CASE STUDY: INVOICE PROCESSING
ROI IN 12 MONTHS
Proservartner worked alongside a major UK construction and property management firm who were looking at ways to invigorate their digital transformation programme. The firm had invested in solutions a few years ago but had not realised the expected benefits. This had put a halt on any further investment but they were still keen to realise back-office efficiencies.
We decided to look at invoice processing as a starting area. The company needed to process over 350,000 invoices a year and has invested in OCR (Optical Character Recognition) technology Readsoft a few years before. OCR is used to digitise information from scanned documents and PDFs. The firm were seeing around a 70% accuracy rate from readsoft, and were still required to copy the extracted information into an ERP. Although this had saved them some time, we knew advancements in technology meant this process could be further streamlined, but the firm were reluctant to invest in any new technology unless they could be 100% confident.
As Proservartner are one of only ten velocity parts with Automation Anywhere, they were more than happy to grant us extra on test licenses while we demonstrated the technology to the client. We implement the IQ Bot solution which not only extracts data but then can be combined with RPA (Robotic Process Automation) to fill in the ERP and verify the details. With this combination not only were the results of the extracted data more accurate but the whole process was streamlined to literal seconds. We tested the bot with a wide variety of invoice types and layouts, the more data that is fed into the bot, the faster it learns and saw were able to produce a much higher accuracy level than
We were able to automate around 80% of the previous workflow and the company saw a return on investment within 12 months. There was a significant improvement in orders being delivered on time being due to faster invoice payment, moreover we delivered the anticipated returns from the investment we had laid out and the company quickly gained confidence in automation and automation technology.