ABOUT
THE CUSTOMER

The customer is a back-office processing firm that offers essential business service such as accounting, taxes, insurance, benefits, HR & Payroll. Their clients get to have a single well-coordinated source taking care of all thier back-office needs.

CHALLENGES FACED

One of the key operations for the customer is to process accounts payable for more than 500 clients and 1500 vendors. All accounts payable activities were carried out manually and a separate team has been deployed to handle a set of clients. They deployed around 100+ employees in carrying out the operation which was more error-prone and involved a considerable amount of re-work.

Form bills and invoices, data identification and data entry into relevant systems, lag in the approval process and disbursement of funds at the right time, to losing track of invoices and delayed processing time, the challenges remained aplenty. The increased error rate, longer processing time and manual workforce deployed were affecting their business drastically. Handling e-mail notifications was also challenging as it had to be monitored manually every time to check if any emails are received from clients for the queries asked.

FINDING SOLUTION

Changepond carried out a detailed assessment to identify the exact root cause of pain areas and considered various options for resolution. There were areas for standardization, there were areas where automation was possible, and there were areas where automation was a challenge but a necessity. We came out with a comprehensive solution to make the whole process taut and efficient.

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DETAILED SOLUTION

One of the significant need was to ensure an efficient AP Processing involving multiple accounting systems. Changepond developed a BOT that interacts with different accounting systems to pull invoices of various clients. Invoices obtained are sent through our Machine Learning model to extract key information like vendor details, client details, invoice amount, payment terms, due date, etc which is required for invoicing entry.

Process Flow

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Best Practice

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  • Our configuration driven approach led to easy management and handling of BOTS with no rework or code change.

  • The Usage of API and Vendor Master enabled customer for quicker processing of invoices and mapping and identifying new vendors.

Result and ROI

Changepond’s solution of automating accounts payable propelled innovation while saving substantial man-hours, improving staff and customer satisfaction, driving ROI within a year, and managing high transaction volumes from new and existing vendors. With improved SLA the company is pitching for a new business to achieve tremendous growth.

The customer was able to save up to 70% of operational costs through automation and was able to achieve a quick and complete solution for their AP challenges and woes with resource savings from 100+ employees to just 20 employees.

01

Changepond’s automation solution drastically improved the accounts payable processing time up to 98%.

02

The migration and enhancements done as a part of the solution has made sure that the client now has a powerful, tailor-made approach to meet their business needs.

future impact

Future Impact

Changepond’s detailed solution has ensured flexibility and extendibility that would abundantly help the client’s business as they plan to accommodate more clients and Vendors. The customer can now achieve faster payments and processing of invoices with ease. The client can foresee a substantial increase in ROI and reduction in manual workforce and error for the upcoming years.

About Changepond

A global leader in Technology services, Engineering service and Digital Transformation, Changepond is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of managing the convergence of enterprise software, cloud, digital and New Media Solutions. Advent new generation technologies and Digital cognitive skills including AI, ML, BPMN, RPA, NLP, NLG, etc., have kick started the innovation bringing in new opportunities.

Building on its strong 20-year heritage and deep industry-specific expertise, Changepond enables organizations to realize their business ambitions through an array of services from strategy to operations. Changepond is driven by its conviction to provide Lasting Solutions and Creating Trust. The combination of pioneering technology experiences, strong engineering and finance backgrounds and successful business minds make for a vibrant nucleus keeping us consistently ahead of the curve.