Singapore-based SME in Retails
How the Singapore-based SME in retail sector processed 50% more invoices without hiring more people
0
%
More invoices without hiring more people
0
weeks
Time to deploy the custom workflow from the contract signing date
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
- Family-owned business
- Owns multiple jewelry stores in Asia
Challenges Faced
- Complex workflows in accounting to ensure compliance
- Expensive to hire engineers to automate basic workflows while short term contractors do not provide them right product for end-to-end automation
- Manually enter data in all details and create separate folders by vendors
- Used to use excel sheet to manage all the invoices
Solution
- MachIDP designs workflow for both upstream and downstream
- For SMEs, MachIDP can ingest invoices coming in with emails and run through AI model to capture key information automatically, such as seller name, invoice amount and date, etc.
- Eliminates most manual tasks of sorting and classifying invoices, and entering data in the system
- Downstream integration with Google sheets to prevent disruptions of existing operations
Impact
- Deploy the custom workflow within 3 weeks from the contract signing date
- Process 50% more invoices without hiring more people