Company Research Report: Vic.ai

Company Overview

Name: Vic.ai

Mission: Optimize Accounts Payable and make enlightened decisions with the most advanced AI platform for accounting and finance.

Founded: No information is available

Founders: No information is available

Key People:

Conor Clair, Senior Finance Manager of Accounting

Fredrik Wiktor, Application Management Lead

Alexander Andrén, CFO

Rachel Knapp, VP, Financial and Accounting Systems

Patrik Berglund, Head of Finance Operations

Trine Lise Marsdal, CFO

David Bier, COO

Enrico Palmerino, CEO (Partnering organization)

Mairtini Ni Dhomhnaill, Founder (Partnering organization)

Headquarters: No information is available

Number of Employees: No information is available

Revenue: No information is available

Known For: The first autonomous platform for accounting workflows and the first to deliver AI for end-to-end invoice processing.

Products

1. Autonomous Finance Platform

Description

An AI-driven platform designed to automate and optimize the entire Accounts Payable (AP) workflow from ingestion to payment.

2. AI Invoice Processing

High-Level Description

Autonomous invoice processing that improves productivity by up to 355%, is 5x faster, and reduces the need for manual intervention.

Key Features

Document Ingestion: Includes invoices from various formats like electronic files, EDIs, email, PDFs, and direct connections.

Data Extraction: Uses proprietary computer vision technology to extract and categorize invoice data without templates.

Review: AI predicts and assigns confidence levels for invoice information, presenting for human review or automatic approval.

Approvals: Routes invoices to the correct flow or for payment if Autopilot confidence level is reached.

Payments: Consolidates vendor payments into a single workflow for all payment types.

ERP Integration: Posts payment data to any ERP system seamlessly.

3. AI PO Matching

High-Level Description

Precision matching of purchase order (PO) invoices to their associated POs with an AI-first approach.

Key Features

Accuracy: Autonomously matches 2, 3, and 4-way PO invoices.

Match Rates: Matches line items across various data fields even without PO numbers.

Issue Detection: Flags discrepancies for human review.

Time Savings: Learns from historical data for efficient processing.

Multi-Dimensional Matching: Matches multiple invoices to a PO and vice versa.

4. AI Approval Flows

High-Level Description

Automates and streamlines the invoice approval process with customizable, automated workflows.

Key Features

Custom Workflows: User-defined thresholds and dynamic flows.

Autopilot: Fully automates approval steps based on AI confidence levels.

Notifications: Customizable alerts for daily summaries or when an invoice is ready for approval.

Mobile Application: Approve invoices on-the-go via mobile app.

5. Payments

High-Level Description

Automates the payment process, saving time and reducing risk.

Key Features

Seamless Workflow: Consolidates all payment types into one automated workflow.

Fraud Reduction: Enhances security and reduces the risks associated with payments.

6. AI-Driven Analytics

High-Level Description

Provides comprehensive analytics to make informed decisions and monitor platform and team performance.

Key Features

Actionable Insights: Aligns with business strategies to optimize resources.

Performance Monitoring: Enhances ability to lead business growth initiatives.

Recent Developments

Recognition: Vic.ai has been recognized as a Major Player in the IDC Marketscape: Worldwide Accounts Payable Automation Software Vendor Assessment 2024.

New Features/Partnerships:

Vic.ai’s platform has been integrated as a module in the Botkeeper Operating System to enhance scale and efficiency.

Continual improvements in AI confidence and functionality to ensure higher levels of process automation.

Conclusion

Vic.ai stands out in the market with its pioneering AI platform designed for autonomous finance workflows, significantly enhancing the efficiency and accuracy of AP processes. The company's suite of AI-driven products, including Invoice Processing, PO Matching, Approval Flows, Payments, and Analytics, provides comprehensive solutions to modern accounting and finance challenges. The recognition by industry players and positive testimonials from key stakeholders further solidify its leading position in the domain of autonomous accounting.