AUSTIN, Texas–(BUSINESS WIRE)–#AI–The power of ABBYY AI was recognized by the Newsweek AI Impact Awards taking the top honor in the category, “AI in Finance: Best Outcomes, Accounting.”
The award recognized ABBYY’s excellence in eliminating manual invoice processing, significantly reducing operational costs and surpassing expectations with its AI-powered intelligent document processing (IDP) solutions. Judges praised ABBYY for delivering measurable impact, notably improving efficiency and accuracy, and successfully integrating with existing enterprise systems enabling more fulfilling and value-generating experiences for staff in accounts payable for leading organizations.
At an Australian dairy cooperative, ABBYY’s AI-powered IDP technology intelligently automated the processing of 300,000 invoices annually across two ERP systems. The initiative reduced labor costs by nearly 80%, contributing directly to the company’s mission of reinvesting profits back into its farmer-owned community.
ABBYY also made significant impact at a global provider of vehicle parts and accessories. Previously handling 17,000 invoices manually each month, the manufacturer adopted ABBYY’s purpose-built document AI to automate the process. The transformation not only eliminated overtime costs but also reduced storage and printing costs and improved employee engagement by allowing teams to shift focus from repetitive tasks to higher-value activities like exception handling and statement reconciliations.
“We are honored to be recognized by the Newsweek AI Impact Awards for the success our customers achieve using ABBYY Document AI. This win underscores our leadership in intelligent automation and commitment to helping businesses harness the power of AI,” said Ulf Persson, CEO of ABBYY. “While this award recognizes our impact in accounts payable and invoice processing, our customers across all functions of the business experience the same results whether it’s for claims processing, retail lending, customs declarations, tax preparation, trade finance, customer onboarding, or health records digitalization and prior authorization.”
The Newsweek AI Impact Awards celebrates the transformative power of AI to solve everyday business challenges and the impact and outcomes of its use. ABBYY will also be attending the Newsweek AI Impact Summit taking place June 23-25, 2025 in Sonoma, California.
Learn more about how ABBYY Document AI transforms accounts payable automation by visiting https://www.abbyy.com/solutions/accounts-payable-automation/ and watching the video https://www.youtube.com/watch?v=O62qIu5R2oE.
About ABBYY
ABBYY puts your information to work with purpose-built AI. We combine innovation and experience to transform data from business-critical documents into intelligent actionable outcomes in over 200 languages in real time. We are trusted by more than 10,000 companies globally, including many of the Fortune 500, to drive significant impact where it matters most: accelerate the customer experience, operational excellence, and competitive advantage. ABBYY is a global company with headquarters in Austin, Texas and offices in 13 countries. For more information, visit www.abbyy.com/company and follow us on LinkedIn, Twitter, Facebook, and Instagram.
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Contacts
Editorial Contact:
Gina Ray
gina.ray@abbyy.com
+1 949-370-0941
