Case Study: Success in Automated Invoice Processing
The Automation Process
Companies that have introduced CVISION Trapeze for Invoice Processing benefit from a much simplified process that’s often similar to the following:
- Scan incoming hardcopy invoices and route electronic invoices for processing.
- Process invoices with CVISION Trapeze to OCR, apply pre-established business rules, machine learning, and predictive analytics.
- Generate text searchable and compressed PDF files together with the associated data extraction output.
- Review, edit, and validate any invoices identified with potential business rule conflicts or errors.
- Import extracted data into relevant business systems.
- Companies may have additional reports configured within their business systems for further reviewing invoices that do not meet certain business rules. Invoices that satisfy all business rules will be automatically processed without requiring any human intervention.
Automated Invoice Processing Success
CVISION’s Trapeze for Invoice Processing drastically reduces data entry costs by automatically extracting invoice field information. One company’s success story features the implementation of CVISION’s Trapeze for Invoice Processing and a resulting 99 percent accuracy rate for invoices that were scanned, read, and automatically validated. Following the scanning process, these invoices are imported into the company’s business system without anyone touching the paper. Invoices received via email are also no longer printed. They’re simply routed to the appropriate network folder for processing via CVISION Trapeze for Invoice Processing.
The company originally processed around 7,000 invoices a month with over 2,000 active vendors which required three full-time accounts payable employees. The company wanted to promote one of their accounts payables employees to a position within their purchasing department without having to hire a new employee to replace the worker they planned to promote. Within two months of implementing CVISION’s Trapeze for Invoice Processing solution, the company had achieved all business objectives. Of the two remaining payables personnel, the individual responsible for the CVISION solution found they now had time to refocus a portion of their efforts on gaining early payment discounts and performing additional value added tasks.
Initially, approximately 15 percent of the company’s invoices were being captured for review before the extracted data could be imported. Many of these invoices either contained conflicts with the company’s accounts payable rules or did not meet the system’s defined confidence level for accurately extracting required text. As invoices were validated, any corrections made were learned by the CVISION Trapeze for Invoice Processing solution so similar future invoices would process correctly. CVISION Trapeze leverages this advanced machine learning process to continuously improve recognition rates, extraction accuracy and automation.
The company originally processed around 7,000 invoices a month with over 2,000 active vendors which required three full-time accounts payable employees. Within two months of implementing CVISION’s Trapeze for Invoice Processing solution, the company had achieved all business objectives.
|Repurpose key personnel||Accounts Payables personnel were able to meet career goals and assume new roles|
|Save time and significantly decrease processing costs||Invoice processing time was reduced by over 50 percent|
|Reduce misplaced invoices, the generation of multiple “convenience copies” and off-site storage fees||Text searchable and compressed PDF copies of vendor invoices eliminate the need for storing paper invoices.|
|Improve compliance with internal policies||Annotations could be added to the PDF files for recording any conflicts and/or resolutions for future reference|
|Increase internal coordination||The company developed an efficient follow-up process for problem invoices using the electronic PDFs, which eliminated maintaining multiple hard copies and duplication of effort|
|Accelerate invoice processing||Organization was able to speed up invoice processing and leverage early payment discounts|