Procure To Pay
Procurement processes have come a long way since the Stone Age, but most companies are still not up to speed on FinTech trends. A recent survey report points out that 56% of surveyed businesses have a centralized procurement department with standardized processes for the organization. However, it doesn’t mean the current processes are controlled. Most centralized processes are a mix of manual steps and electronic systems.
The company used to receive vendor invoices on a daily basis through emails, portals and manually. The process was completely manual, repetitive and prone to typing errors process that was also rule-based. The process involved data from 21 various location and with a volume of 12,000 transactions per month.
The process was automated by auto extracting the invoices from various channel and posting them in a central excel sheet. Approval was sough on line and posted in their core system. The Robot interacted between bank websites, that used the Workflow tool and ERP to release payments to vendors without any human intervention.
- Phenomenal decrease in processing time.
- Ability to meet 100% TAT.
- Creating Vendor delight.
- Empowering better negotiations to the procurement team.
- Saved Up to 40% time of the Product Teams.
- Reduced Inaccuracies by 100%