Accounts Payable Process Automation for a Leading Manufacturing Company
Data extraction accuracy
Process efficiency improvement
Reduction in manual errors
Industry
- Manufacturing
Processes Automated
- Accounts Payable
Automation Highlights
- Automated data entry and rule-based multi-level approver matrix for faster invoice approvals
- ML-based algorithm to extract invoice information with high accuracy from unstructured invoice documents
- Centralized processing of vendor payments resolved issues related to delayed payments and cash flow
- Complete visibility via reports/dashboards and audit trails for communications
Automating End-to-end Accounts Payable Process
The accounting and finance team had to manually process over 20K invoices received from 400+ vendors each month. The invoices are in different formats, come from multiple sources and have unstructured data. Nividous provided a fully automated solution, spanning multiple plant locations and vendors that was integrated with the back-end ERP system for automatic three-way matching between Invoice, PO, and GRN. Improved transaction accuracy, tracking of transactions, and an ability to quickly scale for growth are some other major benefits accrued.
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We have achieved over 85% improvement in process efficiency with the Nividous Intelligent Automation platform that automates all possible tasks in our accounts payable process from beginning to end. An automated approval process has allowed us to achieve straight-through processing while reducing human errors by 90% and achieving data extraction accuracy by 98%. Most importantly, the platform enables us to effectively orchestrate work between Bots and our employees with the Nividous platform’s native BPM – workflow management, RPA, and AI capabilities.
A Leading Manufacturing Firm
