Vic.ai, an AI autonomous financial platform, has launched Autonomous Purchase Order (PO) Matching, an advanced AI solution that manages POs on behalf of Accounts Payable (AP) teams. This release is the latest in Vic.ai’s end-to-end invoice processing solution that uses AI to automate manually intensive AP tasks and empower finance and accounting teams.
“In this tipping moment for AI, business leaders need an AI strategy that includes financial operations,” said Alexander Hagerup, CEO of Vic.ai. “Autonomous PO Matching enables our customers to leverage Vic.ai’s best-in-class AI throughout the invoice processing lifecycle. We want our accounting and finance departments to work smarter, not harder. We are proud to offer innovative solutions as part of a complete AI-driven platform designed to
Traditional PO reconciliation, the process of comparing invoice and purchase order information to ensure cost and payment accuracy, is typically performed manually by AP professionals. This cumbersome process requires separate templates for each vendor, exact item ID matches, and even time-consuming outreach and tracking across multiple systems and workflows, all at significant organizational costs. Up to 24% of AP team time is spent reconciling POs, incorrect or incomplete data, which can result in late processing, late payments and penalties .
Vic.ai’s pioneering autonomous order matching solution uses AI to expedite the traditional ordering process.
- Employ AI for 2-way or 3-way PO matching to read product descriptions faster and more accurately like humans, constantly learning from historical data and adapting in real time.
- Increase match rates by associating multiple lines of purchase orders and invoices, multiple invoices to one purchase order, or multiple purchase orders to one invoice.
- Out-of-tolerance rows are automatically flagged for further approval, significantly reducing employee response time.
- Consolidate purchase order and expense claim processing into one system, freeing your AP team from working with multiple systems and workflows.
- Eliminate fraud and ensure operational compliance by optimizing efficiency and accuracy within your finance department and ensuring verified, transparent, and audit-ready records.
Early customers are already seeing great value in Autonomous PO Matching. Milwaukee Tools, an industry leader in developing innovative solutions for professional construction users, has worked with Vic.ai as his partner in piloting Autonomous PO Matching.
“Innovation is at the heart of the Milwaukee Tools ethos, from the products we build to how we operate our internal teams. We see it as the path to a financial organization. Viquaysaid Connor Clare, Senior Finance Manager, Accounting. “This presents us with a great opportunity to incorporate AI into our business to enhance decision-making.”
