Overview of Previse
“The concept is a simple one really,” says Christensen.“We can use this information and look at the next invoice that comes in and say ‘well, the probability of this supplier being paid on time is X’ and then work to pay them immediately.” Not only does Previse allow the immediate payment, it also identifies risk.By looking at the features of an invoice, the AI solution can look at an invoice from somewhere like London and compare it to an invoice from elsewhere across Europe and it analyses the risks involved and where delays could happen.Previse is powered by AI and machine learning.Previse will then examine past behaviour in response to that feature to predict the appropriate response.This includes the category of spend, identity of the supplier, location of the supplier or even the currency in which the transaction is conducted.Through binary classification and deep neural networks, the company will measure the 20-30 features of information that make up an invoice.
“Every large corporate has a huge amount of data sitting in their ERP systems.“Previse does something that no one has ever done before: It forgets that process,” says Christensen.Historically, paying invoices to a large supplier base is a complex and laborious process.It then pays them immediately, charging a small fee.Previse allows companies to use data, rather than process.” Previse works with large corporates – which receive millions of invoices on a daily basis due to their vast supplier networks – and uses AI to predict the small number of invoices that are unlikely to get paid.This goldmine isn’t being touched by anybody, so we go through that data and make predictions.
“The business world has accelerated, but the payments that enable it remain stuck in neutral.Effort needs to be applied to more strategic work and back-offices need tools to help streamline operations.It is solutions and innovations like those being driven by Previse and Mastercard, through banks to their corporate customers, that will help businesses support their suppliers, and liberate them from inefficient processes,” James Anderson, Executive Vice President, Global Commercial Products at Mastercard, comments.
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How is management perceived at Previse?
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Previse Systems Set to Change the World of ETRM?
Just a few weeks ago, I was contacted by Marc Zumstein and introduced to a new initiative in Europe called Previse Systems.Based in Zug, Switzerland, Previse Systems had already come up in the 2020 Vendor Perception Survey and I had never heard of them, so it was good to be able to make the connection and get a description of what the Previse System team has been developing such that it already had people naming them in the VPS.I was not disappointed.Paradigm is often overused word, but Previse Systems can be truly said to be breaking it when it comes to ETRM software.The team all have strong backgrounds in ETRM having worked for existing vendors.It is that experience that drove them to go back to the drawing board and rethink the entire issue of ETRM software.