AiRo Helps BioPharma Major Improve their Invoice Processing Time by 85%
Industry: Life Sciences
Client Overview:
The client was is one of the top 10 Biotechnology firms in the U.S., which collects, stores, and distributes standard reference microorganisms.
Manual Invoice Processes Creates Huge Backlog
Paying for your services is one of the most important components of running a business. But invoicing is usually a time-consuming and error-prone business procedure that involves manual data entry, ERP logs, and excel spreadsheets.
Moreover, invoice processing on enterprise ERP systems is often performed in a highly regulated, time-consuming environment. With a lot of transaction processing errors due to the manual capture of invoices from vendors and three-way matching processes, the time taken to process invoices can be significantly high.
Typical situations in invoice processing include:
A high number of transactional errors
Data extraction issues, and
Low margins created the need to transform and optimize current business using digital technologies
Non-Standardized Vendor Invoice Processing Created Issues
Vendors' invoices do not follow any standardized format. For large enterprises, the lack of standardization can be a significant issue. In addition, the payments to be processed against the invoice need to follow a three-way matching process against PO, Goods Received Note and Supplier’s invoice. While many enterprises have tried to adopt common standards for vendors to provide invoices, the invoice processing process has a lot of impact on the organization’s cash flow cycle and needs to be managed carefully.
Vendors' invoices do not follow any standardized format. For large enterprises, the lack of standardization can be a significant issue. In addition, the payments to be processed against the invoice need to follow a three-way matching process against PO, Goods Received Note and Supplier’s invoice. While many enterprises have tried to adopt common standards for vendors to provide invoices, the invoice processing process has a lot of impact on the organization’s cash flow cycle and needs to be managed carefully.
RPA And OCR To Streamline Invoice Processing
Integrating AI and ML technologies like Robotic Process Automation (RPA) and Optical Character Recognition (OCR) into your financial services transactions is one of the best approaches to boost profitability and streamline the workflow of high-volume office activities.
These tools work around the clock, accurately automating billing and invoicing tasks, reducing office operations, and enhancing profitability. As orders are completed, work orders can be generated in real-time, reducing processing time and enhancing customer satisfaction.
AiRo built an RPA system to extract invoice data through OCR technology. The platform uses machine learning to validate the information and handle exceptions. The system is designed to perform 2-way, 3-way matches with ERP data. After approval, the application sends correct invoices for approval.
AiRo Helps Bring Down Invoice Processing Time From 15 min to 2.5 min Per Invoice
Accounts payable activities are transformed by intelligent automation. The client significantly improved invoice processing by automating. Intelligent Automation helped the organization bring:
1. Consistency in Operations: Machine learning reduces variation and improves accuracy.
2. Scale and operational efficiency: Automation compensates for the need to hire extra resources by allowing operations to scale without increasing personnel.
3. Increased vendor satisfaction: See a shorter revenue cycle because the organization has fewer client encounters and a more automated process.
4. Increased openness: Better understanding of financial operations.
Post-deployment the application helped the client to bring down Invoice AHT from 15 min to 2.5 min per invoice. This resulted in a 60% reduction in AP Cycle duration. The exceptions resolution of the application was also enhanced post-deployment which can handle more than 70% of exceptions.
Is reducing invoice processing errors a high priority for you?
If you want to reduce the Accounts Payable process workload and increase efficiency across your business, you are in the right place.
Allow AiRo Digital labs to improve the pace of invoice processing. We can help you reduce A/P cycle time and improve compliance with A/P policies and procedures.
About AiRo
AiRo Digital Labs is an award-winning, global leader in AI and Hyper automation-led innovation for the healthcare ecosystem. We partner with Fortune 500 clients in the Healthcare, Pharma, and Life Sciences industry to address the challenge of applying AI technologies to augment and enable human effort, and to remove the inefficiencies in the care spectrum. We specialize in the emerging technology fields of Artificial Intelligence, Machine learning, Robotic process automation, Chatbots and Conversational AI, Natural Language Processing, Data Analytics, Premium Cloud Services, Industrial IoT, and other AI technologies.
Speak To Our Team Of Experts
Talk to us about how AiRo can help BioPharma Major Improve their Invoice Processing Time by 85%
The AiRo Perspective
AiRo built an RPA system to extract invoice data through OCR technology. The platform uses machine learning to validate the information and handle exceptions. The system is designed to perform 2-way, 3-way matches with ERP data. After approval, the application sends correct invoices for approval.
