Corcentric Enhances AP Invoice Processing with New Generative AI Capabilities

CHERRY HILL, N.J., Mar. 5, 2024 – Corcentric, a leading global provider of best-in-class procurement and finance solutions, announced today that it has incorporated new generative Artificial Intelligence (AI) capabilities to further enhance its Accounts Payable (AP) invoice processing services for customers.

Through state-of-the-art AI, including OpenAI GPT technology, and human-supervised machine learning, Corcentric now offers touch-free accuracy improvements and the ability to extract customized or unique data with its invoice processing capabilities. This incorporation of new, specialized AI models will lead to better invoice verification, error and fraud detection, and handling of poor-quality invoices.

“The cost to companies of manual invoice management can be measured by the amount of time lost, errors not identified, fraud undiscovered, and payments delayed,” said Manish Jaiswal, chief product and technology officer at Corcentric. “By augmenting our advanced AP invoice processing services with the latest responsible AI capabilities, we allow our customers to avoid having to rectify and validate issues – including those that occur frequently – that can arise within AP processing. Instead, they can reinvest that valuable time into focusing on their key drivers of future business growth.”

Corcentric’s Intelligent AP Automation solutions increase speed, efficiency, and productivity with intelligent data capture to maximize accuracy and decrease costs for customers. Corcentric’s Business Innovation Lab will continue to integrate generative AI into additional document management services to add new levels of accuracy, automation, and autonomy for customers.

Corcentric offers a full suite of Managed AP solutions that combine service, technology, and financing to work as an extension of a customer’s back-office, optimizing end-to-end workflows. From invoice receipt to approval routing to purchase order (PO) and receipt of goods matching, Corcentric helps customers reduce costs, increase accuracy, and offer real-time visibility into invoice and expense status. This eliminates friction across Procurement, AP, and Treasury departments within an organization and breaks through the barriers at the AP and Accounts Receivable (AR) boundary between companies and suppliers.