You manage a large company, and you probably like to know exactly where you are losing money and where you can optimize your spending habits, reduce risk and improve your cash flow.
Learn a story of our client, who looked for solutions to improve the work of his finance team.
Our client, a large manufacturing company, noticed that the time to get an invoice out increased along with a volume that keeps growing. As a result, the entire process for the management and billing team became cumbersome. There were also many discrepancies between receivables and liabilities, which made the situation even worse.
A quick diagnosis of the client’s business environment allowed us to find how advanced technology can help. Next, we focused on identifying gaps in the processes and designing a new workflow, creating assumptions for the proposed tech solution.
We got rid of the tedious work and reduced errors or mistakes thanks to OCR and Machine Learning, which allowed for automatic reading and entering of invoices. Additionally, we matched the invoice details with the correct purchase order and payments.
We made easier management by exploiting artificial intelligence to analyze previous payment delays, customer complaints and discover destructive patterns or behaviours while predicting the probability of late payments.
How did we overcome obstacles
The complexity of the client’s business processes, a large amount of data and a broad group of stakeholders involved in the project made the organization of the project itself the most significant challenge – the division of tasks and communication. That is why we: