Reducing manual data entry in accounts payable will help the finance team improve efficiency and prioritize more strategic work
PredictAP, Inc., the leading AI-powered invoice coding solution designed specifically for the real estate industry, announced today a successful go-live at BrightSpire Capital, an internationally-managed commercial real estate credit real investment trust (REIT).
PredictAP reduces the manual data entry burden on accounts payable (AP) by automating invoice coding, reducing the time spent on coding by 50-80% for most customers. Eliminating inefficient processes allows AP and finance teams to prioritize higher value work.
Benjamin Miga, Head of Treasury at BrightSpire Capital, said “we have more time to focus on cash forecasting, liquidity management, maximizing investments enhancing expense analysis and more comprehensive reporting,” adding “we can focus more on growing the business, reducing risk, and being strategic trusted advisors instead of invoice pushers.”
The shift to more automation around finance and AP has been an ongoing trend at large real estate investment firms, with payment processing and approval workflow automation leading the way, according to PredictAP Founder David Stifter. “Despite the push to bring more automation and intelligence into these back-office processes, historically, it’s been difficult to quantify the potential impact when just implementing a solution could take two years,” he explained.
“Our goal is to deliver maximum value as quickly as possible,” Stifter said, “the CTOs and CFOs who become our customers can’t afford to champion new tech and then take a wait-and-see approach. We get them up and running quickly, and they love the results.
While automation and artificial intelligence (AI)-powered financial technology platforms have seen increased adoption in recent years, Miga noted that not all solutions deliver what they promise. He said “after implementing two or three ‘AI’ tools, PredictAP has been the most effective right after implementation, which has made an immediate impact, without taking a few months to ramp up.”
About BrightSpire Capital
BrightSpire Capital, Inc. is an internally-managed commercial real estate (CRE) credit REIT focused on originating, acquiring, financing and managing a diversified portfolio of CRE debt investments and net leased real estate investments.
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.