Zycus is Successfully Reducing Accounts Payable Costs by 50% with its AI-Driven AP Automation Bots

Christened ‘Merlin for A.P.’, these artificially intelligent bots are designed to take the drudgery out of accounts payable operations.

Princeton, NJ, July 29, 2020: Zycus, a global leader in A.I. driven Source-to-Pay software solutions, extends its plug-and-play A.I. capabilities to the far end of the procurement cycle, better known as ‘Accounts Payable (A.P.) Operations’.

Designed to work hand-in-glove with the Zycus P2P Suite, or with any back-end ERP system or AP platform, Zycus’ artificially intelligent A.P. bots make use of self-learning capabilities, Natural Language Process (NLP) and Optical Character Recognition (OCR) in altogether new ways. They guarantee upwards of 95% accuracy in invoice data extraction, supplier inquiry management, and invoice processing.

Richard Waugh, Vice President- Corporate development shares, “We saw a perfect fit for our A.I. expertise in the technologically challenged accounts payable operations and created independent A.P. bots for multiple use cases in the invoice-to-pay cycle.”

Zycus’ stack of AP Artificial Intelligence bots now consists of: An A.P. Inbox Manager bot, an Invoice reader bot, a Fraud Detection bot, a Cost Allocation bot, a Duplicate Detection bot, along with on-cloud eInvoicing Solution and Supplier Portal for collaboration to achieve end-to-end touchless invoice processing.

Bikash Mohanty, Director Product Management adds, “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.”

With AP Automation bots, Zycus aims to halve the current accounts payable operations costs for enterprises with a high volume of incoming annual invoices. A leading health insurer based out of North America, for example, achieved with Zycus, an accuracy of 98% in line-level invoice data extraction and a 75% reduction in invoice processing cycle-time.

To know more – Register for a demo at https://www.zycus.com/merlin/schedule-a-demo