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Case Studies

Fortune 1000 Company Reduces AP Costs and Accelerates Accounts Payable Process with Automated Invoice Processing Solution

Business Challenge

A Fortune 1000 company with many clients around the world was experiencing inefficiencies with its accounts payable process. The company regularly received a high volume of invoices and relied on a team of five employees to manually process them. The invoices received were of low scan quality and some lacked PO numbers, making them difficult to work with. Using manual data entry to process the invoices was inefficient and time consuming. As a result, the company decided to look for a software solution that could optimize their invoice processing while being able to integrate with their own document management system.

Solution

After testing out a variety of accounts payable software solutions, the company decided to license SoftWorks AI’s Trapeze for Invoice Processing to process up to 250,000 pages per year. The software utilizes advanced recognition technology to achieve high recognition rates with data extraction. SoftWorks AI’s expert support team helped the company implement the solution and provided user training.

Results

Using SoftWorks AI’s Trapeze for Invoice Processing, the company was able to fully automate their invoice processing. As a standalone product, Trapeze was able to seamlessly integrate with the company’€™s document management system while improving the accounts payable procedure. With its high recognition rates, Trapeze was able to process invoices despite the low scan quality and lack of PO numbers. Overall, the speed and accuracy of the company’€™s invoice processing was vastly improved and the former data entry employees were repurposed to more valuable positions.

Benefits

Objective Benefits Achieved
Improve accuracy of invoice processing The advanced recognition technology of Trapeze was able to recognize and process invoices despite low scan quality.
Accelerate invoice processing Automation allowed invoices to be processed in a far quicker manner than manual data entry.
Achieve early payment discounts from invoices By improving speed and accuracy, the company was able to process invoices on time and take advantage of early payment discounts.
Integrate software solution with document management system ™SoftWorks AI’s Trapeze was able to seamlessly integrate with existing systems.
Obtain software solution that is complemented by a local support team Based in the US, SoftWorks AI’s support team was able to quickly and effectively respond to issues and inquiries.
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