The following is an excerpt from the Newsweek article from July 15, 2025.
The three winners of Newsweek's AI Impact Awards in the Finance category are pioneering AI technology to help streamline operations, save time and money, boost employee well-being and protect against fraud.
CFO Brian Unruh told Newsweek in an interview that the company has "product superiority," but is hoping to improve its "operational excellence," which is key to really reduce the friction not only how we work team of teams, but how we engage with our customers."
ABBYY is the winner of Newsweek's AI Impact Award for Best Outcomes, Accounting for its work helping Asia-Pacific vehicle part provider Bapcor and Australian dairy cooperative Norco with its advanced Document AI.
According to the company's application, ABBYY was able to reduce the need for manual entry and matching, cut down on overtime and excessive labor costs related to invoice processing, and free up accounts payable employees' time for more fulfilling and value-generating tasks.
ABBYY intelligent document processing (IDP) was able to streamline Norco's invoices for shipping goods to various locations and reduce labor costs by about half, Unruh said. It also helped Bapcor move away from printed invoices and manual data entry to improve efficiency and eliminate overtime – both saving costs and boosting employee satisfaction.
"These aren't edge cases, this is typical," Unruh said, "We find customers that benefit, especially in finance and banking, because they have fiduciary responsibilities for accuracy. And so we come in and we can cut their error rate, and that's hard savings for them."
When adopting AI for business operations, Unruh said it's important to "walk the walk" and demonstrate how the AI solution addresses actual problems or opportunities. It is also important for that solution to be rooted in ethical and responsible practices.
"It's really important that this isn't something that they are recklessly deploying, or it's not long term," he said. "It's one thing about going live, it's another thing [to have] maintenance and make sure that you continue driving the success that you intend."
In the financial world, AI tools are not only helping financial institutions work better, more efficiently, but they are also helping protect against fraud.
To read the full article, visit https://www.newsweek.com/nw-ai/ai-impact-awards-2025-finance-2087590.
Learn more on how to take your invoice processing to the next level with the following white paper: https://www.abbyy.com/resources/whitepaper/how-to-choose-the-best-low-code-invoice-processing-solution.