Tipalti Enhances AI Capabilities to Reduce Manual Workloads and Empower Finance Professionals
Global Payables Leader Integrates Generative AI into Its Industry-Leading Payables Intelligence Engine to Further Drive Productivity
Foster City, CA – June 6, 2023 – On the heels of its growth funding news, Tipalti, the leading global payables automation platform, today announced it has embedded OpenAI’s GPT-4 technology to strengthen Tipalti AI, their continuously-adaptive and integrated payables intelligence engine that harnesses the power of artificial intelligence (AI). Named a winner of the CPA Practice Advisor “Technology Innovation Award” in 2020, Tipalti AI will now include two new upgrades: strengthened Auto Coding and Tipalti AI-powered chat.
Leveraging generative AI, Auto Coding will analyze the context of the purchase order, the invoice and the ledger and will allow for improved matching accuracy and help further eliminate manual coding. Tipalti AI-powered chat provides an intelligent assistant with robust data analysis functions. These latest capabilities combine to deliver valuable insights to customers and advance Tipalti’s mission to revolutionize the payables process.
“Tipalti provides high-velocity, mid-market companies with an integrated finance automation solution that drives business performance powered by artificial intelligence. Tipalti’s latest feature, by embedding OpenAI’s GPT-4 technology, strengthens their AI-powered capabilities,” said Kevin Permenter, Research Director at IDC. “Leveraging generative AI to Auto Code invoices promises to free AP staff from dealing with data-entry tasks by enabling faster invoice processing with fewer human touches and fewer mistakes by predicting the correct coding on an invoice and purchase order.”
“The emergence of recent AI capabilities is a perfect match for applications in the office of the CFO,”
said Chen Amit, CEO and co-founder at Tipalti. “We are proud to have led our industry for many years by incorporating AI into our existing solutions and are excited to share the latest way we are revolutionizing the entire payables process leveraging the latest AI capabilities on the market. This will help our customers not only save even more time and improve financial accuracy, but also provide them greater insight into their entire AP operation.”
Manually coding invoices is time-consuming and error-prone, requiring manual comparisons of previous transactions and input from individuals across the organization. To alleviate this pain, Tipalti has enhanced its auto coding technologies by embedding OpenAI to further transform manual coding as it exists today, more accurately predicting the correct coding on an invoice and purchase order. This ultimately improves spend visibility, which is critical in today’s challenging economy. In internal tests, the updated technology has been proven to save up to 40% of additional processing time for invoices, enabling users to focus more time on other value-driving projects.
Tipalti AI-powered chat
Tipalti AI-powered chat, an AI-powered digital assistant, allows customers to easily access information and answer key business questions instantly, saving time and resources. Through a chat interface, any user within the organization can engage with the ChatGPT-powered assistant to get simple or complex financial and system questions answered quickly and easily.
Users can ask questions designed to enhance their use and understanding of the payables solution such as: Who are my 10 slowest approvers? How much volume was spent last year on educational projects for employees? Can you identify major trends on budget spend on T&E year over year? Why are most invoices sent back to AP for corrections? Tipalti AI-powered chat gets rid of multi-step processes and the need to conduct complex, manual Excel-based analyses while also eliminating the need to navigate user interfaces.
“Tipalti’s AI-powered digital assistant will provide automated insights into business performance by allowing finance teams to access information by asking a few questions. Tipalti AI-powered chat has the potential to enable finance teams to focus on higher-value activities such as financial analysis and strategic decision-making instead of tedious manual payables activities,” added IDC’s Permenter.
“We currently have 10 subsidiaries and having AI identify the correct sub has tremendously reduced our manual corrections work,” said Delia Molina, Controller at Artica, an eCommerce insights company. “There was minimal training required across the company and it helped us reduce time on manual tasks and focus on other initiatives required by the company.”
Auto Coding and Tipalti AI-powered chat are both currently in beta testing and will be generally available to all customers in Q3 of this year along with several other new generative AI capabilities. For more information, visit tipalti.com//product/finance-ai/.
Tipalti is the only company handling both Mass Payments and Accounts Payable workflows for high-velocity companies across the entire financial operations cycle: onboarding and managing global suppliers, instituting procurement controls, streamlining invoice processing and approvals, executing payments around the world and reconciling payables data across a multi-subsidiary finance organization. Tipalti enables companies to scale quickly by making payables strategic with operational, compliance, and financial controls. Companies can efficiently and securely pay thousands of partners and suppliers in 196 countries within minutes. Thousands of companies, such as GoDaddy, Roku and WordPress.com use Tipalti to reduce operational workload by 80% and accelerate the financial close by 25%, while strengthening financial and spend controls. For more information, visit tipalti.com.