Ternary, a leading cloud-based spend management platform, has recently announced the addition of new AI-powered capabilities to its platform. These new capabilities are designed to help businesses better manage their spending and optimize their financial operations.
The Ternary platform is already known for its ability to help businesses automate their procurement processes, track expenses, and manage budgets. With the addition of AI-powered capabilities, the platform is now able to provide even more advanced insights and recommendations to help businesses make better financial decisions.
One of the key new features of the Ternary platform is its ability to automatically categorize expenses based on data from receipts and invoices. This means that businesses no longer have to manually enter data into the platform, saving time and reducing the risk of errors. The platform can also identify duplicate expenses and flag them for review, further reducing the risk of errors and ensuring that businesses are not overpaying for goods and services.
Another new feature of the Ternary platform is its ability to provide real-time insights into spending patterns. The platform can analyze spending data and identify trends and patterns, allowing businesses to make more informed decisions about where to allocate their resources. For example, if the platform identifies that a particular department is consistently overspending on a certain category of goods or services, the business can take action to address the issue and reduce costs.
The Ternary platform also includes a range of other AI-powered capabilities, including predictive analytics, anomaly detection, and supplier performance tracking. These features are designed to help businesses identify potential issues before they become problems and take proactive steps to address them.
Overall, the addition of AI-powered capabilities to the Ternary platform represents a significant step forward in the world of spend management. By leveraging the power of AI, businesses can gain deeper insights into their spending patterns and make more informed decisions about where to allocate their resources. With these new capabilities, Ternary is well-positioned to help businesses of all sizes optimize their financial operations and achieve greater success.
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