Singapore-based Summit Launches New AI-Powered Spend Management platform for SMEs

• Launched today, Summit is a platform that streamlines and automates spend management process via the use of smart AI-powered tools and workflows, reducing excess manhours and processing costs 
• Summit addresses the pain points commonly experienced by SMEs in adopting technology to digitise their business by offering a fair-use pricing approach ensuring affordability to leverage the solution across their business.

SINGAPORE, July 10, 2024 /PRNewswire/ -- Summit, a Singapore-headquartered SaaS company, today announced the launch of its Smart Spend Management solution designed specifically for small to mid-sized enterprises (SMEs). Backed by key investors Global Founders Capital and Insight Partners, Summit aims to revolutionise spend management with AI-powered tools that simplify expense processes and enhance financial visibility and control.

Summit empowers SMEs by offering a robust, AI-driven platform that automates traditionally manual processes such as accounts payable and employee expense claims. Unlike other solutions, Summit adopts a fair-use pricing approach by charging businesses based on usage rather than per user, allowing for businesses to onboard as many employees as they would like to extract the full value of the platform. This usage-based pricing structure increases accessibility to as many users as required, allowing SMEs to leverage comprehensive spend management tools without the hefty costs typically associated with rolling out such advanced technology across their business.

"We understand the challenges SMEs face with manual and error-prone invoice and expense processes. Summit addresses these pain points by providing an intuitive, automated solution that saves significant time and costs. Our fair-use pricing approach ensures that no business is left behind, offering full access to our platform without the financial strain," said Jo-Ann, CEO of Summit.

Summit's platform integrates seamlessly into existing workflows, delivering real-time insights and streamlined processes. With smart automation, Summit can reduce invoice processing time by up to 75%, translating to over 45 hours saved monthly for businesses processing 300 invoices. This efficiency not only cuts down operational costs but also allows finance teams to focus on strategic initiatives.

By offering two main products—Vendor Invoice Management and Employee Expense Management—Summit ensures that SMEs have the tools to manage their spending effectively. The fair-use pricing model is designed to remove barriers to adoption, allowing businesses to onboard as many users as needed without incurring additional costs.

"At Summit, we believe that the benefits of AI technology should be attainable and accessible for all businesses, especially SMEs who often need it the most. We have designed our platform to be user-friendly and highly efficient, ensuring that businesses can benefit from the powerful capabilities of AI " Jo-Ann added.

Summit is built with the user in mind, leveraging feedback from finance professionals to create a solution that truly meets the needs of SMEs. We are excited to launch Summit and provide a game-changing platform that makes advanced spend management accessible and affordable for all," Jo-Ann added.

For more information, visit www.summitglobal.com.

About Summit:

Summit is a smart spend management software, designed by finance for finance teams, as a new challenger brand that helps businesses achieve value that is both significant and tangible. Acknowledging the need notably among mid-sized companies for a streamlined and automated vendor invoice and employee expense process, Summit offers a smart connected workflow experience that empowers finance managers to enhance financial controls, make faster decisions, reduce the risk of overspending, and save on time. Powered by a suite of smart tools that go beyond basic payment processing, Summit's Software as a Service (SaaS) solution provides greater visibility, control, and efficiency.

Summit recognises the importance of workflow management for finance teams, and has developed a comprehensive Spend Management solution. There are two products offered in this suite - 1) Vendor Invoice Management tackles the challenge of managing vendor invoices and payables effectively and 2) Employee Expense Management that helps to manage and process employees' reimbursements seamlessly.