Finance
Case Studies
Invoice Processing using a Smart RPA solution
Business Challenge
The Accounts Payable team of a leading Nutrition company headquartered in Europe had the following challenges while processing their inward invoices:
- Manual processing of high volumes of invoices.
- Invoices are heterogeneous and with unstructured format from multiple vendors.
- Invoices are received through various channels, including email, paper, courier, and other electronic data streams daily.
- High manual errors in processing invoices, extended processing time, and high cost of operations.
Business Objectives
The customer wanted a seamless solution without any changes to their existing process, thereby not burdening their employees to learn new tools and technologies. The required solution should achieve the following objectives.
- Provide faster response to vendor and thus improving vendor relation
- Reduce manual errors
- Improve staff productivity by reducing their mundane boredom tasks
- Reduce operation costs by decreasing resources needed for manual processes
Solution
An Intelligent RPA solution was implemented to digitize their invoice processing and achieve the set objectives. The solution included a definition of IntelliBuddies® Smart Buddy, which can perform the following activities:
- Be configured to process invoices coming either through email or the invoices loaded into a specific folder, which came through other channels.
- Extract the relevant information from the invoice using OCR technology to validate its authenticity against compliance and legal requirements.
- Routing all the exceptions to human agents and further learning from their actions.
- Validate the unstructured data, which is then used to create a new entry in the customer’s existing Invoice Tracker system and send it to an appropriate department for further approval.
Competitive Analysis
The solution not only met all the objectives set but also further provided insights on streamlining their existing process for optimization.
- Significant reduction in the number of FTEs needed in the process
- Reduction in the amount of incorrect data generated due to human errors
- Significant improvement in terms of process accuracy
- Reduction in the number of helpdesk queries from their Vendors
Ledger Automation
Business Challenge
A Payment Facilitator company in the US, the first omnichannel payments platform focusing on data and conversion for a non-profits fundraiser, had the following challenges while processing and handling their sub-merchant transactions:
- Manual processing of high volumes of transaction reports provided by their Payment Processor daily was laborious and intensive, leading to business loss due to delays in providing appropriate statements to their sub-merchants.
- High manual errors in processing transaction reports provided by Payment Processor, extended processing time, and high cost of operations.
- Inability to detect and prevent fraudulent transactions was leading to loss of revenue.
Business Objectives
The customer wanted a seamless solution without any changes to their existing process, there-by not burdening their employees to learn new tools and technologies. They required a solution that should achieve the following objectives:
- Maintain ledger per sub-merchant and provide dynamic information on-demand basis to their sub-merchants.
- Maintain general ledger to keep track of transactional activities and provide the management and finance team with the revenue streams.
- Reduce operation costs by decreasing resources needed for manual processes.
- Identify potential fraudulent transactions in prior and reduce revenue losses.
Solution
An Intelligent RPA solution was implemented to digitize their ledger generation process and achieve the set objectives. The solution included a definition of IntelliBuddies® Smart Buddy, which can perform the following activities:
- Send emails to dealers, across the regions, on the scheduled date requesting to respond back with the needed document sets in order to process FBT claims.
- Process the data stored as part of the ledger database and generate general and sub-merchant ledgers on-demand basis in XLSX format.
- Send perioding account statements in PDF format to sub-merchants through email.
- Process the transaction data to identify any potentially fraudulent transactions based on business intelligence data available and notify the organization of any potential threats.
Competitive Analysis
The solution not only met all the objectives set but also further provided insights on streamlining their existing process for optimization.
- Significant improvement in terms of recovering from revenue losses.
- Significant reduction in the number of FTEs needed in the process.
- Reduction in the amount of incorrect data generated due to human errors
- Significant improvement in terms of process accuracy
- Reduction in the number of helpdesk queries from their sub-merchants.
Lets Talk...
