in the 2024 Gartner Hype Cycle for Procurement and Sourcing Solutions report.
According to the report “APIA tools automate the capture, validation, and processing of invoices. These advanced solutions automatically match invoices to purchase orders (POs), goods receipts, contracts, and other documents or automatically code invoices without a PO. The expanded scope of APIA includes advanced capabilities such as n-way matching, fraud detection, regulatory compliance, and payments.”
As per report , “APIA technology is not new, but artificial intelligence (AI) technologies, increasing government invoicing regulations, and workforce expectations have changed the scope of customer expectations. Use cases have evolved well beyond simple document digitization and approval, forcing organizations to seek solutions that solve complex problems and integrate into multiple systems. Government invoice regulations will force the technology to evolve as e-invoicing becomes mandatory in more countries.”
SoftCo’s industry leading AI automation platform leads the market, delivering a 90% straight-through processing rate for PO invoices. Non-PO invoices are processed on average 89% faster thanks to SoftCo’s AI Smart Coding & Routing, ensuring industry-leading ROI. These capabilities align with the business impact of APIA solutions, which significantly reduce the effort and cost required to receive and approve invoices for payment. Additional benefits that SoftCoAP brings include its ability and track record of integrating with multiple ERP’s and the complex requirements of its customers where other solutions fail.
Commenting on the recognition, Anton Scott, CEO of SoftCo, said:
“We are delighted to be recognized by Gartner in the APIA category for 2024. Our teams work tirelessly to ensure that we have the most innovative solution on the market. The use of advanced AI and Machine Learning has enabled us to further increase the levels of automation to a remarkable 94% touchless-invoice processing rate. SoftCoAP is a real gamechanger.”
Gartner, Hype Cycle for Procurement and Sourcing Solutions, 2024, By Kaitlynn Sommers, Micky Keck, Cian Curtin, Lynne Phelan, Naveen Mahendra, Chaithanya Paradarami, 20 June 2024.
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About SoftCo
SoftCo is a fast-growing global Procure-to-Pay (P2P) and Compliance technology company. SoftCo’s AI automation technology delivers unrivalled straight through processing rates over 90%, ensuring industry leading ROI. Operating from the US, Finland, the UK, and Ireland, SoftCo has over a million users worldwide with customers including PwC, Volkswagen, Primark, Logitech and the Finnish Government. SoftCo is ISO27001 certified, SOC 1 & 2 audited, a Microsoft IP Co-Sell Certified Partner, an AWS Advanced Technology Partner, and is integrated with over 200 ERP systems.
