Ephesoft Brings Power of Context to Accounts Payable with Semantik Invoice

https://finovate.com/ephesoft-brings-power-of-context-to-accounts-payable-with-semantik-invoice/
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The new data acquisition solution from Ephesoft will bring 97% accuracy and 30% cost-savings to companies looking for ways to enhance their accounts payable processes.

“With more than half of invoices still processed manually and taking on average 8.5 days, AP processing is ripe for innovation,” Ephesoft founder and CEO Ike Kavas explained. “(T)here is a market need for solutions that are highly scalable and have a quick time to value.”

Semantik Invoice, unveiled today, is an out-of-the-box, cloud-based platform that leverages AI and automation to extract critical information from invoices – regardless of format. The solution imports the data into the user’s existing workflow and business systems – Enterprise Resource Planning (ERP), Enterprise Content Management (ECM), Robotic Process Automation (RPA), or other tools – for processing. Semantik Invoice recognizes and analyzes critical data fields including dates, rates, IDs, amounts due, and more, providing businesses with a low-code, no-code option that can be quickly set up and started in a production capacity.

Kavas added that the technology also helps businesses future-proof their AP processes. “During times of uncertainty and budget tightening, companies should be asking themselves if the products they are investing in will integrate with future products and solutions,” he said. “Ephesoft has designed this SaaS-based solution to leverage the power of context in accounts payable with scalability and agility for future innovations.”

Ephesoft most recently demonstrated its technology at FinovateSpring (now FinovateWest) in 2018. The company showed how its technology uncovers business intelligence for mortgage document processing by leveraging data mining and analytics.

Ephesoft began this year partnering with Toyota Finance New Zealand to accelerate loan application and settlement processing. In the months since, the company has launched a new protocol, Context Driven Productivity, that transforms flat data – information that is stored in traditional formats like PDFs, emails, and spreadsheets – into contextually enriched semantic data. This discipline was implemented in the company’s Ephesoft Transact 2020 platform.

Ephesoft also bolstered its executive ranks this spring, appointing Doug Lee to the post of Chief Revenue Officer. Lee arrived at the company after holding executive sales positions as SaaS companies such as Puppet, PatientPop, and Smarsh.

Founded in 2010 and based in Irvine, California, Ephesoft has raised $15 million in funding from investors including Mercato Partners.

https://finovate.com/ephesoft-brings-power-of-context-to-accounts-payable-with-semantik-invoice/