A new ground-breaking feature will use AI to help companies save up to 8% of their cost base
Vic.ai, the artificial intelligence (AI) platform for autonomous accounting and real-time insights, announced it has broken ground on Vic.ai Spend Intelligence, a first-of-its-kind prescriptive AI technology for advanced enterprise-grade cost optimization. Vic.ai Spend Intelligence will provide predictive insights for Vic.ai customers with a stream of spend reduction initiatives, helping them save as much as 15% of their cost base in certain categories and on average 2-8% of customers’ total existing cost base.
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Vic.ai Spend Intelligence will fill a significant gap in finance departments’ decision-making capabilities to help them make sound, data-informed choices about their costs. As with Vic.ai’s other solutions, Vic.ai Spend Intelligence will use proprietary AI to analyze a company’s cost data.
Vic.ai’s innovative technology first learns from customers’ historical data down to the individual line items and, once live, runs in real-time on daily spending across invoices and credit card transactions. The features of Spend Intelligence’s prescriptive AI will include industry cost benchmarking, which will help users understand their cost structure compared to industry peers, and vendor price benchmarking, which will measure how customers’ vendor price compares to other buyers of the same goods or services including subscriptions, consulting, advertising, legal services, and more.
“Like any business leader, I am always looking for ways to reduce overhead costs and maximize every dollar we spend,” said Bjarne Abrahamsen, CFO of Antler. “Antler is already saving significant resources through Vic.ai’s other offerings, including Autopilot and Autonomous Approval Flows. Vic.ai’s new Intelligence tool is a game-changer for us to get farther ahead of the competition by following its actionable advice to spend our money smarter.”
Vic.ai Spend Intelligence will compare a company’s costs among peers and competitors and identify cost optimization opportunities specific to each customer. Within 30 days, the platform will have gathered enough intelligence to produce valuable insights, including an insight dashboard of how much these optimizations can save the company in dollars. The key to maximizing the benefit is autonomous real-time analysis of every cost transaction, something that Vic.ai is uniquely positioned to do by way of its existing AI Autonomy products.
“With Spend Intelligence, we continue to push the boundaries of what AI can do for finance,” said Alexander Hagerup, CEO of Vic.ai. “The spend management insights will help dramatically improve companies’ control over spending across functions and business units. In addition to cost reductions, we’ll eventually track and monitor carbon footprint to help companies calculate and reduce CO2 emissions. We look forward to working more closely, and more prescriptively, with our customers to pinpoint changes that will translate into significant cost and environmental savings.”
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Vic.ai Spend Intelligence is currently in closed beta and will be a feature within Vic.ai’s Intelligence pillar for general release in 2023. The current analytics offering provides business insights, such as buying patterns; operational insights, such as user and workflow bottlenecks, cycle times; and indexing and consolidation of historical and real-time spend data, all using powerful visualizations that help companies understand and improve upon existing processes. This product will be the latest in Vic.ai’s suite of boundary-pushing features, including Vic.ai Autopilot and Vic.ai Autonomous Approval Flows, which provide the foundation for truly autonomous accounting.
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.