India, 07 June 2022: E42, the world’s leading Natural Language Processing-based AI platform, in collaboration with Finance Tech Unlimited and MonAmI, launched AI workers developed by the two partners on the no-code AI platform.
Plutus, Moneta, and Jodi increase efficiency by up to 60% and reduce the processing time by up to 7.9 days. These AI co-workers can achieve up to 99% accuracy and ensure 100% business continuity by offering real-time accounting reports and dashboards that are key to making critical business decisions. Accounting AI co-workers are meant for enterprises that aim at transforming their accounting functions via automation.
Plutus scans invoices, reads and extracts the relevant data, and does a two, three, or n-way match with the PO and other documents before inputting the required data into a predefined file, folder, or accounting software. Purpose-built AI checks workflows and assigns GL codes based on the logic. The entire process happens in real-time and takes no more than a few microseconds. Plutus can be integrated with any accounting system via APIs. The invoice along with extracted data is then sent to the user(s) for further action and processing.
Plutus is trained to read and extract data from all types of invoices and can read structured, unstructured, and logical data. In case of exceptions, Plutus flags it for human intervention, allowing for the AP team to work on more value-added tasks. If the vendor is new, Plutus has the capability to create and set up a new account for the vendor, after verifying vendor credentials with a two-step process. Plutus can also be trained to follow up with users for approvals, send payment advice to vendors and also process payment if authorized.
Moneta’s expertise is in Accounts Receivable (AR) as it automates tasks such as setting up customer accounts, following up on payments, sending reminders, posting payments, etc. Jodi is developed as a combo AI worker for both AP and AR.
Built on E42, MonAmI is a conversational AI buddy that talks to every employee in an organization, understand issues, concerns and help CHROs and leadership to find cultural gaps, understand the pulse of employees, identify improvement areas, help in reducing attrition and disengagement, and analyze each factor that drives employee engagement. Besides, it automates Employee Engagement Activities, saving 50% of the time and reducing HR workload so they can focus more on strategic work. The various functionalities of this platform include employee engagement automation, milestone surveys and feedback (pre-onboarding to post off-boarding), employee wellbeing (mental, physical, and financial), and many more use cases.
Monami helps organizations to build a healthy work culture and make their employees aware of the need for total well-being in their personal and professional life and then work together with the organizations to help the employees get that complete wellness.
E42 being a no-code platform powers all members of our partner network to build and deploy AI workers in their area of expertise through basic API integrations and a simple drag and drop interface. The AI co-workers are designed to assist humans by simplifying and easing their respective job functions, thereby focusing on strategic and pressing issues.
“These AI co-workers developed by our partners MonAmI and Finance Tech Private Limited are helping enterprises to identify gaps in processes and automate the repetitive and mundane tasks that allow for the human workforce to invest their efforts in more strategic tasks, which in turn results in an enhanced productivity and output”, said Animesh Samuel, Co-Founder & CEO, E42.
“Our AI co-workers fuel digital transformation in accounting and cause a measurable increase in productivity. Up to 80% of rote and voluminous tasks within an accounting process can be automated thus saving up to 30.27 hours per week approximately”, said Aloysius Deepak, Chief Revenue Officer, Finance Tech Unlimited.
“In today’s disconnected and hybrid world, connecting every employee and retaining top talent, has proven to be a difficult task. According to a Gallup study, attrition and disengagement can cause business loss of up to 80M for an organization with 15K employees. In such cases, MonAmI assists HR leaders by measuring employee experience with the critical analytics that they need to identify culture gaps, disengagement, employee problems, and attrition. MonAmI also empowers people to attain their full emotional, professional, and financial potential. MonAmI-AI buddy is here to assist leaders in thinking ‘beyond work’ and creating a positive working environment for their employees”, said Priyanka Goswami, Co-Founder, MonAmI.