Procure-to-Pay

Streamlining Procure-to-Pay with Intelligent Automation for Maximum Impact

The Process

The client, a multinational retail chain, faced significant challenges in its Procure-to-Pay (P2P) process. The finance team managed the procurement cycle manually, including invoice processing, purchase order matching, and payment approvals. This approach was inefficient due to:

High volume of invoices in varying formats.
Time-consuming three-way matching of POs, goods receipts, and invoices.
Duplicate payments and compliance issues due to manual data entry errors.
Delays in vendor payments, impacting supplier relationships.

Additionally, the lack of end-to-end visibility made it difficult for the client to monitor workflows and identify bottlenecks. They sought a scalable solution that could optimize the entire P2P cycle while maintaining compliance with global financial regulations.

The Solution

We leveraged Aiwozo’s Intelligent Process Automation (IPA) capabilities to delivered a comprehensive solution to transform the client’s P2P processes.

With Aiwozo DocuBot, we applied Ai-powered Intelligent Character Recognition (ICR) to digitize invoice data. The software’s advanced AI/ML models extracted key information, such as invoice number, purchase order details, and payment terms, with high accuracy. Over time, these models were refined using historical and real-time data to achieve near-perfect precision. Aiwozo bots were then programmed to perform automated three-way matching by cross-referencing purchase orders, goods receipts, and invoices. Any discrepancies were flagged for human review.

The bots then automatically entered the extracted and verified data into the client’s ERP system, ensuring smooth processing and minimal manual intervention. Aiwozo bots routed exceptions to the finance team for review. Once resolved, the corrections were fed back into Aiwozo’s AI models to improve future accuracy.

Real-time dashboards provided end-to-end visibility into the P2P workflow, enabling the client to track invoices, monitor vendor payments, and generate compliance reports effortlessly.