TowWorks, a provider of enterprise technology solutions for the marine transportation industry, announced Tow Works Invoice Intelligence, an invoice processing solution designed to reduce the time and manual effort required to process vendor invoices and close out voyages.
Developed by TowWorks in response to the high volume and complexity of vendor invoicing within marine operations, Invoice Intelligence automatically reads incoming vendor invoices, identifies and extracts critical information, and connects that data to the appropriate records within the Tow Works platform.
Unlike traditional document-scanning technology, TowWorks Invoice Intelligence is designed to learn and improve as it processes information. The solution uses intelligent data recognition and machine-learning capabilities to become more effective at identifying vendor-specific invoice formats and data over time.
That intelligence is paired with human oversight and validation, allowing automation to increase efficiency without sacrificing the controls and accuracy required for critical financial information.
The solution operates within TowWorks' enterprise security framework and is governed by the same security controls that support TowWorks' SOC 2 compliant environment.
Invoice Intelligence also strengthens the connection between operational and financial data within TowWorks. By capturing vendor costs sooner and associating those expenses with the appropriate voyage or activity, operators can complete voyage accounting more quickly and gain a more timely view of voyage performance.
