A Leading Financial Services Company's Quest for Efficiency and Accuracy

Our client, a major player in the financial sector, recognized the need to streamline their invoice processing—a complex and critical part of their operations. Seeking a solution to this challenge, they approached EvoluteIQ.

The Results

Improvement

74% Improvement in overall efficiency due to process automation

Overall reduced error rates

83% Reduction in error rates across F&A invoice processing

Invoice Processing

61% Improvement in the invoice processing analyzing & resolution time

Automation

Deloitte view

The time saved by automation allows finance professionals to spot optimization opportunities, thus significantly increasing the cash flow and improving customer experience at all levels.

EIQ Features Used

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The Challenge:
Overcoming Efficiency Hurdles: Automating Invoice Processing in Financial Services

The client was plagued by manual invoice processing that hindered their efficiency and left room for errors. Seeking a transformative solution, they turned to EvoluteIQ to address these operational hurdles.

Our Solution:
Streamlined Invoice Processing with the EIQ Platform

With the capabilities of the EIQ Platform, our solution commenced with a primary focus on invoice processing. This end-to-end automation encompassed both Purchase Order (PO) and Non-Purchase Order (NPO) invoices. The EIQ workflow, data flow, and a suite of connectors equipped with API and web integration capabilities played pivotal roles in this transformation. Additionally, Optical Character Recognition (OCR) technology was used to extract and analyze critical data, ensuring a seamless and error-free processing flow.

Our approach to solving the invoice processing challenge adopted a three-pronged strategy involving key stakeholders in the finance and accounting (F&A) process. The team lead, responsible for assigning invoices to the respective agents, played a central role. Agents, in turn, took charge of indexing the invoices, a crucial step in maintaining data accuracy. Finally, auditors entered the picture, verifying, tallying, and rectifying any discrepancies detected in the process.

Central to our solution was the extraction and analysis of essential data. This encompassed a wide range of information, including OCR data, indexing-related details, and data sourced from legacy systems. By systematically extracting, organizing, and analyzing this data, we ensured that the invoice processing system was efficient and highly accurate.

EIQ for Enterprises

EIQ is the only integrated, low-code/no-code platform for fully intelligent business automation, driving transformation at scale across the Enterprise.

Ensure frictionless enterprise-wide interactions

Business Impact Delivered

Grow Revenues by 40%

Lower customer acquisition costs and operational expenses, raise conversion rates with minimal upfront investments

Improve Operational Efficiency by 74%

Improve overall efficiency due to process automation and quicker TAT (Turn Around Time) and AHT (Average Handle Time)

Strong Built-In Governance

Empower Workforce by 73%

Grow employee satisfaction rate through intelligent incentivization and foster productivity and time “given back” to the teams

Improve Customer Experience by 60%

Elevate customer satisfaction via efficient preventive maintenance and fewer query discrepancies

Enhance Asset Utilization by 30%

Achieve a reduction in inventory to gain equal or better customer demand with the existing supply

Strong Built-In Governance

Boost Security by 95%

Cut down data integrity issues across systems with predictive & preventive analytics

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