‍Vic.ai has announced the general availability of Autonomous Purchase Order (PO) Matching, an AI solution that manages POs on behalf of accounts payable (AP) teams. This release marks the next evolution of Vic.ai’s end-to-end invoice processing solution, which uses advanced AI to automate manually intensive AP tasks and elevate finance and accounting teams. 

“In this tipping-point moment for AI, business leaders need an AI strategy that includes their finance operation,” said Alexander Hagerup, CEO of Vic.ai.

“With Autonomous PO Matching, our customers will now be powered by Vic.ai’s best-in-class AI throughout the entire invoice processing lifecycle..” 

Traditional PO matching – the process of comparing information between an invoice and a purchase order to ensure the accuracy of costs and payments – is usually performed manually by AP professionals.

The cumbersome process requires individual templates for every vendor, perfectly matched item IDs, as well as time-consuming outreach and tracking across multiple systems and workflows, all at a high organizational expense. Up to 24% of AP teams' time is spent on PO matching, inaccuracies, or incomplete data, which can result in delayed processing, late payments, and penalties. 

Vic.ai's Autonomous PO Matching solution harnesses AI to expedite the traditional purchase order process:

• Employs AI for 2-way or 3-way PO matching, reading item descriptions akin to humans but faster and more accurately, constantly learning from historical data and adapting in realtime;
• Elevates match rates by correlating complex documents like multi-line POs and invoices, multiple invoices to one PO, or multiple POs to a single invoice;
• Flags any line that falls outside the tolerance for further approval automatically, substantially cutting down on employee correspondence time;
• Consolidates PO and expense invoice processing into a single system, liberating AP teams from navigating multiple systems and workflows; and
• Optimizes efficiency and accuracy within finance departments, guaranteeing verified, transparent, audit-ready records, thus eliminating fraud and ensuring operational compliance.

www.vic.ai