Zycus launches AI-driven automation bots to reduce accounts payable costs by up to 50%

AI-driven source-to-pay software solutions provider Zycus announced in a company press release today that its extending its plug-and-play AI capabilities to accounts payable processes with the goal of reducing clients’ costs by 50%.

Zycus claims that its accounts payable AI-driven automation bot solution can guarantee customers upwards of 95% accuracy in invoice data extraction, supplier inquiry management, and invoice processing.

Richard Waugh, Vice President of Corporate Development at Zycus said: “We saw a perfect fit for our AI expertise in the technologically challenged accounts payable operations and created independent A.P. bots for multiple use cases in the invoice-to-pay cycle.”

Businesses across the world are adopting automation at an increasing rate due to the lower costs it can potentially bring a company, improved efficiency it brings to company operations, and COVID-19 bringing social distancing rules to the workspace.

Recent examples of companies gearing themselves up to automate include UiPath announcing its integration with Box to enable users and teams to automate repeatable work and ING choosing Expert System’s AI-based automation to improve business processes.

New Jersey-based Zycus provides a number of source-to-pay procurement performance solutions to globally recognised brands that include Porshe with 11 offices across the world to support its operations.

Zycus has been recognised by Gartner and Forrester for the success of its procurement platform and sourcing application suites giving a more confident rationale to release their source-to-pay software solutions for accounts payable processes.

The source-to-pay solution uses Zycus’ Merlin AI suite which has been used for a number of their other solution services across various industries that the business operates in that include banking, energy, healthcare, insurance, and retail.

The AI-driven source-to-pay software solutions providers plug-and-play AI capabilities are designed to work ‘hand-in-glove’ with its P2P Suite, or with any back-end ERP system or AP platform.

Zycus’ AI-driven automation bots make use of self-learning capabilities including Natural Language Processing (NLP) and Optical Character Recognition (OCR).

Zycus comments that with its AI-driven account payable source-to-pay solution it aims to halve the current accounts payable operations costs for enterprises with a high volume of incoming annual invoices.

Zycus has a suite of five AI-driven automation bots which include an inbox manager bot, an invoice reader bot, a fraud detection bot, a cost allocation bot, and a duplicate detection bot for their accounts payable specific source-to-pay software solution.

Zycus’ solution also comes equipped with an on-cloud eInvoicing solution and supplier portal which the company comments are to enable its clients to collaborate with its payees so they can achieve end-to-end touchless invoice processing.

Bikash Mohanty, Director Product Management at Zycus commented on the accuracy of the source-to-pay solution and said: “Our invoice reader beats the leading OCR solutions hands-down in terms of accuracy. Merlin by Zycus understands line-level details, template variations and remembers on-the-fly revisions. We commit 95% accuracy on the contract. That’s unheard of.”

The company gave an example of the AI-driven source-to-pay solution in action where they claim a health insurer client based out of North America achieved an accuracy of 98% inline-level invoice data extraction and a 75% reduction in invoice processing cycle-time.