Industry: Manufacturing
Overview:
– Processed: 1,000 invoices annually
– Managed: 3 AP locations across the country
Products Used: AP Automation, Invoice Capture, Workflow Automation
Key Success Metric: Reduced headcount in the finance department from 4 to 2; Fully automated invoice processing
Turnover: Not disclosed
Objective:
ABV, a manufacturing giant, was grappling with an outdated, manual Accounts Payable (AP) process, burdened by inefficiency and high labor costs. The challenge was to find a scalable solution that could digitize their paper-heavy AP processes, introduce automation, and manage multiple offices seamlessly. They were also looking for a solution that could handle the increased workload efficiently as they expanded.
Solution Provided:
After evaluating several vendors, ABV selected IQInvoice as their AP automation solution. IQInvoice offered a comprehensive, scalable platform that not only automated invoice processing but also enhanced their visibility across all their AP locations. The solution could seamlessly ingest invoices via email, apply intelligent image recognition to extract key fields, and route them through automated approval workflows. This minimized human intervention and eliminated the need for barcode scanning.
The key standout feature for ABV was IQInvoice’s advanced machine learning capabilities, which were able to detect errors, prioritize critical invoices, and automate purchase order matching. This resulted in faster approvals and improved overall efficiency.
Quote from Accounts Manager:
“IQInvoice was the only vendor we considered that offered such a broad range of solutions beyond just AP automation. Its ability to scale alongside our rapid growth made it the clear choice.”_ – Sudip, Accounts Manager
Key Impact Areas:
1. Simplified AP Process & Enhanced Communication
– Paper invoices were scanned and automatically entered into IQInvoice’s workflow, where intelligent image recognition identified the supplier and routed invoices for approval.
– The system allowed for seamless communication, as employees received alerts at each stage of the approval process and could track invoices in real-time.
– A simplified process with clear options to approve, reject, or hold invoices made the workflow much more intuitive for the AP team.
2. Improved Visibility & Workflow Automation
– IQInvoice’s intelligent capture technology automatically extracted data and routed it to the appropriate approvers, significantly speeding up the approval process.
– The platform’s machine learning capabilities helped identify and correct errors, ensuring accuracy while processing high-priority invoices.
– The system integrated purchase order (PO) matching, validating invoices through an electronic workflow.
3. Increased Employee Productivity
– With the manual tasks eliminated, ABV’s finance team could focus on value-added work rather than administrative firefighting.
– AP operations became largely self-sufficient, reducing the finance department from four staff members to two dedicated accounts payable employees.
– Real-time visibility and remote access capabilities allowed managers to track, approve, and monitor invoices from any device.
Quote from Accounts Manager:
_”We used to be drowning in paperwork, but IQInvoice has made our AP department almost fully automated. Now we’re focused on strategic work instead of managing invoices.”_ – Sudip, Accounts Manager
Results and Highlights:
IQInvoice’s AP automation empowered ABV to eliminate manual processing entirely, streamlining operations and positioning the company for future growth.
– 70% Faster Approval Workflow: The automated workflow reduced approval times drastically.
– Increased Employee Productivity: Focus shifted from manual tasks to strategic initiatives, enhancing the team’s output.
– Zero Downtime: The system was always operational, with real-time access across devices.
– Complete Visibility: Managers could instantly access invoice statuses, view digital audit trails, and approve invoices remotely.
– Paperless Operations: ABV fully eliminated paper-based invoice processing, increasing efficiency and reducing storage costs.
Quote from Managing Director:
“IQInvoice’s solution allowed us to operate remotely with no interruptions. It has truly been a game-changer for our long-term goals of increasing productivity and reducing costs.”_ – Dr. Binod Bhartia, MD ABV
Conclusion:
By leveraging IQInvoice’s AP automation solution, ABV transformed its accounts payable department, significantly reducing operational costs and streamlining processes. The ability to automate invoice capture, match POs, and approve payments with complete visibility has set ABV on a path for continued success and scalability in their finance operations.