SAN FRANCISCO--(BUSINESS WIRE)--Zip, the world’s only intake-to-pay platform, today announced a new embedded generative AI product suite that automates previously manual workflows, flags legal and security risks, and generates valuable business insights. The release, which focuses on document intelligence, integrates AI directly into request intake, approval and contract renewal workflows.
The new AI capabilities eliminate thousands of hours employees spend on error-prone data entry for purchase requests, purchase orders and invoices, as well as on time-consuming vendor contract reviews. In addition, these AI capabilities can search aggregated insights across all contracts, including key risks and vendor consolidation opportunities that would otherwise take significant time and budget to manually identify.
“Generative AI is one of our top focuses at Zip. We think generative AI will fundamentally transform how requesters, cross-functional approvers, finance and procurement process owners experience the intake-to-pay process, and have made a big bet on leveraging generative AI to improve all aspects of our platform. This is just the beginning,” said Rujul Zaparde, CEO and co-founder of Zip. “Our ability to anticipate our customers' needs is core to Zip’s rapid adoption by companies worldwide. As genAI technology matures, Zip will implement this transformational technology in practical ways to continually improve purchasing and AP processes. We’re committed to providing embedded AI solutions that are directly applicable to the day-to-day workflows our customers already love and use, so they can deliver meaningful competitive advantages for their businesses.”
Key capabilities of Zip’s new generative AI feature set include:
- Automatic data extraction: Users can instantly parse any document or contract for pricing details, payment terms and line items with automatic data integrity checks.
- Legal and security risk detection: Zip can scan contract and security documents for 100+ risks in seconds and surface potential risks to cross-functional approvers directly in their review workflows.
- Vendor consolidation opportunities: Zip will flag requests for vendors that perform the same functionality as an existing vendor the customer already has. These insights are shown in the request and review workflows, as well as across all active contracts.
"Zip’s generative AI capabilities will save users’ time by eliminating the need to use external systems for key metadata extraction and by embedding the extracted data directly into workflows. The depth of clause extraction and granular contract risk analysis exceeds what is offered by competitors that we’ve bench-tested, as these features are typically reserved for contract lifecycle management solutions,” said Nikhil Gaur, research analyst and project associate at Spend Matters. “Moreover, since workflows are critical to intake, Zip’s application of generative AI to workflow automation is a strong example of increasing efficiency.”
Zip was founded to help employees navigate antiquated procurement processes whenever they make a business purchase. Zip’s consumer-style, enterprise-grade SaaS platform allows any employee to easily initiate a purchase or vendor request with a few clicks, plus automate the entire downstream procure-to-pay process. By prioritizing an easy-to-use employee experience for procurement, businesses quickly gain increased visibility into business spend to better manage operating expenses.
The new embedded, generative AI product suite will be available to beta customers in Q4 2023. Learn more about Zip’s AI capabilities here, and sign up for a demo of Zip here.
About Zip
Zip is the world’s only intake-to-procure platform. Providing an intuitive starting point for any employee to initiate a purchase or vendor request, Zip helps businesses gain clear and timely visibility across all business spend by dramatically improving the employee experience. The platform’s no-code configuration and intelligent workflows integrate disparate systems, enabling businesses to automatically route requests for faster approval across finance, legal, procurement, IT, security and other teams. Zip consolidates all the steps and tools used across finance and procurement processes in one platform. Leading enterprises and high-growth startups like Northwestern Mutual, Snowflake, Canva, Airtable, Webflow, Databricks, along with more than 250 others, use Zip to streamline their intake-to-pay processes while delighting their business users.
