Vic.ai Q1 2024 Launches: Fastest Path to Efficiency with World-Class AI

We are excited about the latest innovations with Vic.ai Payments – in particular, the AI-driven savings we’re surfacing to our customers – and we are constantly looking for ways to improve our platform overall. 

Our latest product launch also includes updates to our AI, approver enhancements, updates to PO-matching, including 4-way matching, and integration support. 

More AI, more accuracy

We continue to build AI into every aspect of our platform, fine-tuned for finance professionals, with a focus on integrating the latest in LLM technology into our models. This in turn will improve accuracy rates and increase our customers' ability to shape the model to their specific needs.

• Vendor prediction: Benefit from enhanced vendor model predictions with our new LLM, no historical data is required. Our AI can now predict any vendor that exists in a customer’s masterdata, even if it hasn’t been seen before. This means that even for first-time vendors, the AI will compare it to the full vendor list to look for a match.
• Custom header field predictions: Get automatic AI support for custom header fields without developer intervention. This makes it easier for customers to get up and running with Vic.ai, regardless of their invoice processing needs.

No more approval bottlenecks

While customers can process invoices 80% faster with Vic.ai, updates to our approval flows will allow customers to consistently process invoices more efficiently, even when team members are out of the office or when roles change.

Now get uninterrupted invoice approvals, with Out of Office mode. Approver users or admins will be able to designate another user to approve invoices on their behalf for a specified period of time. Once their away period is over, they will be reactivated in their approval step. This removes the risk of delays when an approver is out of office, ensuring timely approvals of invoices.

Get 4-way matching, improved tracking, and visibility with Autonomous PO Matching

The latest Autonomous PO Matching releases provide customers with a greater level of assurance and control with 4-way PO matching, the ability to match multiple invoices to one PO line, and user-triggered matching. Customers gain more visibility into their PO invoices with updates to the UI and filtering.

While we launched 2 and 3-way Autonomous PO Matching last year, some businesses require 4-way PO matching to achieve a higher level of financial control and assurance in their procurement and accounts payable processes. 

While 2-way matching involves comparing the purchase order and invoice, and 3-way matching adds the receipt of goods into the mix, 4-way matching introduces an additional layer of verification with the inspection report. This extra step ensures that not only the quantity and price match across documents but also confirms that the goods or services received meet the specified quality standards before payment is approved. 

Improved Autonomous PO Matching capabilities

Without a PO number, matching invoices to their corresponding POs becomes a painful process for the accounts payable department, requiring manual intervention. This in turn significantly increases the finance team's workload and operational costs and risk of errors.

Vic.ai’s Autonomous PO Matching removes the challenges associated with missing PO numbers — our AI can identify the associated PO number, even when it’s missing from the invoice. This removes the need for manual matching and allows for truly autonomous PO Matching. 

In addition, several other enhancements improve the ability of our customers to track and process POs:

• Track the delivery of goods and services over time: Our AI can now match multiple invoices to one PO line so that customers can track the delivery of goods and services over time. 

• Simplify deviation approvals: PO mismatch approvers can now review, approve, and reject mismatched PO lines via the mobile app and receive push notifications when they have a pending approval.

• Review and resolve duplicate expense and PO invoices faster: To enable a smooth remediation process, users can now click a link on a duplicate invoice to quickly open and review the associated duplicate invoices in a single view.  
• Save time with more efficient invoice approval flow set p: Instead of selecting approval flow criteria, one GL code at a time, users can set up approval flows and range triggers for multiple GL codes at once. Approval flows can also now be set up based on multi-selected vendor tags as a criteria. 

The ability to match multiple invoices to a single PO and the simplification of approval and review workflows streamline cumbersome steps, saving AP teams more time when processing invoices.  

Moving forward

As we continue on this AI journey, we are thrilled to elevate our customers’ work by taking the next step together using AI-driven solutions. Your ongoing feedback and collaboration are invaluable to us as we strive to unlock the potential of our customers through autonomous finance.