PALO ALTO, Calif., Oct. 3, 2023 /PRNewswire-PRWeb/ -- Field Materials, a leading AI-powered material purchasing software company, launches its revolutionary invoice verification module for general and specialty contractors. Its newest module cuts 90% of invoice processing time by eliminating manual steps, and saves 5-10% in material costs by automatically identifying billing errors. The Invoices module ties into the company's existing Quotes and Orders modules, providing the construction industry with one of the first comprehensive procurement platforms on the market to manage quotes, buyouts, orders, and invoices in one system.
"As someone who architected and scaled AI platforms for over a decade, I'm proud of the system we built. We trained it on a large database of real-world supplier invoices and the resulting automation and cost savings our technology brings are truly transformative for construction", said Eldar Sadikov, Co-founder and CEO of Field Materials.
On average, 25% of material and equipment invoices contractors receive from vendors (suppliers) contain errors due to inaccurate prices, quantities, inclusion of backorders, or inaccurate representation of delivery issues or outstanding credits. Given that materials represent 30% of all construction costs, this translates into millions of dollars of annual savings for each contractor.
Field Materials Invoices module does not require any changes to the existing process for handling invoices. Contractors can continue receiving invoices through email. Field Materials uses computer vision to scan the incoming invoices and automatically associates each invoice with the correct job, vendor, and purchase order.
What's special is that the software automates the steps that currently take tens of hours of labor per week. Office staff do not have to download the invoices and manually create corresponding invoice records in the accounting / ERP software. Instead, Field Materials automates all these steps by creating invoice records in the ERP that correspond to the correct POs.
Field Materials also uses computer vision at the invoice verification stage. It reads the invoice content and performs a 3-way match between the order, receipt (proof of delivery), and the invoice. The software automatically flags any discrepancies and makes it easy to route issues to internal team members or vendors.
"Invoice processing has long been a time sink for my team who is very excited about the automation and the time savings this new module brings. On top of it, we are excited about the additional cost savings Field Materials brings from catching errors in the vendor invoices. Field Materials has changed the game - we believe their process to be the future", says Javier Lucatero, the President of Accurate Firestop of Pleasanton, CA.
SOURCE Field Materials