Many companies are still orchestrating their accounts payable process manually that is largely paper-intensive and labor-intensive. Such manual process impacts both small-scale and large-scale companies receiving hundreds, thousands, or even millions of invoices yearly, showing its limitations. Some businesses try to resolve this issue with partial automation by using electronic mode of receiving invoices. However, such solutions still do not impact the business in the long run. Therefore, the one-stop solution for such paper-intensive and highly manual process is end-to-end automate invoicing and AP automation. A report by Verified Market Research suggests that the market size of AP Automation is estimated to index at a CAGR of 10.16% for 2021 to 2028 period. AP Automation helps CFOs and corporate controllers gain visibility, leading them to make business decisions to improve cash management, streamline accruals and reconciliation.
About the Client
Our client is India’s Largest Recycling Group, providing top-class aluminum alloys, aluminum alloy bars, aluminum alloy ingots, metal alloys, and copper-aluminum alloys. The client has ten operating manufacturing plants and two joint ventures with international companies and is the fastest-growing company, leveraging the latest technology and aiming for continuous development.
The client was manually orchestrating their invoice processing and the core challenge faced by them includes voluminous invoice data, errors and duplicity, overhead cost, and poor cash flow. They receive thousands of invoices daily from several hundred of vendor partners, including cooperatives and manual invoicing made it challenging for them to process all the invoices timely, due to errors and delays, costing client’s time, resources and money.
Our client immediately understood the need to automate invoicing process and for a digital partner to do the same. RPATech’s exceptional customer service reached the client through word of mouth and chose us as its digital partner based on our handholding capabilities and expertise in the RPA landscape. Our RPA experts assessed the client’s in place process and created detailed workflow automation using their in-house methodologies—D3OTM and AugurDTM. We configured an individualized RPA solution for the client on the UiPath platform and deployed the Bot into their system.
- The experts used an ML-based template-less OCR tool to extract the invoices, making the data extraction process future proof.
- They created workflow automation to extract and process the invoices separately.
- Keeping in mind the client’s requirements, we created multiple logic and rules for accurate invoice processing.
- Our experts included an approval mechanism for invoices without purchase orders.
- Lastly, the Bot processes validated invoices in the client’s financial system.
Automate invoicing helped the client attain the following benefits:
- Reduction in turnaround time by 85%.
- Reduction in manual efforts by 90%.
- Zero processing errors.
- Improved Vendor-Buyer relationship with timely payments.
- 100% accuracy rate.