The core functionality of Vic Production Co. revolves around its ability to autonomously process invoices from ingestion to payment. The platform can accept invoices through various channels, including email, manual uploads, and even EDI or API integrations. Once an invoice is received, Vic’s AI algorithms read and extract relevant data, predicting both header-level and line-item information without requiring any predefined templates or rules. This capability allows the system to handle any invoice format, making it adaptable to different business needs.
One of the standout features of Vic is its accuracy and efficiency in processing invoices. The platform claims to reduce invoice processing time by up to 80% while maintaining accuracy rates between 97% and 99%. This high level of precision minimizes human errors commonly associated with manual data entry, leading to more reliable financial records and faster approvals. The automation of these routine tasks allows finance professionals to focus on more strategic activities, such as financial analysis and vendor relationship management.
Vic also emphasizes enhancing visibility into the AP process. The platform provides real-time insights through customizable dashboards that allow finance teams to monitor invoice statuses, processing times, and accuracy rates. This transparency supports data-driven decision-making and helps organizations manage their cash flow more effectively by surfacing early payment discount opportunities.
Additionally, Vic Production Co. integrates seamlessly with major ERP systems such as Netsuite, Coupa, Workday, Microsoft Dynamics, and SAP. This integration capability ensures that businesses can incorporate Vic into their existing tech stacks without significant disruptions. The platform's open API further enhances its flexibility, allowing for custom integrations tailored to specific business requirements.
The user interface is designed for ease of use, enabling finance teams to quickly adapt to the system without extensive training. Users can review AI-generated data extractions and validate predictions before approving invoices for payment. Once confidence in the AI’s accuracy is established, organizations can enable autonomous approvals, allowing Vic to send invoices for payment without human intervention.
Vic Production Co. offers various analytics packages that provide detailed performance metrics based on user interactions with the platform. These packages help organizations track their AP efficiency over time, monitor key performance indicators (KPIs), and assess the return on investment (ROI) from using Vic’s services.
Key features of Vic Production Co. include:
Vic Production Co. aims to redefine accounts payable processes by combining automation with advanced analytics, ultimately helping organizations achieve greater efficiency and accuracy in their financial operations while freeing up valuable resources for strategic initiatives.