Manufacturing, Automobile, BFSI
AT A GLANCE
elimination of errors in the Accounts Payable process
AT A GLANCE
level of efficiency
AT A GLANCE
Processing time for a single invoice dropped to just 2 minutes
AT A GLANCE
Annual cost
saving of
approximately
INR 51,75,000
/ ($67852)
Background
Challenges
With increasing invoice volumes from global vendors, the Finance & Accounting team was unable to meet processing timelines.
Problems arose when:
New vendors were added to the system
Gathering critical paperwork during supplier onboarding
Invoices were delivered in a different format
An existing supplier's status changed
Manual processing led to high scope of errors
Goals & Objectives
1
Establish quicker vendor payments to avoid penalties and maintain a good relationship with vendors
2
Ensure fast payment clearance and eliminate penalty cost to generate a large ROI
3
Improve productivity and efficiency
4
Minimize processing costs
5
Maximize payment accuracy and
control
6
Minimize fraud
7
Streamline workflow and save time
Solution
We recalibrated/trained IQ bots to process unstructured data into a structured form and deployed an unattended BOT to:
Automatically recognize suppliers and their invoice formats using an AI-based document extraction engine so the client’s AP team wouldn’t have to manually train each new format
Easily configure validation rules for specific suppliers and geographies
Derive deep insights from supplier payments and cash flows and improve business efficiency and staff experience
Automate the updation of the company’s ERP system and issue payments to vendors
Match invoices against a purchase order using AI-ML technologies.
Reject documents in case of irregularities (e.g., mismatched PO numbers, incorrect line items, etc.)
Route invoices to a manager or senior executive for approval
Automatically improve the overall straight-through processing using intelligent automation and machine learning
Outcome
level of efficiency
elimination of errors in the Accounts Payable process
Annual cost
saving of
approximately
level of efficiency
elimination of errors in the Accounts Payable process
Annual cost
saving of
approximately
The process yielded 90% automation of the client’s invoice processing which led to a reduction in shift-based work for their employees, thus improving work-life balance.
Tools used
