JAGGAER, a provider of enterprise procurement and supplier collaboration tools, has announced a strategic partnership with AppZen, a provider of AI-powered finance automation. The collaboration will introduce AppZen’s Autonomous Accounts Payable (AAP) solution into JAGGAER’s procure-to-pay platform, aiming to revolutionize invoice processing for businesses worldwide. The new solution is set to be released later this year.
The partnership is expected to streamline accounts payable processes by integrating AppZen's AI technology with JAGGAER's comprehensive procurement platform. This development promises to enhance efficiency and reduce manual tasks for companies managing large volumes of invoices.
“Our partnership with AppZen marks a significant step forward in the evolution of AP automation,” said Dawn Andre, Chief Product Officer at JAGGAER. “By combining JAGGAER’s expertise in procurement and accounts payable processing with AppZen's AI-driven automation, we're delivering a solution that will transform the way companies manage their invoices, creating efficiencies and reducing manual work."
AppZen’s Autonomous AP technology is designed to handle accounts payable invoices with high accuracy and minimal human intervention, addressing key challenges in finance and procurement. The technology offers several innovative features:
- AI Invoice Data Capture: This ensures accurate invoice entry, automated general ledger (GL) accounting, and purchase order (PO) matching, reducing errors and speeding up the process.
- Advanced Multi-line PO Matching: AppZen’s AI can match complex invoices and PO lines with high confidence, without relying on predefined rules, thanks to its ability to interpret document content and context.
- Autonomous Processing of Non-PO-backed Invoices: The system can accurately assign GL codes and allocations, minimizing the need for human involvement.
- Seamless Integration: The integration between JAGGAER and AppZen is made possible through JAGGAER’s RESTful API, ensuring smooth data exchange between the two platforms.
AppZen’s CEO, Anant Kale, expressed enthusiasm for the partnership, stating, "We’re happy to bring AppZen’s Autonomous AP technology to JAGGAER’s robust procure-to-pay platform. This integration represents the future of finance automation, allowing businesses to transform their accounts payable processes with unparalleled accuracy, speed, and efficiency. Together, we’re setting a new standard for financial innovation."
The new solution will be available to customers later this year, offering significant value to businesses seeking to modernize their financial operations with advanced AI-powered tools.
Read about the integration with JAGGAER and the full press release
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