About the client
Headquartered in Omaha, Nebraska, with facilities across the U.S., the client is a leading manufacturer of shelving systems and store fixtures. The company is a key player in the professional industry with 2,510 employees and an annual revenue of $970.0M. Spanning over 4.3 million square feet of manufacturing and distribution space, the company has facilities at 5 strategically placed locations nationwide.
Business Challenges
As a leading manufacturing conglomerate, our client encountered significant hurdles in modernizing their accounting processes.
The sheer volume of transactional data from diverse supply chain operations posed a challenge in accurately aligning order details with invoices and receipts, demanding considerable time and manpower.
Additionally, the manual processing of invoices, averaging 5 to 10 minutes per invoice, resulted in operational inefficiencies. Integrating new technology with their existing ERP system presented compatibility issues, customization needs, and data migration complexities, potentially disrupting established workflows.
Compliance with evolving regulatory standards was difficult as the company did not have skilled resources for interpretation and implementation, thereby impacting operations and profitability.
Business complexity due to the challenges
- Manual invoice processing took 5-10 minutes for a single invoice. This was time consuming, error-prone and labor-intensive.
- Errors due to human oversight led to order delays, financial discrepancies, and credibility risks.
- Lengthy accounting processes result in delays to validate POs, straining vendor relationships
- Inefficient invoicing processes hinders business growth and scalability.
Cognida.ai Solution
Cognida.ai co-created a solution that would revolutionize the client’s operations. How? DocuLens – a cutting-edge tool that harnesses the power of computer vision to bridge the gap in Purchase Order (PO) matching.
By seamlessly connecting to multiple enterprise platforms utilized by our client, DocuLens ensures that PO matching is not only accurate but also efficient, effectively managing order-to-cash workflows from start to finish. Gone are the days of manual matching processes that bogged down operations and caused headaches for everyone involved.
With DocuLens, the PO matching activity becomes not just manageable, but traceable and accessible at all times, providing transparency and peace of mind for our client, especially during audits. Every user can easily track the history of matching activity, instilling confidence in the capabilities of AI-driven solutions.
But that’s not all. DocuLens goes beyond just matching POs. It seamlessly integrates with enterprise systems, providing users with relevant information and insights right at their fingertips. It becomes the go-to hub for business users, offering a centralized location to view all documents involved in the order-to-cash process.
Additionally, DocuLens generates comprehensive Business Intelligence (BI) reports that can be utilized across the organization, empowering decision-makers with valuable insights to drive strategic initiatives forward.
Finally, DocuLens isn’t just a solution – it’s a game-changer. It transforms complex PO matching workflows into streamlined processes, paving the way for enhanced efficiency, accuracy, and success across the entire organization. Thanks to this intelligent solution, our client is now equipped with the tools they need to thrive in today’s dynamic business landscape.
Why the Cognida.ai approach works
- Our team demonstrated a rapid understanding of operations in manufacturing and finances, to develop a solution specifically tailored to the client’s needs.
- Leveraging our expertise in Oracle systems, we’ve crafted a solution that can be seamlessly integrated with the client’s existing infrastructure.
- Our deep domain knowledge ensures the development of a solution that aligns precisely with client requirements, without deviations from the initial proposal.
- Our commitment to constant improvement led us to upgrade our system in accordance with the client’s compliance needs, particularly in the OIC NA realm. Importantly, we remained steadfast in our original solution approach, having extensively brainstormed and experimented internally for a week with strong collaboration between our Oracle and AI teams.
- Recognizing the client’s desire for a modern solution, we delivered a new-age solution tailored to their evolving needs.
Business Impact
- 10x increase in number of documents processed per unit time
- 90% efforts saved by automating PO validation pipeline
- 2s time to extract Total Amount from a single PO
