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50 Innovative Companies to Watch 2016

Re-Imagining Account Payable Automation: Inspyrus

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Founded in 2007, Inspyrus is an innovation company that transforms Finance operations into a profit center.”

Building a reputation based on trust and excellence, Inspyrus delivers world-class solutions to clientele globally. Originally established as a process engineering and solutions company focused on enhancing ERP systems, the Inspyrus team quickly discovered that there was a huge un-tapped market opportunity for automating Accounts Payable Operations in a fundamentally better way.

Inspyrus released its first AP Automation software in 2010—Inspyrus Invoice Automation, which achieved rapid market success. Since then, Inspyrus has expanded its offerings to include fully integrated Dynamic Discounting and Supplier Enablement which uniquely work with all leading ERP systems on the market and include several patent-pending technologies. Inspyrus solutions support all deployment models including Cloud, On-Premise, Hybrid and as a Managed Service.

Headquartered in San Carlos, California, they serve North and South America, Europe and Asia

Unique solutions offered
Inspyrus offers the only solution on the market that provides integrated Invoice Automation, Dynamic Discounting and Supplier Enablement—supported by several patent-pending technologies. Additional offerings include E-Invoicing, 360° Analytics, and pre-built integrations with all leading ERP and Procurement systems with Inspyrus Connect™.

Invoice Automation – Eliminates paper, manual data entry and processing exceptions and accelerates how work gets done. Patent-pending technology enables companies to realize 90% automation and 3x the cost savings (compared to traditional methods) across their entire enterprise.

Dynamic Discounting – Dynamically allows suppliers to request early payments in return for discounts, thus enabling organizations to save millions (1%-2% of corporate annual spend) by optimizing discount and cash management.

Supplier Central – Provides suppliers with a self-service portal to track status of invoices and payments, dynamically request early payments and quickly turn POs in to invoices electronically—allowing companies to better manage cash and enhance supplier relationships.

Benefits Delivered

  • Automates 90% of the end-to-end AP Invoice process for all major ERP systems
  • Delivers 3x the cost savings compared to “legacy” operations and solutions – eliminating paper, manual data entry and process bottlenecks
  • Enables companies to save millions (1% to 2% of annual spend) with Dynamic Discounting
    Ensures corporate SLAs and regulatory compliance through real-time visibility of the entire business process
  • Maximizes user productivity and responsiveness with a modern user experience, best-practice workflows, rich 360º analytics and multiple ERP integrations
  • Provides optimal budget and deployment flexibility with solutions in the Cloud, On-Premise or as a Managed Service

Serving the most modern businesses in the world
Inspyrus’ top-rated solutions serve all industries (commercial and public sector) and any size organization (large, medium and small). It is experiencing high growth since every organization has an accounts payable department (that buys products & services and pays bills)—with an insatiable demand to save money, increase speed & efficiency and reduce risk.

The company targets Finance
Operations primarily catering to Chief Financial Officers, Controllers, Chief Accounting Officers, VP of Shared Service Organizations, VP of Accounts Payable and Procurement.

Inspyrus solutions are used by some of the most esteemed brands and leading-edge companies in the world, including Salesforce.com, Roll Global (The Wonderful Company and its portfolio of businesses/products), Verifone, CGI and Amway.

Setting a new standard
Inspyrus takes pride in being the “only one” in lot of things and finding the “better way” – an innovation company that transforms Finance operations into a profit center and being “the only one” on the market that provides integrated Invoice Automation, Dynamic Discounting and Supplier Enablement. And, also the “only one” that provides real-time integration with all leading ERP systems on the market (including SAP, Oracle E-Business, Oracle JD Edwards, Oracle PeopleSoft, Oracle Fusion Applications, Microsoft
Dynamics and IBM)— all with a single application.

They deliver over 90% automation to their customers, compared to only 20% automation provided by competing legacy solutions and approaches. Their secret sauce is their innovative spirit that leverages best of breed technologies to provide compelling, next generation solutions to address business challenges that up to this point have been deemed too hard or have gone largely unaddressed.

Proven Success
A leading Consumer Packaged Goods conglomerate was challenged with de-centralized operations managing 10-different Accounts Payable operations connected to over 10-different ERP systems; where over 250,000 invoices per year were being input manually into the system and taking over 20+ days to process a single invoice. With Inspyrus, the company was able to consolidate all 10+ AP/ERP operations into a single service for all businesses, allowing it to achieve 90% automation across the entire operation, reduce invoice processing time to just 4-days, and a 45% reduction in operating costs.

“Our mission is to provide game-changing solutions that fundamentally transform Finance Operations into a profit center.” 

Knowing the Key Executive

Nilay Banker, Founder & CEO – Nilay is a Stanford Computer Scientist with over 20-years of experience with cutting edge technologies and successfully delivering business software products for Fortune 500 companies. Previously, as Director of Product Development for Oracle, he was instrumental in developing new technologies and product-winning strategies, as well as taking these products to market.

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