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 how invoices are processed with its latest GenAI-driven updates to procurement and finance solutions. This upgrade aims to make invoice management more accurate and efficient by using advanced machine learning and OpenAI’s GPT to fix common issues like errors and fraud that often come with manual handling.

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 costs for businesses. The company’s Business Innovation Lab is constantly integrating 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.