Revolutionizing Accounts Payable at Cyient with IQInvoice

Industry: Technology

 Overview:

• Processed 30,000 invoices
• Managed relationships with 15,000+ vendors across the globe

Introduction: Cyient, a leading global provider of engineering, manufacturing, geospatial, network, and operations management services, faced several challenges in their accounts payable (AP) processes within their shared services center. These challenges included inefficient manual data entry, high processing costs, limited visibility into invoice status, and increased risk of errors and fraud. Seeking a solution to transform their AP operations, Cyient turned to IQInvoice, an advanced AP automation software powered by artificial intelligence and machine learning.

 Objective: Cyient aimed to streamline their AP processes, reduce costs, improve operational efficiency, and enhance compliance with the implementation of IQInvoice.

Implementation:

1. Invoice Processing Automation: IQInvoice offered a comprehensive invoice processing automation solution to eliminate manual data entry tasks. By leveraging machine learning algorithms, IQInvoice automatically extracted essential information from invoices, such as invoice number, vendor details, invoice date, line items, and amounts. This automation significantly reduced manual effort and minimized the risk of data entry errors.
2. Supplier Email Integration: IQInvoice integrated with Cyient’s email system and implemented an AP Smart Desk feature to streamline communication with suppliers. Incoming supplier emails containing invoices were automatically routed to IQInvoice, where they were processed and logged into the system. This integration facilitated seamless collaboration between Cyient and its suppliers, eliminating delays in invoice handling and improving overall efficiency.
3. Cost Allocation Prediction: IQInvoice’s advanced algorithms analyzed historical data to predict cost allocations for each invoice line item. By automatically suggesting the appropriate cost allocation codes, IQInvoice improved accuracy in financial reporting and reduced the time-consuming manual task of allocating costs.
4. Anomaly and Fraud Detection: IQInvoice incorporated advanced anomaly detection capabilities to identify potential errors or fraudulent activities within the AP processes. By analyzing invoice patterns and comparing them with historical data, IQInvoice flagged suspicious invoices for further investigation, minimizing the risk of financial loss due to fraud.

Results:

1. Improved Operational Performance: With IQInvoice, Cyient experienced significant improvements in their AP operations. The automated invoice processing reduced the time required to enter and process invoices, enabling faster turnaround times and improved supplier relationships. The streamlined communication with suppliers through the AP Smart Desk further enhanced efficiency and collaboration.
2. Cost Reduction: By eliminating manual data entry tasks and improving process efficiency, IQInvoice helped Cyient achieve substantial cost savings in their AP operations. The reduction in manual effort and improved accuracy led to decreased processing costs and improved invoice management, resulting in better financial control.
3. Enhanced Compliance: IQInvoice’s robust features, such as cost allocation prediction, anomaly detection, and fraud prevention, significantly enhanced Cyient’s compliance with internal controls and external regulations. The system’s ability to identify potential errors and fraudulent activities ensured a higher level of accuracy and integrity in financial reporting.

Conclusion: By implementing IQInvoice, Cyient successfully transformed their AP processes, achieving significant improvements in operational efficiency, cost reduction, and compliance. The automation of invoice processing, seamless integration with supplier emails, cost allocation prediction, and fraud detection capabilities provided Cyient with a powerful solution to revolutionize their AP operations and drive business growth.

 I would like to thank you for the commendable job that you have done in executing the IQ Invoice tool for Cyient and the great support that you have been providing us consistently.

 After a lot of deliberation on the Tool selection we chose IQ invoice as our Partner for Accounts Payable solution and we were confident that your team has the required skills and the zeal to ensure that the tool would be a success for us , and I am glad that your team exceeded our expectations. 

 The Accounts Payable tool has been well accepted by the entire organization and is extensively used globally. Once again we would like to thank you for all your support and look forward to a great relationship going forward.

When we began the search for a new invoice automation solution, we were overwhelmed by the options – over 10 vendors vying for our business. After a rigorous evaluation process, IQInvoice stood out head and shoulders above the rest.

Here’s why we chose IQInvoice:

Competitiveness: Let’s be honest, price matters. IQInvoice offered a highly competitive solution that fit our budget perfectly. But it wasn’t just about the price tag; it was about getting the most value for our money.

Functionality: We needed a solution that could handle it all – from simple invoices to complex, transactions. IQInvoice’s powerful features and automation capabilities were exactly what we were looking for. It seamlessly integrated with our existing systems, saving us time and resources.

Implementation and Support: The implementation process was smooth and efficient. The IQInvoice team was incredibly responsive and helpful, answering all our questions and addressing any concerns we had. Even now, months later, their support is outstanding.

The impact IQInvoice has had on our team is undeniable:

Reduced processing time: We’re now processing invoices much faster, freeing up our team to focus on more strategic tasks.

Improved accuracy: Manual data entry errors are a thing of the past. IQInvoice’s automated data capture ensures accuracy and saves us time and money.

Enhanced visibility and control: We have a clear overview of all invoices in real-time, allowing us to make better financial decisions. 

IQInvoice isn’t just a software solution; it’s a true partnership. They understand our needs and are committed to our success. I wouldn’t hesitate to recommend IQInvoice to any company looking to streamline their invoice processing and achieve greater financial control.