PredictAP, Inc., the leading AI-poweredinvoice coding solutiondesigned specifically for the real estate industry, announced today a successful go live atBridge Investment Group, a leading vertically integrated real estate investment manager. Following a successful pilot period in its property management group, Bridge Investment Group plans to expand PredictAP adoption across additional groups and its corporate accounts payable (AP) offices.
Invoice coding relies on manual data entry, and can become a time-consuming bottleneck for busy AP teams. In property management offices in charge of specific properties or buildings, time lost on data entry is time taken away from other responsibilities.
“A property manager should be focused on tenant-facing work” said Brittany White, accounting manager for the property management group at Bridge. “They have a million things to manage, and every hour spent on invoice coding is an hour they can’t spend on building maintenance and building relationships with their tenants, which directly impacts lease renewals” she said.
PredictAP learns invoice coding patterns from a company’s invoice history, using its proprietary AI. PredictAP can ingest invoice data and rapidly code a new invoice according to past history without requiring manual data entry by the end user.
An enthusiastic response from PredictAP users in the pilot ensured a green light for a broader rollout across different asset classes, according to Katie Elsnab, chief financial officer at Bridge Investment Group. “Selecting a solution like this takes some due diligence and a cost-benefit analysis, and there’s always some healthy skepticism” she said, “but the time savings was apparent immediately once excess data entry was removed from our process. And I could not have anticipated how much the team would love PredictAP.”
Removing the manual work bottleneck allows for coding multiple invoices simultaneously, in seconds, with end users reviewing for accuracy, then submitting to the existing AP approval workflow.
PredictAP President and co-founder Russell Franks believes the successful rollout validates PredictAP’s effectiveness across multiple real estate use cases.
“The typical day for a property manager is very different from an AP specialist’s day, but they both desperately need to reclaim the time lost to manual data entry,” he said. “Ultimately it’s about ensuring your team is focused on higher value work that’s more engaging for them and more impactful for the business.”
ABOUT BRIDGE INVESTMENT GROUP
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $36.3 billion of assets under management as of December 31, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease and real estate-backed credit.
PredictAP is the leading AI-powered invoice coding solution designed specifically for real estate. Unlike OCR and indexing services, PredictAP provides fully coded invoices, ready to flow through existing AP automation workflows. When paired with industry-leading AP automation solutions, such as Yardi Payscan and Nexus Systems, PredictAP delivers massive cost savings and productivity growth.
Founded in 2020 by a team of real estate, accounting tech, and artificial intelligence industry alumni, PredictAP is based in Boston, Massachusetts. Visitwww.predictap.comto learn more.