Gartner acknowledges SEMINE in a new analysis

Gartner slapp nylig en rapport om markedet for verktøy som automatiserer fangst, validering og behandling av fakturaer, kvitteringer og bilag – kjent som APIA, for «Accounts Payable Invoice Automation». Gartner har undersøkt rundt 75 aktører og systemer av ulik art i dette markedet, og de har fremhevet under 20 av disse systemene i Europa og Asia – deriblant SEMINE.

Gartner recently released a market report on tools that automate the capture, validation and processing of invoices, receipts and vouchers – known as APIA: Accounts Payable Invoice Automation. Gartner surveyed around 75 companies and various systems in this market, and they have highlighted less than 20 of these systems in Europe and Asia – including SEMINE.

SEMINE has used artificial intelligence to develop a self-learning “autopilot” that performs this type of process as quickly, accurately and in as much detail as possible. It is not often that Norwegian technology companies are included on such lists, but Gartner noted the position SEMINE has achieved through its use of artificial intelligence.

- SEMINE’s leading position in intelligent automation is attributable to targeted work over a long period of time. Gaining a spot on Gartner’s list is highly prestigious and therefore represents a great recognition of our work, says Robert Kristiansen, Founder and Chief Technology Officer at Semine.

 

Common needs, different requirements

The correct handling of purchases and suppliers is a very time-consuming process for many companies. Costs need to be categorised correctly, not only for the sake of the company’s accounts, but also for departmental and project accounts. Traditional financial systems lack intelligent procedures to automate these time-consuming processes, and many systems have used technologies such as RPA (Robotic Process Automation) to compensate for this.

In their analysis, Gartner states that SEMINE is part of a new generation of automation platforms that use hyperautomation in their approach, and the main purpose of these platforms is to automate as much of this process as possible.

Gartner points out that the reason why so many different kinds of organisations are now working on solutions to automate their invoice workflow is partly because there is a common need across industries and geographies and partly because there are potentially great savings to be made in more than just the finance department. Nevertheless, small and large companies have very different needs.

Bigger businesses, greater complexity

In large companies, both the finance department and the organization as a whole also allocate substantial resources to data extraction, ledger management, and invoice authorization. There is therefore a huge upside in automation solutions that can effectively extract far more details to streamline this work. SEMINE has performed well in this segment, increasingly attracting more large companies, because the solution quickly provides customers with major benefits when they use the technology.

Thus, SEMINE’s advanced functionality in this area has quickly given the company a strong position in competition with large international API players, and this is something that many companies have noticed. Last year, for example, they started working with KPMG. Read more about the collaboration here

- SEMINE has managed to find a method to extract all the information needed to perform automatic posting. This is very difficult to do using traditional AI tools and robotisation, says Einar Michaelsen, Head of AI and Emerging Technologies at KPMG Lighthouse.