If there is one thing we know about human beings, it’s that we are always looking to get better under some capacity or the other. In fact, over the years, we have conceived many ideas for the sole purpose of achieving the stated goal. Now, some ideas would work like a charm, while some won’t work at all, but none will trigger as big of discussion as technology did upon its arrival. Technology gets to be ultimate anomaly here for reasons that go beyond just having an ingenious skill-set. To give you an example, they also revolve around the creation’s accommodating nature, which played a massive role in expanding its footprint throughout the spectrum. The said by-product allowed technology to target a more holistic brand of growth. With such a powerful dynamic running the show, you naturally become inclined towards exploring even further. This is exactly how’ll end up discovering a whole new tech-driven identity, but after looking at one recent development on the fintech block, we can say that the creation is still pretty far from being done.
Vic.ai, a startup that provides a platform to automate accounting and financial processes for enterprises, has officially launched an AI-powered tool, which is designed to facilitate enterprise-grade cost optimization. Named as Speed Intelligence, the solution enlists the company’s AI algorithm to analyze your entire cost picture. Once it has picked up all the required data, it produces a package of predictive insights and spend reduction initiatives. The stated algorithm, in turn, learns from historical data, going all the way to individual line items. Interestingly, it runs in real-time across all invoices and credit card transactions so to produce a highly-extensive spending analysis of an enterprise. Talk about the timeline, the solution takes around 30 days between analyzing data and delivering relevant insights and suggestions.
“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.”
The way Speed Intelligence provides all the information makes for a very intriguing element. It paints a detailed lowdown on how many dollars can be saved from each suggested measure. Furthermore, the solution breaks down the entire process into digestible benchmarks. These benchmarks inform the user regarding how their cost structure fares in comparison to their competitors’ or how their vendor prices look, if pitted against what others are paying. According to the estimations, Speed Intelligence can slash your costs by 15% in certain categories, and from an overall standpoint, it can save between 2% to 8% of your total cost base.