ancora's continued growth supports the need for these solutions, as studies show that a majority of businesses face challenges in invoice processing, with lengthy processing times and a significant portion of invoices still being manually entered. However, only a small fraction of accounts payable teams have fully embraced automation, leaving vast room for improvement.
SAN DIEGO, July 27, 2023 /PRNewswire-PRWeb/ -- ancora Software, Inc., a leading provider of Intelligent Document Processing solutions, is proud to announce record-breaking growth in the first half of 2023 along with adding 120 new customers. As businesses worldwide face increasing challenges in managing their accounts payable processes, ancora has emerged as a driving force behind the transformation of invoice processing, automating workflows, and enhancing overall efficiency for its clients.
Additionally, we are thrilled to share that we have just been granted our 3rd US patent, marking yet another significant milestone in our journey of innovation and technological advancement.
According to recent studies, 66% of businesses report that processing invoices takes more than five days, resulting in delays, missed opportunities, and increased operational costs. Additionally, a staggering 57% of invoices are still entered manually, leading to errors, inefficiencies, and decreased productivity. Surprisingly, only 5% of accounts payable teams have fully embraced automation, leaving a vast potential for improvement.
ancora Software has been at the forefront of addressing these challenges, empowering businesses with cutting-edge Intelligent Document Processing solutions that streamline accounts payable processes, reduce errors, and enable substantial time and cost savings. By leveraging patented advanced artificial intelligence and machine learning technologies, ancora has successfully transformed the way businesses manage their invoices and other critical documents.
The company's extraordinary growth can be attributed to its unwavering commitment to delivering top-notch solutions that address the most pressing needs of accounts payable teams. Through close collaboration with clients, ancora has identified the top three priorities for accounts payable teams.
1. Eliminate Paper Invoices and Reduce Manual Tasks: Manual data entry and paper-based invoices are not only time-consuming but also prone to errors. ancora's solutions offer comprehensive digitization capabilities, enabling businesses to eliminate paper invoices and automate manual tasks, ensuring seamless integration with existing systems and promoting a paperless environment.
2. Improve Accounts Payable Reporting and Analytics: Data-driven insights are essential for making informed business decisions. ancora's Intelligent Document Processing solutions offer robust reporting and analytics capabilities, providing real-time visibility into accounts payable processes. By harnessing this information, businesses can optimize their financial strategies, identify bottlenecks, and drive overall efficiency.
3. Deploy Accounts Payable Automation: Embracing automation is paramount to stay competitive in today's fast-paced business landscape. ancora intelligent automation tools helps its customers facilitate end-to-end automation of accounts payable processes, reducing manual intervention, and enhancing accuracy. By streamlining invoice processing and approval workflows, businesses can accelerate cycle times and improve vendor relationships.
As ancora continues to drive innovation in Intelligent Document Processing, the company remains dedicated to empowering businesses with transformative technologies that optimize operations, enhance financial visibility, and enable sustainable growth.
"We are incredibly proud of the tremendous growth we've achieved in the first half of 2023," said Noel Flynn, CEO of ancora Software, Inc. "Our success reflects the increasing demand for intelligent solutions that can revolutionize accounts payable processes and empower businesses to thrive in a digital age. We will continue to push the boundaries of technology and provide our clients with the tools they need to succeed."
About ancora Software, Inc.
ancora Software, Inc. is an innovative provider of Intelligent Process Automation solutions, including Intelligent Document Classification and Data Capture. ancora Software's patented artificial intelligence and unassisted and assisted machine learning technologies help organizations eliminate costly manual steps in their business processes such as document classification, document analysis, manual data entry, and manual filing. Organizations using ancora Software achieve faster and less expensive business process automation and better controls over their mission-critical information. Headquartered in San Diego, CA, ancora Software maintains sales and support operations throughout North America and in the United Kingdom.
For more on ancora Software, Inc. visit http://www.ancorasoftware.com
Media Contact
Nick Bova, ancora Software, Inc., 614-496-6688, nbova@ancorasoftware.com
SOURCE ancora Software, Inc.
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