Newest milestone helps enterprise finance and accounting groups be extra environment friendly, correct, and clever
NEW YORK, Feb. 23, 2022 (GLOBE NEWSWIRE) — Vic.ai at present introduced that its pioneering synthetic intelligence platform for real-time, autonomous accounting and monetary intelligence has grown to 97-99% accuracy, from a earlier fee of 95-97%. This stage of accuracy is among the many highest out there, as firms proceed to battle to make sure accuracy as a consequence of limitations from robotic course of automation’s (RPA) lack of ability to learn unstructured information.
The accuracies and ranges of autonomy reached by Vic.ai are solely a results of the corporate’s proprietary know-how and sturdy datasets constructed up during the last 5 years. Vic.ai’s efforts to continuously develop higher algorithms and course of extra information – tens of hundreds of thousands of invoices yearly – have created a constructive suggestions loop of steady accuracy enchancment.
“We’re extremely pleased with our complete crew, and notably our sensible engineers, for persevering with to innovate and obtain this stage of AI accuracy,” stated Alexander Hagerup, CEO of Vic.ai. “This functionality will assist our clients get extra worth and ROI from our answer and exceed their monetary objectives. By embracing AI, they will now speed up their digital transformation and allow larger efficiencies and improved monetary administration.”
Not like legacy methods which can be primarily based on predefined guidelines or templates, Vic.ai provides subtle synthetic intelligence, laptop imaginative and prescient and autonomous approval flows to an organization’s back-office monetary operations. Vic.ai’s platform intelligently learns from historic information and present processes to ship what it calls “Autopilot” for bill processing and different features. That results in important reductions in time spent, fewer errors, no duplicates, efficient approvals and seamless integrations with different methods and course of flows.
In line with a global survey of C-suite executives and finance professionals commissioned by BlackLine, Inc., fears round accounting inaccuracies included important reputational harm (42%), an impression on their capability to safe further funding (41%), and growing debt ranges (40%), with virtually a 3rd (32%) fearing fines and jail time. Many giant organizations spend a staggering period of time fixing monetary errors – in virtually 1 / 4 (22%) of instances, respondents stated it takes their firms as much as 10 days monthly to determine errors and make changes, probably losing as many as 114 days per yr.
“We’re on monitor to save lots of greater than 25,000 hours per yr by automating handbook bill processing as soon as Vic.ai is applied in all our areas,” stated Fredrik Wiktor, Utility Administration Lead, HSB Affärsstöd. “That is an unimaginable period of time that our workers can then reallocate to essential areas within the enterprise, equivalent to company technique, actual property wants, and capital investments. AI will change the lives of our workers and the way our enterprise works.”
Vic.ai was launched in 2017 to construct totally autonomous AI methods that make finance and accounting groups extra environment friendly, correct, and clever. By dealing with time-consuming actions like bill processing, Vic.ai’s answer helps enterprise clients equivalent to HSB (Sweden’s largest real-estate administration firm), Intercom Inc. and HireQuest, in addition to high accounting companies like KPMG, PwC, BDO, and Armanino LLP redirect assets towards higher-value features like spend intelligence, benchmarking and value optimization. Over the previous yr, Vic.ai continued to push boundaries with new options, together with Autopilot and Autonomous Approval Flows, which give the inspiration for actually autonomous accounting.
Vic.ai is pioneering using autonomy and intelligence to digitally remodel accounting and finance processes to enhance productiveness, decision-making, and ROI. Vic.ai addresses probably the most handbook and inefficient process in accounting – bill processing – to enhance its pace and scalability, and in the end allow clients to reinvent their accounts payable operations and enhance monetary administration. By processing greater than 535 million invoices with as much as 99 % accuracy, Vic.ai has helped +2500 firms obtain almost $70 million in value financial savings and 6 million hours in time financial savings. Vic.ai is collectively headquartered in New York Metropolis and Oslo, Norway. For extra info, please go to http://www.vic.ai/.
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