OpenEnvoy: Vendor Analysis — AP automation solution overview, competitors, tech selection tips, analyst summary

This Spend Matters PRO Vendor Analysis provides an overview of the AP automation vendor OpenEnvoy and its real-time AP automation solution.

Founded in 2020, OpenEnvoy is a SaaS company that was created to solve the problem of digitizing and auditing complex invoices like freight and transportation logistics. Logistics invoices are generally difficult to process due to variable charges, multiple geographies for transactions and various document types that require advanced matching. Freight invoices have unique complexities including capturing data points specific to freight logistics, carrier information, supplier information, point of origin and product description. Other intricate industries that OpenEnvoy can process include manufacturing, media and commodities.

Many legacy or modern AP automation solutions lack the ability to capture the depth of information needed to guarantee accuracy, reduce risk and ensure audit compliance. This can lead to unnecessary spend and can limit visibility of invoice records.

OpenEnvoy addresses these challenges by offering a solution that provides services such as digitization, fraud detection, reconciliation (2/3/4/n-way matching), OK-to-Pay and ERP Syncing (Vendor Master File, Payment Data, etc.) for both freight-related payments and other complex industries. By doing so, OpenEnvoy aims to eliminate wasted spend, human error and unnecessary complexity.

Here’s why OpenEnvoy matters:

• To the market — OpenEnvoy approaches AP automation at a unique vertical, that is being able to digitize highly complex invoices from convoluted industries like freight or manufacturing.
• To customers — OpenEnvoy processes fixed and variable cost invoices and provides customers with spend visibility and insights via customizable reporting dashboards.
• To potential buyers — OpenEnvoy guarantees ROI and prevents spend wastage for large enterprise companies looking to automate its invoice processing.

This Spend Matters PRO Vendor Analysis gives an overview of the vendor's capabilities, its competitors, provides tech selection tips and closes with key analyst takeaways.