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Intelligent Invoice Processing

Client

Based in Europe, our client is the research and development center for one of the world’s largest manufacturers of premium and commercial vehicles. The center focuses on research, IT engineering, and product development.

Industry

Financial Services

Offering

The solution leveraged artificial intelligence (AI), data analytics, and machine learning (ML) to automatically recognize the client’s supplier invoice formats. This empowered the client to modernize business processes and streamline critical functions. The solution enabled the accounts team to meet processing timelines and increase efficiency with straight-through processing of invoices.

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Business Challenges

The client’s finance and accounting team was struggling to keep up with ever-increasing volumes of invoices generated from thousands of suppliers. The scenario got convoluted as the types of invoice formats started increasing with the addition of new vendors, creating large sets of unstructured data.

QBurst Solution

Considering the complexity of the procedure and the sheer volume of unstructured data, we proposed an invoice processing HyperApp approach designed to optimize STP rather than a typical rule-based RPA fix. This is due to the fact that even a minor change in the UI, APIs, or data transposition could break down the bots’ functionality. Such disruptions in automation cause downtime and demand allocation of additional technical resources resulting in backlogs.

Business Benefits

  • Achieved ROI in six months by ensuring efficiency and delivering the high accuracy rates
  • Reduced inaccuracies and downtime with intelligent document processing
  • Increased speed of end-to-end billing by bringing down processing time from three days to under 10 minutes
  • Reduced technical support requirement with easily configurable workflows
  • Controlled capital and operational expenditure while scaling with pay-as-you-process model
  • Enhanced utilization of resources by reducing back-office tasks and redeployment of resources to focus on high-value tasks

Highlights

  • Automatic recognition of invoice formats
  • Intelligent extraction and seamless invoice processing
  • Document processing from mail and folder
  • Automatic training for newly added invoices
  • Ability to add new fields to be extracted
  • Verify and enter extracted values in Tally
  • User-level access to dashboards and forms
  • Approval forms for manual verification and correction
  • Scheduled or manual task execution

Technologies Used

  • JIFFY.ai
  • Optical Character Recognition (OCR)
  • Python

Business Challenges

The client’s finance and accounting team was struggling to keep up with ever-increasing volumes of invoices generated from thousands of suppliers. The scenario got convoluted as the types of invoice formats started increasing with the addition of new vendors, creating large sets of unstructured data.

QBurst Solution

Considering the complexity of the procedure and the sheer volume of unstructured data, we proposed an invoice processing HyperApp approach designed to optimize STP rather than a typical rule-based RPA fix. This is due to the fact that even a minor change in the UI, APIs, or data transposition could break down the bots’ functionality. Such disruptions in automation cause downtime and demand allocation of additional technical resources resulting in backlogs.

Business Benefits

  • Achieved ROI in six months by ensuring efficiency and delivering the high accuracy rates
  • Reduced inaccuracies and downtime with intelligent document processing
  • Increased speed of end-to-end billing by bringing down processing time from three days to under 10 minutes
  • Reduced technical support requirement with easily configurable workflows
  • Controlled capital and operational expenditure while scaling with pay-as-you-process model
  • Enhanced utilization of resources by reducing back-office tasks and redeployment of resources to focus on high-value tasks

Highlights

  • Automatic recognition of invoice formats
  • Intelligent extraction and seamless invoice processing
  • Document processing from mail and folder
  • Automatic training for newly added invoices
  • Ability to add new fields to be extracted
  • Verify and enter extracted values in Tally
  • User-level access to dashboards and forms
  • Approval forms for manual verification and correction
  • Scheduled or manual task execution

Technologies

  • JIFFY.ai
  • Optical Character Recognition (OCR)
  • Python
Straight-Through Processing

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