Impact at a Glance
- 100% improvement in compliance – resulted in zero fraudulent risks
- 90% increase in efficiency -led to a faster invoice workflow
- 60% increase in cost savings – AI powered invoice processing led to streamlined workflows and reduced manual errors
About the client
Our client is a prominent manufacturer and a global supplier to modern technology industries. The company provides high-quality raw materials to its customers using state-of-the-art manufacturing technologies while maintaining long-lasting partnerships with its worldwide vendor base.
Business Challenge
Our client received several invoices from customers all over the world complying with different country specific accounting standards. Extracting information from hundreds of invoices on a daily basis became increasingly complex. The existing system lacked standardization resulting in significant losses in its operational efficiency and heavy labor costs.
- Manual processing of invoices caused errors such as duplicate entries and misplaced data, leading to delays and disrupted workflows, and incorrect payment details.
- Multiple approvals resulted in a loss of information between the systems, leading to delays and payment overdue.
- Disrupted invoices caused leakage of vendors’ bank details and other confidential information
- Loss/breach of customer data led to reputational damage, monetary loss, and customer relationship issues.
Solution: Automated 3-way matching streamlines invoice processing
Zunō.Lens, a practical AI solution by Cognida.ai, effectively automated the client’s accounting workflow by scanning invoices, converting them into machine readable format and completely mitigating data discrepancies.
ML and NLP algorithms successfully extracted client’s crucial information like bank details, ordered items, and vendor details. Our standardized rules and algorithms achieved a significant reduction in payment delays, manual tasks and order discrepancies, mitigating costly errors down the line.
Standardized AI compliance rules resulted in timely payments, fostering the client’s relationships with its suppliers.
Thus, Zunō.Lens paved the way for complete automation of the client’s invoice processing, enhancing their operations and saving them time and costs.
