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Vic.ai Introduces Superior Performance Analytics for Accounts Payable Teams and Finance Leaders

By: Vic.ai via GlobeNewswire

May 23, 2024 at 07:30 AM EDT

NEW YORK, May 23, 2024 (GLOBE NEWSWIRE) -- Vic.ai, the leading autonomous finance platform, today debuts three new analytics packages tailored for the needs of Accounts Payable (AP) professionals and finance leaders. With the release of Standard, Advanced, and Premium Analytics packages, customers will now be equipped with the insights they need to drive better business outcomes, from monitoring the performance of their organization against core KPIs to measuring improvements in team productivity as a result of their optimized AP workflows.

"Our new analytics packages harness the transformative power of AI to bring unprecedented transparency and efficiency to accounting processes. This launch marks a significant milestone in our commitment to delivering tangible value to our customers, empowering them to make more informed, data-driven decisions. With these tools, we're not just enhancing operations; we're setting a new standard for what AI can achieve in the financial sector," says Alexander Hagerup, co-founder and CEO of Vic.ai.

Each package is designed to support customers along their autonomous finance journey:

Standard Analytics: Customers can measure the performance of their Vic.ai implementation and track AI learning and improvement over time. They can also monitor monthly invoice volume, accuracy rates, no-touch rates, and automation rates.
Advanced Analytics: Building on Standard Analytics, customers can also access metrics to monitor the performance of the AP team, approvers, and vendors with reports on team efficiencies, approvals, and PO matching. Finance leaders gain access to executive reports including tracking the financial return on their Vic.ai investment, AI performance, payment information, such as status and early payment discounts capture rate, as well as Autopilot enablement. Customers can also speed up the monthly close with invoice audit reports and downloadable performance reports.
Premium Analytics: This tier includes everything in Advanced Analytics, as well as speed and velocity metrics to accelerate business performance and workflows. This package also includes custom reports and access to raw data files that can be exported and merged with proprietary data for bespoke analytics.

This release represents an evolution in Vic.ai analytics capabilities and includes a myriad of customer use cases consolidated into easily consumable reports and dashboards for broader use. With enhanced analytics, Vic.ai customers now can:

Go fully autonomous: AI performance monitoring provides oversight and confidence for customers to turn on the Autopilot feature for fully autonomous invoice processing from ingestion, to coding, and through approvals.
Eliminate AP bottlenecks: Monitor AP team member processing time, review approval queues by approver, and view which vendor invoices require the most attention.
Improve AP workflows: Review overall invoice age on platform to pinpoint where handoffs and processes can be streamlined.
Speed up end-of-month, quarter, or yearly close: Export audit reports and accruals in minutes to keep bookkeeping up to date and tidy.

Vic.ai is committed to supporting customers’ growth aspirations, and the expanded analytics packages offer multiple features and functionality to meet their varying needs.

For additional information about Vic.ai's new analytics packages and to learn how they can enhance your financial management strategies, join the upcoming Q2 2024 Release Webinar on June 6, 2024 at 9 a.m. PT / 12 p.m. ET, or contact us.

Learn more about Vic.ai Analytics at https://www.vic.ai/products/processing-insights.

About Vic.ai
Vic.ai is pioneering the use of autonomy and intelligence to digitally transform accounting and finance processes to improve productivity, decision-making, and ROI. Vic.ai addresses the most manual and inefficient task in accounting — invoice processing — to improve its speed and scalability and ultimately enable customers to reinvent their accounts payable operations and improve financial management. By processing more than a billion invoices with up to 99% accuracy, Vic.ai has helped 10,000+ customers achieve nearly $200 million in cost savings and 6 million hours in time savings. Vic.ai is jointly headquartered in New York City and Oslo, Norway. For more information, please visit http://www.vic.ai/.

For more Information:
Mark Fisher
Vic.ai
mark.fisher@vic.ai