company expects to push that number even higher as more data is collected through real-world usage. Matt Andersen, CFO of Superior Masonry Unlimited in Fort Mill, South Carolina, shared his experience with the tool, describing the time savings it delivered. "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," Andersen said. Nini Johnston, VP of Treasury at Modigent, a national HVAC service company, echoed this sentiment, highlighting the increased productivity her team has seen since adopting Cognitive AI. She noted, "Without Stampli, we would have had to hire five additional people to process invoices." Addressing labor shortages in finance The timing of Stampli's Cognitive AI launch couldn't be better. A June 2024 report from the U.S. Bureau of Labor Statistics revealed that the finance and insurance sector faced a labor shortage, with 308,000 job openings and only 132,000 hires. Automation technologies like Stampli's Cognitive AI are critical in helping finance teams do more with less, allowing companies to maintain productivity without adding headcount. Andersen pointed to this benefit, saying, "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." Feldman also highlighted Stampli's core innovation in centralizing the accounts payable process. He explained, "We took the invoice and turned it into a landing page, a central hub where all conversations, documents, and approvals happen in one place." This approach, according to Feldman, simplifies what has historically been a highly fragmented workflow. "Accounts Payable isn't just about paying invoices; it's about reconciling data between vendors and internal systems, which requires collaboration across many departments," Feldman said, further emphasizing the value of Stampli's solution for companies dealing with complex processes. Immediate availability and future expansion Stampli's Cognitive AI for PO Matching is available now 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. The company has plans to expand Cognitive AI into other areas of finance operations soon, continuing to leverage its deep expertise in automation and AI. An online demonstration of the technology will take place on September 18, 2024, offering potential customers the chance to see the system in action. Invitations for the event can be requested via Stampli's website. With the introduction of Cognitive AI, Stampli continues its mission of optimizing financial processes. As businesses face increasing complexity in managing accounts payable, the company's solution positions itself as an essential tool for modern finance teams looking to improve efficiency and reduce manual workloads.

Stampli unveils AI-based PO matching

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. 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: ● A vast, secure, and well-structured dataset of nearly a decade's worth of invoice processing workflows, growing by $85B+ annually ● Deep understanding of finance processes and business logic from years of collaboration with diverse finance teams ● A decade-long, company-wide orientation on AI that extends across every aspect of Stampli's operations to leverage and advance AI capabilities "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.

Stampli Introduces Cognitive AI™, Debuts Human-Level PO Matching at SuiteWorld 2024

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: A vast, secure, and well-structured dataset of nearly a decade's worth of invoice processing workflows, growing by $85B+ annually Deep understanding of finance processes and business logic from years of collaboration with diverse finance teams A decade-long, company-wide orientation on AI that extends across every aspect of Stampli's operations to leverage and advance AI capabilities "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. View original content to download multimedia:https://www.prnewswire.com/news-releases/stampli-introduces-cognitive-ai-debuts-human-level-po-matching-at-suiteworld-2024-302242754.html SOURCE Stampli Market News and Data brought to you by Benzinga APIs