Tipalti Announces Enhanced AI Capabilities

⇨ Tipalti announced that OpenAI’s GPT-4 technology is now embedded within its Tipalti Pi payables engine.

⇨ The Auto Coding feature helps improve matching accuracy and reduce manual coding requirements.

⇨ Users will also be able to access Ask Pi, a digital assistant powered by ChatGPT.

Global payables leader Tipalti has bolstered its payables intelligence engine with the power of generative AI. In a press release, Tipalti announced that OpenAI’s GPT-4 technology is now embedded within Tipalti Pi.

Tipalti CEO and co-founder Chen Amit said in the announcement, “We are proud to have led our industry for many years by incorporating AI into our existing solutions and are excited to share the latest way we are revolutionizing the entire payables process leveraging the latest AI capabilities on the market. This will help our customers not only save even more time and improve financial accuracy, but also provide them greater insight into their entire AP operation.”

Tipalti highlighted how the addition of generative AI to Tipalti Pi offers users two significant upgrades — Auto Coding and Ask Pi.

Auto Coding

The Auto Coding functionality within Tipalti Pi works by determining the context of data points like purchase orders, invoices, ledgers. This helps improve matching accuracy and reduce manual coding requirements. This can help eliminate errors and accurately predict future coding. Tipalti said that Auto Coding can “save up to 40% of additional processing time for invoices.” This provides finance teams with more time to work on more value-add activities.

Ask Pi

The Ask Pi feature is a digital assistant powered by ChatGPT that can help finance teams quickly find answers if they have any questions or concerns while executing essential business functions. Users can also query Ask Pi to find the answers to questions that they would previously have to find by conducting analysis in Excel or other applications.

AI in Finance

This announcement from Tipalti comes as organizations are beginning to leverage AI within their finance functions to an increasing degree. According to SAPinsider research, AI-based finance applications are likely to become some of the most in-demand solutions in the SAP financial space within the coming years.

The 2023 SAP S/4HANA Finance and Central Finance State of the Market research report found that 40% of respondent organizations are evaluating the use of AI-based finance applications, one of the highest percentages among emerging technologies.

This indicates that many organizations are likely to adopt AI-based solutions, as just 23% of respondent organizations are already implementing them and 12% already have AI-based finance applications in use.

More and more, organizations are coming to realize that AI-based finance solutions present an opportunity to achieve greater efficiency and enhanced capabilities. As solutions like Auto Coding and Ask Pi within Tipalti Pi emerge and demonstrate their value, organizations are likely to see the value-add capabilities of automation, AI, and machine learning, and adopt the technologies that best fit their needs.

Reaction

In the press release, Tipalti highlighted a partner’s experience with the new rollout to demonstrate how the new features were quickly integrated and able to deliver benefits to users.

“We currently have 10 subsidiaries and having AI identify the correct sub has tremendously reduced our manual corrections work. There was minimal training required across the company and it helped us reduce time on manual tasks and focus on other initiatives required by the company,” said Delia Molina, Controller at Artica, an eCommerce insights company.

Though Auto Coding and Ask Pi are currently in beta testing, Tipalti estimates customers will be able to use both capabilities in Q3 2023, along with several other planned functions that will also leverage the power of generative AI.