Trade document automation company Conexiom on Thursday (Sept. 16) debuted The Conexiom Platform cloud-based automation tool, moving the company into supply chain and accounts payable automation after establishing itself in the sales automation space.
The Conexiom Platform automates documents for companies’ order-to-cash (O2C) and procure-to-pay (P2P) procedures.
“The combination of heightened B2B customer expectations and the unpredictability of global supply chains has given businesses a mandate to automate,” Conexiom President and CEO Ray Grady said in the company announcement.
“With the expansion of our platform, I’m excited to see how we can continue to help customers achieve transformative automation outcomes, not only in their order-to-cash processes, but throughout their entire supply chain,” he said. “By automating their operations, our customers are able to scale their human capital, cut costs, and most importantly — focus on their customers.”
The Conexiom Platform helps businesses automate their document processing by pulling data from purchase orders, invoices and other documents and transforming it into structured data in the businesses’ system.
Conexiom reported revenue growth of 65 percent year-over-year in the first half of 2021, largely because of the increasing global push for automated O2C and P2P processes. The Vancouver, British Columbia-based company has new offices in London and Munich.
In a recent PYMNTS interview, Nexelus Co-founder and Chief Technology Officer Imran Rahman discussed the opportunity for artificial intelligence (AI) to inject automation into AP workflows while still adhering to the individual requirements of the industry and the unique ways information is displayed on invoices and other documents.
Nexelus recently launched its AP solution apworks.ai for the media and advertising industry. The platform uses AI and machine learning (ML) to automate routing of invoices for streamlined approval and payment.
Nexelus might soon add payment functionality to the platform, said Rahman, bringing the importance of data to the forefront of the operation for the company and its customers.