Hi all, and welcome to the SkyscendPay blog! We are excited to have recently launched our revolutionary new invoice management solution. SkyscendPay uses AI powered smarts to eliminate the friction in invoice processing and enable intelligent, context-aware features.
SkyscendPay is a brilliant product and, alas, did not spring fully formed into existence. It is the result of thousands of hours of work from the brilliant, hardworking members of the Skyscend team—many of whom draw from decades of experience in the procurement industry. We’ve designed SkyscendPay to solve the problems we face everyday.
Automated Invoice Capture
Take SkyscendPay’s Automated Invoice Capture. We noticed manual data entry was always a bottleneck in our processes—both error prone and slow. Unfortunately most OCR software we trialed was even more error prone—often take as long to correct as it would have taken to just manually enter the data. And each new invoice format required a separate set of rules to be written.
However, advances in the field of deep neural networks have enabled AI that can understand context, instead of relying on strict rules. AI based invoice importing allows novel formats to be ingested cleanly without any manual intervention. The error rate is also incredibly low—matching or exceeding humans—and dropping even further as the AI adapts to user inputs. This AI based invoice capture is just a small portion of the SkyscendPay package.
Supplier Side Error Correction
Another feature we’ve included, Supplier Side Error Correction, is similarly informed by our experience in the industry. We noticed invoice errors that could have been a quick fix, had they been noticed early on by the supplier, often devolve into lengthy discussion and wasted time when they make their way to the buyer. Buyers are understandably hesitant to make even seemingly obvious fixes to an invoice without consulting the supplier to confirm.
Our solution to this dilemma is moving error management to the supplier side. As soon as a supplier submits their invoice through SkyscendPay, it is automatically cross-referenced against available POs and receipts and checked for common errors. As soon as a discrepancy is spotted, the supplier can fix it unilaterally, saving themselves and the buyer time.
Your Invoicing Platform Should Do More
These are just a couple of the features we’ve included to streamline your workflow. We believe your invoicing platform should do more, so you don’t have to. If you agree, be sure to reach out for a demo or check out our white paper for further details on the features we offer.