Client Overview
The Client is one of the leading financial institutions in Europe, providing a comprehensive range of banking and financial services to individuals, businesses, and institutions. With a rich history dating back several decades, they have established themselves as a trusted and reliable partner for their customers, offering personalized solutions tailored to their unique needs. The bank’s commitment to innovation, customer-centricity, and financial stability has earned it a strong reputation in the market.
Whether it’s retail banking, corporate finance, wealth management, or digital banking solutions, the Client strives to empower its customers to achieve their financial goals and dreams.
Challenge
The Client provided top-notch services to their clients, gaining recognition and respect in the market. However, they faced a formidable challenge that threatened to hinder their growth and reputation – manual invoice processing. Namely, an influx of paper invoices was flooding their accounts department. The team worked tirelessly, manually inputting data from invoices into their system, trying to avoid errors and payment delays. But despite their efforts, mistakes still occurred, leading to payment delays, risks of fraud, and incorrect information.
The Client’s valued clients were becoming increasingly frustrated with the delays and inaccuracies in their invoices. Some customers even considered switching to competitors with more efficient billing processes. Thus, the Client knew they had to act swiftly to retain their customer base and continue their upward trajectory.
Solution
With their determination and innovative spirit, they Client sought a solution that would not only automate invoice processing but also eliminate the risks of fraud and incorrect data entry. After thorough research and consultations, the ⋮IWConnect team proposed the perfect answer to their challenges – Artificial Intelligence Builder Form processing feature.
The AI Builder Form processing feature wielded the power of OCR technology, expertly extracting data from paper invoices with utmost precision. This cutting-edge feature was integrated with Power Automate Desktop flow and an RPA bot, creating a seamless and efficient automated process.
Once the data was extracted and entered into the system, a validation mechanism was put in place. The system checked the data automatically, notifying the users about any invalid information. This empowered the team to address any discrepancies promptly, ensuring accurate invoices and satisfied clients.
Business Results
The Client achieved a staggering 95% automation of their manual invoice processing, freeing their team from repetitive tasks. Errors, which were once recurring headaches, were reduced by an impressive 80%. The newfound efficiency led to a remarkable 40% increase in operational efficiency, enabling the company to allocate more time and resources to core business activities.
Furthermore, error-handling procedures were implemented, providing an extra layer of protection against potential mishaps. With their invoicing process streamlined and secure, the company witnessed a significant reduction in customer churn. Clients were delighted with the swift and accurate invoices, trusting the Client even more.
The story of how they overcame the challenges of manual invoice processing and embraced automation inspired many businesses to follow suit. With AI and Robotic Process Automation as their loyal companions, the Client continued to thrive, leaving behind a legacy of innovation, efficiency, and customer satisfaction.
