Basware makes Invoice Lifecycle Management accessible to more and more organizations

"Basware recently introduced InvoiceAI. This is an agentic addition to the AI that the company already uses to process invoices. A concrete example of the usefulness of InvoiceAI is that it not only identifies invoices without a PO number, but also interprets them (i.e., understands what they are for) and makes suggestions for the correct number based on previous invoices from the same party."

"According to Basware, which bases its figures on the processing of 272 million invoices in the past year, organizations receive 40 percent of all invoices without a PO number. It is estimated that this amounts to a total of $549 billion in expenses for organizations that they have little to no insight into. These invoices can be seen as a blind spot for finance departments and, ultimately, the CFO."

Basware acquired Redmap, an Australian company that expands potential target audiences for Basware's AP and invoicing solutions. Basware has advanced its Invoice Lifecycle Management and introduced InvoiceAI, an agentic AI that identifies invoices without PO numbers, interprets their purpose, suggests correct PO numbers based on prior invoices from the same supplier, and forwards invoices to the appropriate approver. Basware processed 272 million invoices in the past year and reports that 40% of invoices arrive without a PO number, representing an estimated $549 billion in organizational expenses lacking visibility. Accurate invoice handling is essential to prevent finance department chaos.

Read at Techzine Global