Latest milestone helps enterprise finance and accounting teams be more efficient, accurate, and intelligent
NEW YORK, Feb. 23, 2022 (GLOBE NEWSWIRE) — Vic.ai today announced that its pioneering artificial intelligence platform for real-time, autonomous accounting and financial intelligence has grown to 97-99% accuracy, from a previous rate of 95-97%. This level of accuracy is among the highest in the market, as companies continue to struggle to ensure accuracy due to limitations from robotic process automation’s (RPA) inability to read unstructured data.
The accuracies and levels of autonomy reached by Vic.ai are solely a result of the company’s proprietary technology and robust datasets built up over the last five years. Vic.ai’s efforts to constantly develop better algorithms and process more data – tens of millions of invoices every year – have created a positive feedback loop of continuous accuracy improvement.
“We’re incredibly proud of our whole team, and particularly our brilliant engineers, for continuing to innovate and achieve this level of AI accuracy,” said Alexander Hagerup, CEO of Vic.ai. “This capability will help our customers get more value and ROI from our solution and exceed their financial goals. By embracing AI, they can now accelerate their digital transformation and enable greater efficiencies and improved financial management.”
Unlike legacy systems that are based on predefined rules or templates, Vic.ai adds sophisticated artificial intelligence, computer vision and autonomous approval flows to a company’s back-office financial operations. Vic.ai’s platform intelligently learns from historical data and existing processes to deliver what it calls “Autopilot” for invoice processing and other functions. That leads to significant reductions in time spent, fewer errors, no duplicates, effective approvals and seamless integrations with other systems and process flows.
According to a global survey of C-suite executives and finance professionals commissioned by BlackLine, Inc., fears around accounting inaccuracies included significant reputational damage (42%), an impact on their ability to secure additional investment (41%), and increasing debt levels (40%), with almost a third (32%) fearing fines and jail time. Many large organizations spend a staggering amount of time fixing financial errors – in almost a quarter (22%) of cases, respondents said it takes their companies up to 10 days per month to identify errors and make adjustments, potentially wasting as many as 114 days per year.
“We are on track to save more than 25,000 hours per year by automating manual invoice processing once Vic.ai is implemented in all our regions,” said Fredrik Wiktor, Application Management Lead, HSB Affärsstöd. “This is an incredible amount of time that our staff can then reallocate to important areas in the business, such as corporate strategy, real estate needs, and capital investments. AI will change the lives of our employees and how our business works.”
Vic.ai was launched in 2017 to build fully autonomous AI systems that make finance and accounting teams more efficient, accurate, and intelligent. By handling time-consuming activities like invoice processing, Vic.ai’s solution helps enterprise customers such as HSB (Sweden’s largest real-estate management company), Intercom Inc. and HireQuest, as well as top accounting firms like KPMG, PwC, BDO, and Armanino LLP redirect resources toward higher-value functions like spend intelligence, benchmarking and cost optimization. Over the past year, Vic.ai continued to push boundaries with new features, including Autopilot and Autonomous Approval Flows, which provide the foundation for truly autonomous accounting.
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 535 million invoices with up to 99 percent accuracy, Vic.ai has helped +2500 companies achieve nearly $70 million in cost savings and six 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/.
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