How DocProcess Helped a Leading Consulting Company
Cut Processing Time and Costs
A Case for Digital Transformation: Minimum Processing Time, Maximum ROI
Our client, the local branch of one of the largest professional services and accounting consulting network in the world, asked for our help in a rather time-consuming issue. Their partner, an international clothing retailer, entrusted them with over 5000 monthly invoices. The problem? They were all paper invoices!
The Burden of Paperwork
While many managers recognize the fact that paper documents are both a physical and legal liability, the truth is that few people can truly calculate the costs of paper processing. Remember: aside from actually processing the data from them, paper documents also have to be printed, transported, and stored according to legal standards.
Getting back to our clients, this is what they had to face:
- A logistics problem – over 5000 paper invoices per month, occupying both work space and work time.
- A human capital problem – no less than 6 full-time employees were tasked with manually processing these invoices, making the process slow and costly.
- A standardization problem – the invoices were in medium quality print and were both single and multipage documents, impacting data quality.
- A communication problem – any potential errors in these invoices were not only difficult to notice, but also difficult to communicate and solve. Invoice control was cumbersome.
- An accounting problem – document traceability was lackluster.
By using one of our most popular products, DxNoPaper, a best-in-class dematerialization service, we were able to offer our client and their partner an elegant and time-saving solution to the problem.
Now, the documents are delivered by courier to the DocProcess offices in weekly batches. Through a blend of Machine Learning and OCR, we transform these documents into electronic versions of themselves, while also extracting header, footer as well as line information such as product codes, names, price, quantity, and totals, with and without VAT.
The latter is then exported on a daily basis, making the reporting process smoother and significantly aiding our client’s experts in filling out the D300 and D394 VAT statements.
Our DxNoPaper paper invoice automation solution was configured on client specifications and implemented in just under 1 month. Working with a tight deadline for December 2017 (December being the busiest month in retail), we managed to go live just in time for Holiday season, helping our partners save up to 950 hours or manual work each and every month.
All of this without the need to change any client infrastructure or process.
Aside from completely eliminating paperwork from our client’s relationship with their partner, our solution has also produced long-term results:
- 800 to 900 invoices are now processed daily, with no manual intervention
- the processing accuracy is 100%, and transparency has also significantly increased.
- five employees have now taken more valuable tasks inside the company, as just one is required to manage the process
- we’ve obtained an equivalent of 950 freed hours/month
- within 1 year, our client got a 720% return on investment!