Synopsis
The respected provider of electronic components offers a diverse array of products, along with value-added services and tailored solutions for clients across the globe. With a strong emphasis on quality, customer service, and technological advancement, the company is positioned as the preferred partner for businesses seeking reliable electronic component distribution and supply chain management services.
As Industry growing continues to evolve, there is a growing demand for knowledge-based manufacturing and a pressing need to bridge the gap between knowledge, technology, and services to enhance operational efficiency and control capabilities within the manufacturing sector. Consequently, the adoption of advanced technologies like RPA (Robotic Process Automation), AI (Artificial Intelligence), and ML (Machine Learning) is expected to drive significant growth within this segment.
About the Client
Our client is a prestigious, trusted and a reputable distributor of electronic components, offering a comprehensive range of products, value-added services, and industry-specific solutions to customers worldwide. The company’s commitment to quality, customer service, and technological innovation positions it as a preferred partner for businesses seeking reliable electronic component distribution and supply chain management services.
Key Issues
Our client encountered challenges in reconciling invoices with corresponding purchase orders (POs) or contracts, which proved to be complex and time-consuming. Discrepancies in quantities, prices, or terms often resulted in delays in approval and payment processing. Additionally, the varying formats (PDF, CSV, HTML) and layouts of invoices received from different distributors posed difficulties for automated data extraction. The client was manually processing thousands of invoices daily from over multiple vendors. To address these issues and eliminate backlogs while enhancing turnaround time, they sought an RPA solution to re-engineer their invoicing operations.
Our Solution
TendrilsIO conducted an analysis of the client’s existing processes and subsequently integrated RPA into their operations. The RPA solution provided to the client was fully customized and implemented with minimal disruption. The automation of invoice processing was executed as follows:
- 1. The bot initiates a session in Outlook to retrieve invoices received in various formats.
- 2. It proceeds to extract Items data from the invoices using OCR solutions.
- 3. The extracted data is then forwarded to the different validation steps from vendors sites with internal inventory system and forwarded to different departments for second level validations.
- 4. Upon receiving verified information from these departments, the bot accesses Inhouse Billing System to execute invoice processing.
- 5. Following the completion of invoice processing, the bot automatically sends an email notification to the authorized personnels.
- 6. In cases where issues arise during invoice processing, the bot promptly sends an exception notification to the Biller for manual intervention.
Automation Benefits
The outcomes achieved through invoice processing automation include:
- 1. A reduction of 70% in costs related to interest and late fees.
- 2. A 100% improvement in overall accuracy.
- 3. Elimination of 100% of errors.
- 4. A reduction of 75% in total turnaround time.
- 5. Mitigation of exposure to financial instability.
