Accounts Payable Invoice Automation Solution

The Vendor is required to provide for an Accounts Payable (AP) Invoice Automation Solution with integrated artificial intelligence (AI) capabilities.
- Looking to procure a commercially available software solution that streamlines and manages the entire invoice-to-payment lifecycle.
- Solution must leverage AI to reduce or eliminate manual data entry, accelerate approval workflows, ensure compliance with University and regulatory requirements, and facilitate secure, timely vendor payments.
- AP processes approximately 110,000 invoices per year from a variety of campus and external sources, making it a critical function in supporting the University’s academic, research, and operational activities.
- The goal of this project is to implement automated invoice processing that leverages AI functionality to streamline and improve the efficiency and accuracy of invoice processing and accounts payable operations.
- The solution must seamlessly integrate with Oracle PeopleSoft to ensure smooth data flow and operational efficiency.
- Solution must meet the following requirements:
• The solution must be able to integrate with PeopleSoft.
• The solution must be able to handle two and three-way processing.
• The solution must be able to read and extract data from invoices, using modern techniques (e.g., optical character recognition (OCR), artificial intelligence (AI), machine learning, natural language processing models, etc.)
• The solution must be able to understand and apply agency policies to invoices.
- Invoice Processing
• Consume invoices from email for automated, hands-free processing.
• Implement error-handling mechanisms for any invoices not able to be processed hands free.
• Provide tools to manage confidence level in invoice consumption process so more invoices can be processed without user intervention.
• Match invoice to the corresponding purchase order in PeopleSoft (phase 1).
• Review invoice to determine owning department for proper processing (phase 2).
- Data Extraction
• Utilize modern technologies (e.g. OCR, AI, machine learning, and/or natural language processing) to reach and extract data from transcripts accurately, regardless of document format.
• Use extracted data to match lines against corresponding purchase order.
• Leverage information from agency policies to ensure compliance.
- Data Import
• Seamlessly import extracted data into PeopleSoft to create a voucher.
• Implement error-handling mechanisms to address any issues during the voucher creation process.
- Data Review, Correction, and Learning
• Provide an intuitive interface for users to review and correct vouchers created via automated process
• Implement machine learning and other AI capabilities to identify and correct errors and policy violations, and to adapt to different invoice formats, improving accuracy over time.
• Use AI capabilities to incorporate user-provided feedback to improve performance and accuracy.
- Analytics and Reporting
• Offer flexible reporting tools to track transcript processing metrics and other operational data.
• Provide customizable dashboards for real-time analytics and performance monitoring.
• Generate detailed reports on data accuracy, processing times, and error rates.