Stampli has launched Stampli Cognitive AI and its first application in Purchase Order matching at SuiteWorld 2024.

Stampli’s Cognitive AI represents a breakthrough in applying AI to financial processes. By combining LLMs with meticulously mapped business logic, it understands the nuanced context of financial operations and replicates human decision-making processes.

“Cognitive AI thinks and reasons through complex financial scenarios just like an experienced AP professional,” explains Eyal Feldman, CEO and co-founder of Stampli. “This level of human emulation has never before been achieved in financial software.”

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Unlike recent entrants who are adding AI as an afterthought, Stampli has a decade of experience with AI, and has saved millions of hours of labor for finance teams.

Stampli’s unique position to advance the state of AI stems from:

A vast, secure, and well-structured dataset of nearly a decade’s worth of invoice processing workflows, growing by $85B+ annually

Deep understanding of finance processes and business logic from years of collaboration with diverse finance teams
A decade-long, company-wide orientation on AI that extends across every aspect of Stampli’s operations to leverage and advance AI capabilities

“While many companies are just beginning to explore AI applications, we’ve spent years orienting our technical architecture, data warehouses, user workflows, and even our corporate structure around AI,” notes Feldman. “We’ve also brought on the best AI and engineering teams in the business. This head start allows us to deploy advanced AI solutions that others can only dream of.”

Many midsize companies employ entire dedicated teams to manually reconcile invoices against purchase orders and documents.

POs and invoices can run into dozens or hundreds of line items, and discrepancies are routine. Examples of discrepancies include inconsistent descriptions, quantities and prices; mismatched unit types; missing deliveries or line items split across multiple deliveries; and taxes, freight charges, credits, discounts, rebates and many other variables. Each discrepancy requires careful investigation to resolve.

Other PO matching software providers use “proximity algorithms” to reconcile clear matches, but Stampli estimates they only have a 20-40% success rate.

In contrast, Stampli’s Cognitive AI for PO Matching approaches full automation of the matching process.

In controlled tests, Stampli Cognitive AI reached the same conclusions as human operators 97% of the time, and Stampli expects that result to approach 100% as it gathers additional data from customer usage.

Stampli’s Cognitive AI launch arrives at a pivotal moment for the finance industry. June 2024 U.S. Bureau of Labor Statistics data reveals a substantial labor shortage, with 308,000 finance and insurance job openings but only 132,000 reported hires.

Stampli’s Cognitive AI™ for PO Matching is available immediately as an add-on service for Stampli customers who use Oracle NetSuite, Sage Intacct and SAP, with support for additional financial systems coming in weeks.

Additional applications for Stampli’s Cognitive AI are expected in the near future.