- Vroozi launched a new AI-driven procurement engine.
- With constant learning, the AI engine suggests recommendations to improvise on performance and financial outcomes.
Vroozi has recently launched a new AI-focused procurement engine within its procure-to-pay solution. Vroozi is a top digital purchasing and spend management platform for enterprise and mid-market companies.
The AI engine with Amazon Web Services (AWS) artificial intelligence (AI) capabilities are known to increase procurement and AP (Accounts Payable) performance after analyzing transactional patterns to make accurate, data-based decisions. The technology can also identify appropriate actions, enabling companies to reduce tedious, manual processes, manage risk, and eliminate errors.
AI engine capabilities
After constant watching and learning, Vroozi’s AI engine provides suggestions to simplify processes and increase performance and financial outcomes. The solution keeps on improvising with the time depending on what it learns from the information about the specific customer; it provides three distinct capabilities –
- Analytics: The engine analyzes and delivers data-based insights that increase the speed and accuracy of decisions by automatically studying key performance data such as historical spending, purchase orders, and payment patterns.
- Monitoring: To proactively detect errors, unearth possible issues, boost accuracy, and eliminate supplier risk, compliance concerns, and fraud, the AI monitors transactions, purchase choices, invoice approvals, and vendor relationships.
- Automation or Recommendations:AI makes real time suggestions and automates procedures that would reduce time, enhance performance, increase quality, eradicate costly errors, and take advantage of market opportunities. Thus, AWS’s AI capabilities will be integrated directly into Vroozi’s workflows and applications with a set of actionable metrics.
The AI is based on the similar technologies that Amazon uses to run its operations. Soon, all the clients will receive an upgraded solution on the Vroozi platform.
The company provides a modern and user-friendly purchasing option and AP automation for companies of all sizes. Vroozi’s software automates the complete procure-to-pay process, including business purchasing, vendor invoices, payments, and business spend monitoring, to save time, increase operational efficiency, and boost financial performance.
Shaz Khan, Co-Founder and Chief Strategy Officer at Vroozi said: “Modern finance and procurement teams want to work fast, lead meaningful initiatives and make decisions based on data and intelligence.” He further added, “We are equipping our customers with intelligent and powerful technology that enables another level of speed, results, and performance.”
“Our new AI ensures every finance and purchasing team has the innovative and modern technology it needs to scale and drive continuous operational efficiencies,” said Khan.