Hong Kong-based IT Consulting Firm
How the Hong Kong-based IT Consulting Firm achieved 96% of accuracy rate with MachIDP for its clients in data capture tasks
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Accuracy rate in data capture from documents
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Improvement in returns on investments
Company Description
- Based in Malaysia with a team of hundred people and a customer base of over a million
- One of the fastest-growing travel companies in Asia
- Offers its customers the ability to find and purchase affordable travel options
- Acts as a broker and travel-agency-as-service company
Challenges Faced
- Needs to process a wide spectrum of invoices throughout the entire operational flow, especially its airplane tickets brokerage services
- Recruit a few contractors to process all documents manually
- Manually processed all documents in PDF formats, which is time-consuming and highly error prone
Solution
- All invoices are processed through XXX, which serve as the core operational platform in the finance department’s Accounts Payable team
- Use pre-trained model to capture key information on the invoice
- Pair vendor and cost center records
- The company’s backend team is responsible to integrate the pipeline with original Oracle system, while XXX provides all-rounded and quick technical assistance to the team
Impact
- Largely reduce manual work which originally require full-time effort of nearly 10 contractors every month
- Now, the team is spending only about 1 hour per person daily
- Lower error rates by 90% and reduce the number of exceptions by 70% for manual review
- Without cutting headcount, the company can now assign more advanced tasks to the contractors, such as past due reports, financial analysis and credit notes to reduce costs
Company Description
- The company is an IT and Robotic Process Automation consulting firm
- Delivers automation solutions and any digitalization services involving automation to help boost other companies’ working efficiency and facilitate workflow innovation
Challenges Faced
- The company aims to provide customers an automated end-to-end solution for their workflows in finance department, business operations, and back-end administration
- Lack the capability and resources to build an AI that can capture key information from documents perfectly
Solution
- MachIDP serves as an integrator technology partner, with a focus on extracting information from invoices and other business documents by utilization of AI models
- The company is able to build a standalone application for financial and accounting processes automation after partnering with MachIDP
- MachIDP also supports the sales journey for the company. Once the company has a potential client, MachIDP also provides the trial services embedded in the application
Impact
- The data capture is with 96% accuracy rate for all clients of the company
- Due to MachIDP’s flexibility, the company is able to reach out to clients across many different industries
- By using the company’s application, many of its clients are able to improve their returns on investments by over 20%