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Skyscend uses AI to Revolutionize Invoice Management

March 3, 2021

Skyscend has recently launched the revolutionary SaaS (Software as a Service) offering in the form of Skyscend Pay. The given SaaS-based invoice management system aims at leveraging the potential of Artificial Intelligence (AI) for removing friction that exists in invoice processing. The utilization of this high-end technology allows for smart functionalities that tend to be “context-aware.”

Heera Garia –CTO at Skyscend, in an announcement said that, digital transformation is spanning all aspects of modern businesses in every industry vertical out there. At Skyscend, the innovators aim at making use of cutting-edge technology like Artificial Intelligence, mobile-first approach, and blockchain technology for solving specific procurement needs in invoice management.

AI-Powered Invoice Management System

Skyscend Pay is available with a core platform that is known to offer detailed access to information, analytics, and functionalities. Using the advanced invoice management system by Skyscend, the users can go forward with analyzing and managing invoices, talking with customers or vendors, and observing analytics all in a single place. The offering is also available with simple invoice-centric uploads. The solution makes use of the revolutionary Artificial Intelligence technology for importing invoices rather than having the requirement of entering data manually by hand or relying on rule-based OCR or Optical Character Recognition.

In addition to this, the company also reveals that Skyscend Pay will be offering the innovative feature of dynamic discounting. With this feature, the vendors will be allowed to receive the respective funds expediently while providing savings to the end customers. The users can go forward with creating specific terms. However, the given feature can be used for applying one percent of discount for the Net 45 pay term, 2 percent for the Net 30 pay term, and 3 percent for instant payments.

The company also revealed that Skyscend Pay is totally connected with the help of well-utilized ERP (Enterprise Resource Planning) software as well as procurement networks. At the same time, the product can be customized when it comes to handling unique requirements.

The company Skyscend was set up in the year 2016. The main goal of the company is to offer expense management services across the spectrum of “Source-to-pay.”

Leveraging the Digital Transformation

The advent of high-end digital technologies was not able to bring about major advanced in the field of business procurement mechanisms. The original problems that existed in the same continued to remain as there was the absence of a dedicated SaaS or Software-as-a-Service solution catering to the specific requirements.

AI or Artificial Intelligence has been witnessing significant advancements in the recent era. Quite recently, it has been used in a wide range of applications. As such, Artificial Intelligence can also be observed in the business procurement scenario. Skyscend has stepped forward in the direction of integrating Artificial Intelligence in the respective procurement application. As such, the company finally aims at addressing specific problems that are prevalent with the existing invoicing solutions or applications.

Benefits of Skyscend Pay

Some of the top benefits of Skyscend Pay to look out for are:

  • Quick & Easy Uploading of Invoices: Instead of relying on slow, outdated, and inefficient methods of conventional data entry or fragile and rule-based OCR system, the revolutionary AI-based technology by Skyscend Pay aims at employing cutting-edge mechanisms for intelligently importing invoices. The Artificial Intelligence technology contextually parses existing invoices. As such, even totally novel formats could be understood easily.
  • Effective Correction & Reconciliation of Errors: While dealing with invoices, errors are way too common. In most instances, dealing with errors is known to consume time while involving major conversations between the buyers & suppliers. Even the occurrence of the simplest errors can mostly result in elongated email threads for ensuring that there are no misunderstandings between the parties involved. The Supplier Side Error Correction feature by Skyscend Pay helps in resolving the problem.
  • Fully Integrated with Famous Procurement Networks and ERPs: It is quite difficult to come across the right software solution for meeting the individual needs. At the same time, it is even more difficult to get the given software solution for playing nice with the remaining software stack. With the revolutionary AI-powered Pay software solution by Skyscend, the users can get access to top-notch procurement networks and advanced ERP solutions.
  • Fully Customizable for Addressing Unique Requirements: Skyscend Pay helps in adapting to fulfilling the respective needs of the organization. For instance, the configuration of whether invoice validation is done by the Supplier feature of Skyscend Pay or the AP department of the Buyer. The users can also consider making use of the web-hooks for triggering customized workflows on the series of events.
  • A Centralized Portal with In-Depth Access to Data, Analytics, and Features: Skyscend Pay helps in consolidating data from discreet sources into an easy-to-use, single interface. The advanced functionalities like viewing & managing invoices, communicating with clients or suppliers, and viewing curated analytics –all of these can be implemented without switching any tab.
  • Dynamic Discounting: The given feature helps the suppliers in getting the necessary capital that is required instantly. At the same time, it also helps in offering the much depreciated savings to the respective buyers. While the particular terms tend to be completely configurable by the users, the feature of Dynamic Discounting can be leveraged for optimum use.

About Skyscend

Skyscend is a leading procurement product & service organization led by highly experienced team in the industry. The company goes forward with the goal of helping clients in achieving procurement excellence. Since its inception in the year 2016, the company is committed to spend delivery and management services across the spectrum of source-to-pay.

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