How they describe themselves: Genial Technology is a startup that offers GenialAI, an audit platform. The platform automates painful manual processes like reconciliation between ERP data and supporting documents and provides insights from a massive amount of data. It saves accountants’ time and reduces risks. This strong assistance will enable auditors to focus on high-value works like communication with clients and consideration of audit strategy.
We estimated the costs of audit procedures that can be automated by AI to be $20B in North America. In this humongous market, we aim to achieve $23M Sales in 2021, leveraging the partnerships to grow faster.
How they describe their product/innovation: GenialAI is a self-learning and adaptive tool that automates and transforms audit procedures. GenialAI automates data processing and basic judgment, currently done manually with traditional tools. GenialAI has audit test, data cleansing and data analysis modules. The platform expands to cover all audit cycles by 2020.
GenialAI automates reconciliation between accounting data paper-based documents for 100% transactions, which significantly reduces audit risks. GenialAI also improves productivity – reconcile transactions to find errors 5x faster and shorten the time to detect potential frauds from hours to minutes.
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms