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Fintech / Case Studies / Invoice Processing Automation
Use Cases Solution Templates
Business Challenge

The Accounts Payable team of a leading Nutrition company headquartered in Europe had the following challenges while processing their inward invoices:

  • The Accounts Payable department required multiple approvals before initiating payments, with the nature of these approvals determined based on the data within the invoices.
  • There was no clear system to identify the current invoice status.
  • Manual processing of high volumes of invoices.
  • Invoices are heterogeneous and with unstructured formats from multiple vendors.
  • Invoices are received daily through various channels, including email, paper, courier, and other electronic data streams.
  • High manual errors in processing invoices, segregating duplicate invoices, extended processing time, and high cost of operations.
Business Objectives

The customer wanted a seamless solution without changing their existing process, thereby not burdening their employees to learn new tools and technologies. The required solution should achieve the following objectives:

  • Streamline the invoice approval system.
  • Provide a better tracking mechanism for vendors to track their invoices.
  • Provide faster response to vendors and thus improve vendor relations.
  • Reduce manual errors.
  • Improve staff productivity by reducing their mundane boredom tasks.
  • Reduce operation costs by decreasing resources needed for manual processes.
Solution

IntelliBuddies AI-driven digital transformation platform was leveraged to optimize the invoice processing workflow for our client. This solution utilized RDA (Rapid Digital Automation) principles, engaging stakeholders through BPA (Business Process Automation) methodologies. It introduced RPA (Robotic Process Automation) bots to efficiently manage the high volume of invoices and employed AI to extract data from digitized invoices. These bots played a crucial role in validating and verifying invoice data, streamlining the review process for approvers to make swift decisions on invoice approval or rejection. Moreover, seamless integration with the client's existing ERP system was achieved. The solution was meticulously crafted, defining the invoice processing workflow through the IntelliBuddies Workflow Designer. It harnessed the capabilities of IntelliBuddies Smart Buddy to automate various tasks and utilized IntelliBuddies Invoice Extractor Cognitive Services to accurately extract data from digital invoices. Overall, the solution successfully achieved the following objectives:

  • Streamlined the entire workflow, from initial invoice receipt to the final stages of payment and archiving.
  • Facilitated the processing of invoices received through email or other specified channels.
  • Leveraged Invoice Extractor Cognitive Services provided by IntelliBuddies for efficient invoice data extraction.
  • Initiated approval workflows for each invoice processed, seamlessly integrating them into the Tracker system.
  • Enhanced stakeholder communication by delivering task-specific email notifications from IntelliBuddies, containing links to corresponding tasks and associated invoices.
  • Upon receiving approvals from all stakeholders, the Buddy component submitted the invoice into the existing ERP system for payment release.
  • Effectively routed exceptions to human agents for resolution, with the system learning from their actions for continuous improvement.
Competitive Analysis

The solution not only met all the objectives set but also further provided insights on streamlining their existing process for optimization.

  • An end-to-end streamlined and standardized Invoice Processing system.
  • 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.

Impact of leveraging Invoice Process automation

60%

Increase in Accuracy

50%

Improved Efficiency

150%

ROI

60%

Compliance Surge

Success Story

Enhancing Invoice Processing Efficiency with Fintech - IntelliBuddies Feature

Our finance department has experienced a significant enhancement in invoice processing efficiency with the adoption of IntelliBuddies' Fintech - Invoice Processing feature. This innovative AI-driven tool, leveraging both RPA and BPA workflows, has revolutionized our invoice processing operations, delivering remarkable outcomes.

Utilizing this AI-driven solution, we have realized a notable improvement in process efficiency and productivity, along with an increase in accuracy in processing of invoice details. Moreover, the solution ensures precision and compliance at every stage of the invoice processing journey. Utilized AI-powered RDA to automate various aspects of Invoice processing.

The implementation of this efficient AI solution has resulted in a substantial return on investment (ROI), offering significant long-term financial advantages to our organization.

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