IRVINE, Calif.--(BUSINESS WIRE)--Tungsten Automation announces the launch of InvoiceAgility, a new, integrated capture and e-Invoicing Network solution that simplifies accounts payable (AP) processes while eliminating friction and empowering financial operations through AI-powered workflow automation. Supply chain complexities, ever-changing regulations and growing fraud are overloading AP teams. InvoiceAgility eliminates those complexities to accelerate invoice processing, reduce errors and ensure compliance, significantly enhancing efficiency.
InvoiceAgility combines the global scale of the Tungsten e-Invoice Network with the seamless capability to capture incoming paper or image-based invoices through Tungsten’s industry-leading AP Essentials cloud solution. The integration of key capabilities from this solution empowers AP teams to:
- Accelerate Invoice Processing: Accept paper or image-based invoices from any supplier anywhere – including countries with e-invoice regulations or mandates.
- Ensure Accuracy and Compliance: Validate invoice accuracy, tax compliance and financial workflow rules to ensure invoice accuracy and speed processing through the AP processes.
- Obtain Actionable AI-powered Insights: Analyze supplier invoice trends and optimize cash flow with the Tungsten Copilot.
"As the financial landscape continues to evolve with global supply chains and changing regulatory requirements, we focus on providing solutions that deliver tangible value to meet the ever-increasing demands of modern businesses," said Emily Nash-Walker, head of Invoice Automation Management and Strategy at Tungsten Automation. "Our integrated accounts payable solution – InvoiceAgility - raises the bar for automating such workflows globally."
With a 40-year history in workflow innovation, Tungsten Automation is driving the next evolution of financial technology: AI. This month, the company was named a Leader in IDC’s MarketScape: Worldwide Accounts Payable Automation Software for Large Enterprise 2024 Vendor Assessment.
Kevin Permenter, Research Director at IDC, stated, “By transitioning towards autonomous systems that use AI and machine learning, businesses can achieve greater improvements in accuracy and efficiency, with systems that adapt to changes and optimize workflows automatically.”
InvoiceAgility delivers measurable time and cost savings. Research from Ardent Partners shows an industry average of $9 of labor and 9 days to process an invoice. Enterprises leveraging Tungsten’s InvoiceAgility can reduce costs by 80% and process invoices in minutes, not days, significantly outperforming industry benchmarks.
The goal is straight through processing (STP) by utilizing trusted automation to manage incoming invoices from receipt to payment without human intervention. Tungsten customers typically achieve levels beyond 90% STP, where nine out of ten invoices are received, validated, matched and / or adjudicated with purchase orders and receiving documents and processed fully by InvoiceAgility.
To showcase the benefits of adopting AI-driven AP solutions, Tungsten Automation will host a webinar presentation featuring InvoiceAgility on August 22, 2024. Interested parties can learn more and register for the event at tungstenautomation.com/InvoiceAgility.
About Tungsten Automation:
Tungsten Automation, formerly Kofax, is a global leader in intelligent workflow automation solutions with a trusted legacy of 40 years and more than 2,200 employees in 32 countries serving over 25,000 global customers. Our commitment to innovation and customer success has earned significant industry recognition, including being named a leader in Invoice Automation by IDC, Intelligent Automation and Intelligent Document Processing by Everest Group and in Process Orchestration by Forrester. We are trusted to deliver unprecedented gains in efficiency and reducing expenses through workflow automation by propelling their businesses into the future.
