News provided by: Stampli , Aug 21, 2024, 09:00 ET
Stampli’s AI approaches its 10th year, with millions of hours of labor saved for customers
MOUNTAIN VIEW, Calif., Aug. 21, 2024 /PRNewswire/ — With seemingly every Accounts Payable (AP) automation software introducing AI capabilities, how can finance leaders distinguish between meaningful innovation that adds business value and “buzzword compliance” for marketing purposes?
Here’s the distinction: AI creates substantial business value not when it’s just an accessory feature, but when it’s the engine of the entire product experience. AI’s impact is most profound when it’s woven into user workflows, architected into the technical core, and actively shaping the product roadmap, corporate structure and business strategy.
This is exactly what distinguishes Stampli’s AI.
Stampli is the only finance operations platform centered on Accounts Payable. While other invoice processing software companies announce one AI add-on feature after another, Stampli is approaching its tenth year with practical, proven AI at its core.
“When we launched Stampli in 2015, we recognized two key things: first, that AI technology was perfectly suited to the problems faced by AP teams; and second, that the technology would evolve year after year,” says Eyal Feldman, CEO and co-founder of Stampli. “We made AI central to our vision and product strategy, and built our infrastructure to let us swap in AI advances as they hit the market. As a result, while other solutions are just beginning to explore AI’s potential, we have spent almost a decade deploying it in increasingly impactful ways.”
Stampli’s AI stands out in the crowded AP automation market in several ways:
- Proven business impact: Stampli’s AI has been in ongoing use by customers for nearly a decade, and has saved millions of labor hours for finance teams. Stampli’s AI now automates the processing of more than $80 billion in annual invoice value for 1,600 customers.
- Company-wide orientation on AI: Unlike recent entrants who add AI as an afterthought, Stampli’s entire corporate and technical structures are built around AI. “Everything about Stampli — our data warehouses, user workflows, even our internal product and engineering processes — is optimized to deliver AI that performs ever-expanding amounts of work on our customers’ behalf,” explains Ofer Feldman, CTO and co-founder of Stampli.
- Labor savings, not feature creation: It’s relatively easy to add a chatbot to a product, to give one example of AI feature creep, but does that save labor or just introduce yet more work for the user to do? “We’re not interested in AI features that add to the user’s workload,” says CEO Eyal Feldman. “We deploy AI in service of labor reduction, to assist with or take over work so users can focus on more strategic tasks.”
- While AI does the work, people remain in control. The suggestions made by Stampli’s AI are highlighted for human review, with substantial labor savings as operators effectively “manage” their AI colleagues instead of doing the manual tasks themselves. Customers come to view Stampli’s AI as a collaborator, with full control over the performance and accuracy of the collaborative effort.
- People actually like our AI. Stampli has personified its AI as Billy the Bot™, and as customers see how well it performs on their behalf, they quickly come to view Billy as part of the team. “I love Billy because he took over the tasks that frustrated me, not because those tasks were hard but because I knew I could do so much more for the company,” said Bethany Thomas, project coordinator at Superior Masonry Unlimited in Fort Mill, South Carolina. “I actually want the software to take these parts of my job!”
- Continuous self-learning: Stampli’s AI architecture lets it learn from the adjustments or corrections that users make. “Our AI improves with every customer interaction,” notes CEO Eyal Feldman. “It’s constantly tuning itself to each customer’s unique processes. And when their processes change, Stampli’s AI learns and changes without any additional programming.”
- First to market with next-gen AI: “As an AP first company, our understanding of customer business processes lets us identify the emerging AI technologies that are best suited to improve outcomes, which we can rapidly deploy thanks to how our infrastructure is architected,” says CTO Ofer Feldman. “Our customers are already benefiting from next generation AI in a very tangible way.”
CEO Eyal Feldman adds, “We’re not keeping pace with AI innovation — we’re setting the pace.”
About Stampli
Stampli is the only finance operations platform centered on AP. Built by AP experts for efficiency across the entire invoice lifecycle — from receipt to approval to payment — Stampli creates breakthrough productivity for AP and finance teams by centralizing all invoice-related communication, documentation and workflows into a single view for each invoice, and by automating all manual activities using Billy the Bot™, the industry’s only proven AI. Billy the Bot has saved millions of hours of labor for Stampli’s 1,600 customers as it processes $80B+ invoices every year. Stampli implements within weeks, not months, and is easy to learn for any stakeholder involved in the invoice lifecycle.
Learn more at https://www.Stampli.com.
SOURCE: Stampli