iTK is migrating from pure ERP services to become a data science software company with—RTM 10—a data science-based managed service offering that can be fine-tuned for many critical processes and operations in both IT and Finance. When it comes to procure-to-pay processes, RTM 10 can be geared toward identifying duplicate invoices and potential fraudulent “ghost” vendors. “We think it’s a great way to use our AI- and ML-based high-performance platform in the procure-to-pay space. Over the last three years, we have created two new modules, namely, duplicate invoice detection and vendor file maintenance in this space with our managed services offering. Moreover, our duplicate payment detection process is based on American Institute of Certified Public Accountants (AICPA) guidance,” notes Bruce Beck, VP of Marketing at iTK Technologies. With a subscription-based offering, the company enables its production customers to detect duplicates and resolve them between their buyers and vendors.
The iTK-Fleetcor Partnership: Facilitating Automated Payments
The efficacy of RTM 10 in the procure-to-pay space is even more pronounced as it can seamlessly integrate with any ERP system. iTK has recently partnered with Fleetcor—the leader in automated B2B payments—to automate payments in a hassle-free manner. Fleetcor lacked the technology to connect to ERP systems apart from Microsoft Dynamics and SaaS Oracle applications. As such, Fleetcor’s customers were challenged with creating the interface to their payment system for facilitating automated payments. iTK can eliminate this problem with its “any ERP connect capability,” which enables RTM 10 to connect to any ERP system. “We’ve delivered this capability to the Lawson marketplace but we will be making it available for SAP, Oracle, and other ERP systems as well,” comments Palmer.
Together, Fleetcor and iTK will serve customers jointly and streamline the complicated accounts payable functions.
“The beauty of it is that it allows us to leverage our technical services expertise with leading data science-based products,” remarks Beck. The company’s SaaS-based software knits together and uses Google TensorFlow, Tableau, and other open-source capabilities. With growing customer demand for such robust capabilities, iTK has made the software available on a three-year subscription plan that includes new releases, maintenance, and round-the-clock phone support.
We think it’s a great way to use our AI- and ML-based high-performance platform in the procure-to-pay space
Excellence at the Core
With RTM, users are witnessing a 95 percent confidence level in the accuracy of duplicate invoice detection. To illustrate, Beck cites their ongoing collaboration with a large hospital in the Midwest. Within the initial three and a half months of their engagement, iTK successfully managed to help the client attain 95 percent accuracy of their invoice data. iTK analyzed and detected over $3.5 Million worth of leaked payments. Using substantial model data, iTK helped the client understand the major cause of the problem—numerous duplicate invoices being sent repetitively. iTK set the priority list by detecting the ones causing the worst damage and accordingly developed monitoring processes to identify duplicates well before the payments were processed. This helped the client save huge amounts of money.
“We see our business not just growing in the future but also changing more to data science-based services, helping customers isolate issues in their ERP and solve them. It is across procure-to-pay processes that we have found our sweet spot for the next couple of years,” says Palmer.