INDUSTRY: Manufacturing
Tags:
How Accelirate's Automated Invoice Processing
Brings Significant ROI for Leading Manufacturing Company
264 Hrs/Year
Total Processing
Time
22 Hrs/Month
Total Processing
Time
136 Invoices/month
Average Volume
Processed
Client Overview
The client is one of North America’s leading providers of fiber-based products, renowned for its sustainable innovation and environmental stewardship. With over 100 years of history, the company operates in the pulp, paper, and personal care industry.
Key Takeaways
- Automated invoice processing workflow reduced the monthly and annual processing times drastically.
- Eliminated dependency on physical data and reduced data-driven errors.
- Able to process more invoices without additional resources, increasing efficiency and productivity.
- Achieved tangible and rapid ROI post invoice processing automation.
The client, a major player in the pulp, paper, and personal care industry in North America, faced significant challenges in processing the vast number of invoices received monthly from various senders, including vendors, warehouses, and general managers. Manual handling led to errors and inefficiencies, threatening data integrity and delaying payments. Partnering with Accelirate, the client implemented an MSP for Invoice Processing (RPA MSP) to streamline and automate invoice processing. Accelirate’s RPA solution integrated seamlessly into the client’s existing system, resulting in streamlined operations, error reduction and rapid ROI.
Overcoming Manual Operational Challenges with Automated Invoice Processing
The Finance and Warehouse Logistics teams of the client were inundated with a high volume of invoices from various sources, including vendors, warehouses, and general managers. This manual process of data entry, sorting emails, stamping invoices, and tracking payments was not only time-consuming but also prone to errors. The manual handling of invoices led to potential mismanagement, inconsistencies, and delays in payments. Tracking each invoice manually became a daunting task, resulting in inefficiencies and data integrity issues.
To address these challenges, Accelirate implemented a comprehensive RPA solution that automated the entire invoice processing workflow:
01- Automated Email Handling and Sorting:
Bots were deployed to receive and sort emails containing invoices. The bots used the subject line and sender information to categorize and prioritize the emails accurately.
02 - Data Extraction with Document Understanding:
The bots extracted essential data such as invoice number, invoice date, and total amount from the invoices using advanced Document Understanding tools. This automated extraction reduced human error and ensured accuracy.
03 - Automated Data Entry into Warehouse Matrix:
The extracted data was automatically entered into the warehouse matrix in Winshuttle. The bots filled in all necessary fields, including primary and secondary approvers, warehouse details, vendor information, GL codes, cost centers, currency, and amount, ensuring completeness and correctness.
04 - Automated Notifications to Approvers:
Once the data entry was complete, the bots sent automatic notifications to each approver, streamlining the approval process and ensuring timely actions.
05 - Comprehensive Summary Reports:
At the end of each day, the bots generated a detailed summary report of all the processed invoices, highlighting both successful and unsuccessful transactions. This report was sent to the relevant teams, providing transparency and accountability.
What Made the Implemented Solution Different?
01 - Seamless Integration:
The RPA bots were integrated smoothly into the client’s existing systems, allowing for a frictionless transition from manual to automated processes.
02 - End-to-End Automation:
The solution covered the entire invoice processing workflow, from receiving and sorting emails to notifying approvers and generating summary reports.
Achieving Efficiency, Accuracy, and Rapid ROI through Automated Invoice Processing
By implementing Accelirate’s automated invoice processing solution, the client experienced a significant transformation in their invoice management system. This automation not only streamlined their operations but also brought about substantial improvements in efficiency, accuracy, and cost savings. The unique aspects of the solution, such as seamless integration with existing systems and end-to-end automation, ensured that every step of the invoice processing workflow was optimized. These changes have positively impacted the client’s Finance and Warehouse Logistics teams, enabling them to handle higher volumes of invoices with greater accuracy and reduced manual effort.
01 - Reduced Monthly Processing Time:
Reduced to 22 hours, significantly cutting down the manual processing time.
02 - Increased Invoice Volume:
Increased to 136 invoices per month from 92 invoices before automation, allowing for higher processing capacity.
03 - Error Elimination:
Automation removed data-driven errors and reliance on physical data, leading to more accurate and reliable invoice processing.
04 - Improved Efficiency:
The bot ensured correct distribution and seamless management of invoices, reducing the risk of mismanagement and ensuring timely payments.
05 - Enhanced Communication:
Continuous updates to approvers facilitated smooth operations and complete knowledge transfer in case of issues.
06 - Cost Reduction:
The automation lowered invoice processing costs, enabling efficient management of the accounts payable process without increasing headcount.
07 - Focus on Higher-Value Tasks:
With routine tasks automated, accounting professionals could focus on higher-value work, contributing to overall business growth.
08 - Rapid ROI:
The client experienced a quick return on investment due to the significant improvements and efficiencies brought by the automation.
Streamline Your Workflows with Automated Solutions Today!
This case study highlights how Accelirate’s automated invoice processing solution made a significant difference for the client and their workflow. By reducing manual work, eliminating errors, and speeding up processing times, their Finance and Warehouse Logistics teams now work more efficiently and get enough time to focus on more important tasks. How? The RPA bots work towards processing more invoices each month, ensuring timely payments and a faster return on investment.
If you resonate with this success story and are also looking to transform your processes effectively, you can partner with Accelirate, a global AI and automation service provider. Together, we can streamline your operations with our innovative solutions tailored to your needs.
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