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 โ€œGoods Receivedโ€ 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.

 

The Solution

 

The solution involved applying Optical Character Recognition (OCR) to convert invoice documents to text. This digitized data was then fed into Aiwozoโ€™s 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 Aiwozoโ€™s Artificial Intelligence (AI) model. Once the extracted data was verified, it was then handed over to theย Aiwozo Botย for entering into their ERP software and processing of the invoice.

The Outcomes

99.5% accuracy in invoice processing.

78% straight through processing, avoiding multiple to-and-fros.

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Challenges Addressed

Variability of invoices
Variability-of-Invoices
Manually intensive process
Manually-Intensive-Process
Seasonality of invoices
Seasonality-of-Invoices
Errors and duplicate payments
Errors and duplicate payments
High Turnaround Time
High-TAT
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