Invoice Processing is an integral part of any business, a small enterprise or a large company. They all generate receipts to pay for goods and services delivered by their vendors. However, mismanaged invoices threaten the company’s reputation, functionality, and growth. Manual invoice processing has several disadvantages: cost ineffectiveness, human errors, impeded payments, etc. Such burdens increase the threat. According to an industry report, 75% of the companies rely on manual invoicing, while 25% have already digitized their process. Invoice process automation is a one-stop solution to subdue all the threats mentioned earlier. A report by Allied Market Research says that the market size of global RPA in the financial sector is estimated to index at a CAGR of 30.9% from 2021 to 2030. During this COVID-19 pandemic, several financial leaders have opted for RPA solutions in their businesses for effective operations.
About the Client
Our client is the world’s largest confectionery manufacturer and supplier, having a global presence in more than 150 countries. They have 17k+ employees, 36 operating companies, 31 manufacturing facilities worldwide. They aim to continuously improve their global leadership in confectionery with innovative and satisfying high-quality products to be savored by all end-users.
The primary challenge for the client was manually orchestration of 4000+ invoices monthly. Our client is engaged with more than 1000 vendors and receives raw materials multiple times daily. Therefore, the monthly invoices they received exceeded in numbers, eating away the client’s valuable time.
The client recognized the need for invoice process automation and opted to ask for help from its digital partner—RPATech. We previously automated the client’s HR process, resulting in sky-rocketing benefits. Using its in-house methodologies—D3OTM and AugurDTM—RPATech assessed the client’s existing process and created detailed workflow automation. Then, RPATech configured a tailored RPA Bot on the UiPath platform, deploying it into the client’s process. The Bot performs the following actions:
- Extracts invoice data using ABBYY.
- Reads the extracted invoices, applies the relevant logic and rules, and matches them with SAP inputs.
- Sends an approval email to the delegated user in case of missing information.
- Creates a final SAP input file.
- Processes the data in SAP.
The outcomes of invoice process automation are as follows:
- Manual touchpoints reduced by 80%.
- Zero errors.
- 100% accuracy rate achieved.
- Reduction in turnaround time by 82%.
- Gained visibility and transparency.
- Reports are generated daily.