The client was is one of the top 10 Biotechnology firms in the U.S., which collects, stores, and distributes standard reference microorganisms.
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
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.
