Celonis and Hypatos - The Celonis Duplicate Checker can be now leveraged within Hypatos to avoid that duplicate invoices even reach the ERP system.

The problem of duplicate payments has persisted for years, particularly affecting large companies, and resulting in significant financial losses. Existing solutions often fall short in identifying approximate duplicates, leading to higher processing costs and, in unfortunate cases, actual duplicate payments.

AI emerges as a potential panacea for these issues. Leveraging Hypatos AI technologies such as Large Language Models (LLMs) and Specialized Transformer Models, businesses can employ AI to automatically detect duplicate invoices based on various attributes, including invoice number, date, amount, bank account, and company. This application of AI helps eliminate the manual review processes that are prone to errors and can overlook certain invoices. According to APQC, the average company pays 1.5% of their invoices twice, highlighting the widespread nature of the problem.

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The problem of duplicate payments is exacerbated by the diverse channels through which invoices are received, such as EDI, Vendor Portal, Email, sFTP, FlatFile, and Post Mail. Hypatos go beyond traditional data points and can read entire document images, including handwritten notes and corrections. The deep integration with downstream systems, particularly with Celonis process mining solutions, enables real-time comparison of AI-detected information with enterprise data.

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Celonis, integrated into Hypatos, adds significant value to the duplicate invoice detection process through Process Mining. This involves a comprehensive analysis of business processes, identifying discrepancies and weaknesses. The real-time identification of potential duplicate invoices has proven to be highly effective, reducing reactive efforts and saving substantial amounts.

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The result is a significant reduction in manual processing and review of duplicate invoices, leading to immense savings. The prevention rate of duplicate invoices reaches an impressive 95% to 100%. This not only streamlines and optimizes business processes but also mitigates the risk of false payments. A global leader in the food and beverage industry reported saving $1.06 million in just two months by identifying and preventing 792 duplicate invoices.

As the business sector continues to expand and generate increasing amounts of data, the integration of AI-powered solutions like Celonis in Hypatos becomes a crucial investment for long-term business profits.

For more information on eliminating duplicate invoices in ERP systems, interested parties are encouraged to contact Hypatos.

Additionally, visit us at Celosphere 2023 and join the breakout session titled "Enable Faster Value Realization in Finance" on Tuesday, November 14, from 11:30-12:00 (on stage ‘Gate B4’), and have 1:1 discussion with Dr. Ulrich Exleben, Founder and CEO of Hypatos, and his team.

Hypatos, with its focus on enabling autonomous back-office operations through next-generation AI, positions organizations to transition into the future with confidence.

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