Achieve above 70% straight-through processing and reduced duplicate payments through automate invoice processing
The Process
The client is a leading retail company. Invoice processing is a crucial problem for the client due to the hundreds of formats of the invoices. The Accounts Payable team then extracts the data from these invoices for entering in the Enterprise Resource Planning (ERP) system. However, the variability of the formats makes this task tedious and repetitive. Also, the frequency of changes to the invoices makes standard automation an expensive solution. The additional checks performed by the Accounts Payable team also had manual entries in the “Goods Received” register. This also added complications to the process, which caused delays and errors. The client was looking at a solution that could take care of these issues.
Our Solution
The solution involved applying Optical Character Recognition (OCR) to convert invoice documents to text. This digitized data was then fed into our AI/ML model to extract relevant information from the invoices. Historical and real-time data was used to train the Artificial Intelligence (AI) model, and accuracy kept improving over a period of time. Any exception in identification was flagged to humans, and the corrected information was used to enhance the AI model. Once the extracted data was verified, it was then handed over to the Aiwozo Bot for entering into their ERP software and processing of the invoice.
Challenges Addressed
Variability of invoices
Manually intensive process
Seasonality of invoices
Errors and duplicate payments
High Turnaround Time
The Outcomes
99.5 %
Accuracy achieved in invoice processing.78 %
Straight through processing, avoiding multiple to-and-fros.
