[Editor’s Note: Last month, the Ardent ePayables Research team met with leaders from Inspyrus, the California-based provider of an invoice automation and dynamic discounting, to learn about the company and its solutions. We spoke with Inspyrus Founder & CEO Nilay Banker, and Chief Marketing Officer & EVP, Chris Preston. The following is a recap of that discussion.]
After working at Oracle in product development for over a decade, Nilay Banker founded Inspyrus as a management consulting firm to help organizations with business process automation. One of Inspyrus’ early clients was having an issue getting invoices paid, as well as needing better visibility into the entire process covering their multiple business units. The client asked Inspyrus if they could help them out, and they did just that, developing an integrated invoice automation application that included OCR engine for invoice data capture, workflow for routing and approval of invoices, and deep, native integration with Oracle, the underlying ERP system.
The solution worked so well Inspyrus decided to go to market with the application. Over the subsequent years, Inspyrus has developed a cloud-based Invoice Automation solution for AP users to process all of their invoices, address all exceptions, workflows, and approvals in one place. Inspyrus has also added payment automation, dynamic discounting and supplier enablement functionality to its offering. Two of the key differentiators for Inspyrus are its data enrichment and data validation functionality before invoices ever get to the workflow stage. Inspyrus works to ensure that once invoices get into the systems, the data necessary for successful 2- and 3-way matching is already in place, and invoices can be automatically processed straight thru for approval. Once invoices do get into the system, the approval process is made even easier with their automatic GL and tax coding which also helps to greatly reduce the number of exceptions.
Discount and Payment Management
Inspyrus provides a number of ways to help organizations maximize cash flow and return on capital. When invoices arrive in the system, it can automatically calculate if any discounts are available to them from the supplier and prioritize discounted invoices for processing. They also offer dynamic discounting capabilities that offer early payment of approved invoices to suppliers and maximum discounts for buyers.
Inspyrus now also offers payment capabilities to customers through its recent partnership with Nvoicepay, which we covered earlier this year (click here to read). The two companies are currently working on architecting a platform for instantaneous payments upon invoice approval. This is a recent partnership, and we will continue to track how this integration develops in the next few months.
Final Thoughts
Inspyrus offers an eInvoicing solution that was built on Oracle and has since integrated with many of the other major ERP systems. A focus for Inspyrus has always been to provide technology that leverages data enrichment and data validation to address exceptions early in the process, and to not let that data into the ERP system. The company has crafted an innovative and re-designed approach to invoice automation that captures and processes invoices so that its customers will not have to intervene as much in the process, while also allowing them to maximize the capture of early pay discounts. Inspyrus has also expanded its capabilities to the “last mile” of the AP process, which is paying the suppliers, through its partnership with Nvoicepay. It will be interesting to watch as Inspyrus continues to develop its suite of solutions in the future.
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