Koncile is an AI platform that automates invoice verification and document extraction, utilizing advanced optical character recognition (OCR) and data reconciliation to ensure compliance with pricing terms and contracts. By providing detailed spend analysis, Koncile enables procurement teams to identify savings opportunities, achieving up to 20% cost reductions and saving an average of 800 hours of work per client.
Funding
Funding not disclosed
Founders
Product
Problem
Many enterprises face challenges in accurately verifying invoices and extracting data from documents, leading to overpayments, missed savings opportunities, and time-consuming manual processes. Existing P2P software often lacks the sophistication to detect overcharging, and manual invoice verification is prone to errors and inefficiencies.
Solution
Koncile offers an AI-powered platform that automates document extraction and invoice verification, ensuring compliance with pricing terms and contracts. The platform uses optical character recognition (OCR), data enrichment, and reconciliation to transform invoices, quotes, contracts, and other documents into actionable data. By cross-checking each line item with pricing terms, quotes, or contracts, Koncile helps businesses detect anomalies, prevent overcharging, and gain detailed insights into their expenses. The platform's analytics capabilities enable procurement teams to benchmark transactions, optimize purchases, and identify savings opportunities.
Target Audience
Koncile primarily targets procurement teams and finance departments within enterprises seeking to automate invoice processing, reduce costs, and improve compliance.
Features
- AI-powered OCR for accurate data extraction from invoices, quotes, and contracts
- Automated invoice control with cross-checking against pricing terms and contracts
- Anomaly detection to identify and prevent overcharging
- Spend analysis dashboards for detailed insights into expenses
- Benchmarking capabilities to compare transactions against competitors
- Integration with existing P2P software and ERP systems
- Automated extraction of structured contractual data