This client is leading global retailer who had to engage a large team of resources in their account payables function only to process invoices. They receive over 50k invoices in their emails on daily basis from various suppliers and vendors.
The problem started compounding as they kept on adding product categories and expanded their supplier base. With increased number of invoices, the vendor payments were getting delayed by about 2 weeks impacting business.
The process included mail room solution which engaged sizable number of resources to manually sort and categorise invoices based on category, region, and dollar value. On top of this there was an equally big team to manually enter the values into their financial ERP.
With growing business complexity and scale, it was important that the problems identified in the legacy process we made scalable through use of technology and not through scaling of human resources. While doing so, it is also an opportunity to reduce overall costs of processing.
A 50% reduction in mailroom resources and an equal reduction of resources in reconciliation team.
Reduce the vendor payments days to bring it back to within 30 days.
Reallocate 30% resources from account payables involved in invoice processing to other functions.
Collotech Invoice Automation Solution
Mailroom classifier to read invoices from emails and classify them into a folder structure in database.
A contextual AI based extraction to extract invoice data.
NLP & deep learning-based models for training various types of invoices.
RPA bots to carry out input and output region tasks.
Endpoint integrations to ERP, CRM, and other enterprise applications.