How can RPA help Finance teams?
Invoice processing is one of the key Finance operations that demands a lot of manual effort. With manual processes in place, companies waste time obtaining, assigning and approving invoices. Robotic Process Automation (RPA) is a more efficient way to process invoicing. Here we discuss how to automate invoice processing with RPA.
How does RPA help in Invoice Processing?
European pharma company uses intelligent OCR to process invoices in unstructured form
Challenge: European pharma company was using three full-time equivalents (FTEs) to process 1,800 invoices every month. Invoice processing involved four applications, including Microsoft Office and email, and several document types (many of the invoices were still being submitted in paper format).
Solution: The RPA Robot extracted the structured and semi-structured data using intelligent OCR and performed all validations necessary, such as the purchase order (PO) number, the number of items, and the cost per item against the PO and goods receives.
Benefit: The company was able to reduce the processing time by 90% and limit the manual effort to 10%, while reducing the error rate to 0%. ROI was achieved in only 2 months.