Corcentric launches new GenAI features for better accuracy and efficiency in handling invoices.

Corcentric, a leading global provider of procurement and finance solutions, is improving invoice processing with its latest GenAI-driven updates to procurement and finance solutions. The upgrade aims to enhance invoice management by leveraging advanced machine learning and employing OpenAI’s GPT to address common issues such as errors and fraud typically associated with manual handling, resulting in improved accuracy and efficiency.

This technology brings touch-free improvements to invoice processing, allowing for better data extraction and detection of errors and fraud, even in low-quality invoices. Manish Jaiswal, Corcentric’s Chief Product and Technology Officer, emphasizes how these GenAI capabilities help avoid common problems in accounts payable processing, saving customers time and hassle.

Corcentric’s Intelligent AP Automation solutions, powered by this GenAI integration, speed up data capture, making processes faster and more productive while cutting businesses’ costs. The company’s Business Innovation Lab constantly integrates AI into document management services, showing Corcentric’s commitment to innovation and efficiency.

Moreover, automating AP and AR processes, supported by PYMNTS Intelligence, shows significant reductions in invoice tracking delays and better tracking methods. With 93% of CFOs acknowledging the efficiency brought by digital technologies in AP processes, Corcentric’s GenAI upgrades aim to free up employee time for strategic tasks, improving overall business operations.