Improving AP Booking Productivity via AI-Powered Automation
2 Sep 2024
To combat inefficiencies in invoice processing, Neo Tangent deployed AI technology for a beauty and cosmetics company. By automating the accounts payable process, the company achieved a 99.99% accuracy rate, reduced manual effort by 18%, and significantly improved processing speed and efficiency.
Results at a Glance
99.99%Accuracy
18%FTE Savings
Weekly → DailyImproved Processing Cycle
Our Solution in Action
Customer Background:
A company specializing in the beauty and cosmetics industry, focusing on the EU and US markets, with a sales turnover of $700M+.
Challenges:
- Inefficient Invoice Processing: High levels of manual intervention in invoice capturing, matching, and voucher creation led to delays and supply chain disruptions.
- Re-work on GR Matching: 40% of invoices were received before goods were receipted, requiring multiple matching attempts and leading to inefficiencies.
- Inadequate Technology: Outdated systems hindered automation and increased the risk of errors in payment processing.
Solution:
Neo Tangent deployed AI technology to automate the capture of invoice data and the three-way matching process, reducing manual workload and improving accuracy. Coordination with the IT team ensured smooth integration of AI into the existing systems.
Impact:
- 99.99% Accuracy Rate: Significantly reduced errors in the accounts payable process.
- 18% FTE Savings: Enhanced productivity by reducing the manual effort required, leading to cost savings.
- Improved Efficiency: Enhanced the GR re-matching cycle from weekly to daily, ensuring faster processing and fewer disruptions.