Revolutionizing Pricing and Invoice Processing for a Leading Global Corporation Based in the U.S.

Organization: 

Fueled by a commitment to operational excellence, a leading U.S.-based corporation that manufactures and distributes specialized equipment embarked on a transformative partnership with IBA Group.

Goal: 

The immediate goal was to implement cutting-edge technologies, including Robotic Process Automation (RPA), Machine Learning (ML), and Optical Character Recognition (OCR). The overarching goal was to significantly bring down processing time and enhance automation while substantially decreasing the incidence of manual errors.

Results:

7.5x faster manual handling time

80% process automation

Challenges

The existing manual-intensive pricing and invoice processing workflow posed formidable challenges to the organization’s efficiency and accuracy:

  • Data Transfer Dilemma: Employees grappled with the laborious task of manually transferring intricate pricing details from contracts and purchase orders to a central repository, leading to prolonged processing times.
  • Accuracy Assurance Struggle: The need for employees to manually cross-reference and compare pricing details within the billing system introduced the potential for human errors, risking data accuracy.
  • Complex Allocation Process: The manual allocation of service line items to corresponding equipment line items in invoices, based on defined allocation rules, proved to be a cumbersome process, vulnerable to inconsistencies.

Solution

The corporation, in collaboration with IBA Group, executed a strategic and technology-driven solution to revolutionize the pricing and invoice processing workflow:

  • RPA and OCR Synergy: Intelligently orchestrated robots, comprising both RPA and OCR bots, were introduced to extract intricate pricing details from PDF files embedded in contracts and purchase orders, consolidating the information into a unified file.
  • Human-in-the-Loop Validation: A symbiotic relationship between automation and human expertise was established. A specialized robot, guided by human intervention, meticulously compared pricing details within the billing system, ensuring confirmation or correction as necessary.
  • Allocation Engine Innovation: A groundbreaking Allocation Engine robot autonomously allocated service line items in invoices to their corresponding equipment line items, adhering to predefined allocation rules. This culminated in the seamless preparation and uploading of dispatch-ready invoices into the organization’s systems.

Process Overview

  • Every day, the finance department receives invoices for sold airline tickets from ticket resellers. Each reseller sends their invoices as individual PDF files. The employee splits each PDF file into individual invoices.
  • The employee manually enters 10-12 fields such as invoice date, flight number, aircraft registration number, price/amount/quantity, and currency while registering each invoice in the ERP system.
  • At the end of the day, the employee generates a report in the system, exports it to an Excel file, and sends it via email.

Results

The outcomes of this transformative endeavour were nothing short of extraordinary:

  • Unprecedented Efficiency: The triumphant integration of RPA, OCR, and ML technologies slashed manual handling times by an astonishing 7.5 times, effectively expediting the entire pricing and invoice processing workflow.
  • Stratospheric Process Automation: The corporation achieved an impressive 80% process automation rate, liberating human resources and optimizing their allocation for higher-value initiatives.

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