Leading Finance Invoice Processing
Robotized” Process for Invoice Processing and Exception Handling for Large Financial Organization
- One of the largest financial organizations wanted to digitize the invoice processing workflow.
- The client’s method of processing invoices was extremely manual and time-consuming.
- End Customer & Vendor Classifications based on invoices. Over 400,000 invoices (~70 percent of global invoice volume) were processed manually or in a semi-automated manner each year.
- Once Optical Character Recognition (OCR) processed users had to manually edit incomplete invoices in the finance system.
- Offline “cheat sheets” were maintained for creating issues with processing accuracy and consistency.
- The bot accessing and logging into the finance system and navigating to the Accounts Payable invoice workbench
- Accessing and reading a spreadsheet with all invoices to be corrected in the workbench
- Accessing the scanned invoices through IQ Bots Engine
- Mapping information from the spreadsheet to required fields in ERP and populating/correcting said fields (PO#, invoice amount, etc.) as needed
- Pushing the invoices in the work queue for validation
- Up to 70 percent annual operational productivity gains, significant potential cost savings.
- Customizable: RPA solution can be easily configured by business users without depending on IT.
- More reliable and resilient process: RPA configured to process invoices and handle exceptions consistently, greatly reducing the need for manual processing.
- Boost productivity: Robots perform at digital speed 24/7/365 with fewer errors, regulatory violations, or fraud.
- Higher employee satisfaction by eliminating repetitive tasks, employees focus on strategic initiatives and innovation.