Accounts payable automation Use Case explained
The accounts payable processes were manual and tedious, resulting in the following pain points:
- Over 50% of the invoices were received through email, requiring constant monitoring, identification, and querying of vendor emails.
- Manual pre-processing of the invoices and vendor follow-ups took up to 70% of the employee’s time, resulting in a high number of manual errors.
- The existing OCR engine only provided 40% Straight-Through-Processing (STP) with over 20% error rate.
HighIQ’s solution, Oscar, provided end-to-end intelligent automation of the accounts payable process in the cloud including:
- Monitoring and managing invoices delivered via email
- Pre-processing of invoice data without errors
- Automatic extraction of invoice data
- Multi-step validation and approval workflows
- Integration with the ERP system to process the invoices
Oscar enabled the automation of manual processes, helping the customer realize the return on investment (ROI) quickly and provided the following benefits:
- Reduce your invoice processing costs by 52%
- Automate GL coding and invoice matching
- Achieve 90% touch-free posting to your ERP
- Get smart operational insights at your fingertips
- Be up and running within days for a fast ROI
- Streamline your global operations with a single platform
