Problem statement
A tier-1 automotive supplier, which operates in 5 countries and ships their products to over 160 worldwide customer locations, was facing a lot of challenges managing their accounts payable process. They were overwhelmed by the tiresome job of invoice matching and could never process exceptions on time. The traditional manual process of vendor invoice management resulted in reporting and supplier payment delays. Since the company worked with over 6000 suppliers, the range of invoices that had to be managed were huge. Efficiency and accuracy were low and too many errors used to occur as a result of the manual process of booking vendor invoices. The finance department recognized the need for a better solution to proactively address issues from suppliers, manage vendor invoices efficiently, and to establish good relationships with suppliers.
Solution
Realizing this fact, the automotive supplier purchased and implemented an invoice management solution as a quick way to improve the accuracy and efficiency of the accounts payable process.
The solution provider studied the case of the company, analyzed many invoices, and adapted details of suppliers, which helped improve invoice recognition accuracy. As a result, the solution started to extract the required data from various invoice formats. It was then able to recognize these invoices and match it with supplier data in the ERP.
Supplier name recognition accuracy improved as the solution was able to extract it even based on the logo.
To configure the application, the provider worked with the in-house consultants and developers, which helped to achieve domain expertise, understand the precise requirements and project scope. The solution provider also helped to categorize suppliers and stabilize the implementation by providing user assistance after implementation.
Benefits
This reduced the time to match invoices manually while also helping improve process efficiency as the manual data entry work was very low compared to the traditional process of managing vendor invoices.
All this resulted in the accounts payable team focusing on high-value work and building better supplier relationships.
The efficiency level was increased to 90% from 65% and a significant decrease in errors was also achieved. Before implementing the software, the average time to process a vendor invoice was one day.
With the invoice management solution, the average time to process a vendor invoice dropped to 3 minutes. Now, 95% of the vendor invocies are processed using the automated solution.
The company has also reduced shift based working of employees to process invoices. The solution achieved all its goals within one month.
Smart Invoice Management (SIM)
Cassini Technology Consulting, a business management application provider, has a vendor invoice management solution called ‘Smart Invoice Management’ or SIM. This solution uses an AI and ML enabled OCR engine to scan and process incoming invoices. With the option to deploy the solution on the cloud or on-premise, SIM guarantees to bring more efficiency and transparency into the vendor invoice management process. The solution is fully integrated with SAP and Microsoft Dynamics 365. It comes with an intuitive user interface allowing users to approve and book vendor invoices without having to login to the ERP system.
Salient features and benefits of Cassini’s Smart Invoice Management (SIM) solution
- Saves time and money
- Reduces unnecessary use of resources
- AI and ML-enabled OCR
- Fully integrated with SAP and Microsoft Dynamics 365
- Auto validation of vendor and material by comparing data on the invoice with master data from SAP
- Invoice booking/parking at the click of a button from SIM without logging into SAP
- 2 levels of inbuilt workflows that can be customized based on the approval levels required
- Comes with a dedicated vendor portal
- Customized dashboard for analytics
- Fully customizable solution based on requirements
- Quick to deploy
Read more about Cassini’s Smart Invoice Management here.
Contact Cassini Technology Consulting to learn more about how the Smart Invoice Management solution can turnaround your vendor invoice management process.
Call +91-915-6738-110 or visit www.cassinitech.com to schedule a live demo.
