Biotechnology firm reduces invoice processing time by 90%
A top Biotechnology firm in US deployed AiRo’s intelligent automation solution for invoice processing for 50% reduction in operational expenditure
According to a study by the Aberdeen group, invoice processing can take between 4.1 to 16.3 days. It is a highly manual task, prone to errors. In fact, a recent study suggests that more than half of all invoice processing requires at least 76% manual input. Financial functions are critical for organization of any scale and with automation, speed and accuracy can be brought into the system.
A company’s finance team receives invoices in multiple formats- Microsoft word document, a PDF email attachment, a fax, an image etc. Also, multiple vendors have multiple formats for sharing their invoices. The finance team is responsible for manually transferring data from these invoices into the ERP system. Dealing with this unstructured data is a time consuming and error prone process.
An automated billing solution can help in development of Intelligent Finance. Automation can help in streamlining activities, reduce the time spent in client invoicing and repurpose full time employees to perform higher value activities. It can not only improve cash flow and daily outstanding management, but also refocus finance teams on advisory activity.
Intelligent automation for Invoice Processing
The organization wanted to replace its existing invoice processing system with an intelligent system that could read multiple invoice formats and integrate data with its financial ERP module. The existing system involved scanning invoices, storing image in 3rd party application and finally entering the image data into ERP system manually for supplier payments. The process required intensive human intervention and was often prone to errors.
AiRo automated the process on Automation Anywhere platform by applying RADF (Rapid Assessment and Deployment Framework). The intelligent automation system used ABBYY FlexiCapture to extract invoice data and deployed an AI algorithm to improve the efficiency from 70% to 95%. Additionally, the smart system enhanced post deployment exceptions resolution, handling more than 70% exceptions within first two months of implementation. 100% reporting accuracy was achieved through intelligent automation.
AiRo’s intelligent bots constantly monitor a dedicated folder where invoices are saved by the employees. Once the bots detect an invoice in the folder, they begin extracting information with the help of optical character recognition and natural language processing. They capture key information from each invoice and use credentials to transfer relevant information to ERP system.
After successfully registering each invoice, the bots post notifications in the form of emails to the designated employee. An email is also sent to the responsible person, in case of an exception. During the entire process, the bots keep generating logs for audit, if required.
The organization could improve productivity by 70%, reduce cost of operations by 50 and saved $455K annually for the F&A team. With manual efforts reduced to only 10%, 7 dedicated full-time employees were assigned to higher value tasks, improving employee satisfaction.
AiRo Digital Labs has further identified multiple enterprise processes which can be automated in the organization. We have created detailed roadmap for digital transformation and realizing organization’s business vision. Recently, the organization has also leveraged AiRo for creating an internal HR helpdesk for employees for managing daily operations.
AiRo Digital Labs is an award-winning Chicago-headquartered, Digital 2.0 consulting firm, which is one of the fastest-growing leaders in the fields of Cognitive Automation, Traditional RPA, Machine Learning, Natural Language Processing, Natural Language Understanding, Deep Learning, Industrial IOT, and other AI technologies. AiRo Digital Labs partners with clients in industries such as Healthcare, Pharma and Life Sciences, Manufacturing, Hi-tech and Retail / CPG to accelerate their business transformation by using emerging technologies.
Learn how airo helps clients an their digital transformation journey at www.airodigitallabs.com