- More focused, pro-active financial management
- Backlog risk reduction
2 – 3 months
The company’s accounts receivable team is responsible for processing remittance advices daily to ensure that customer payments are matched to the correct invoices. It is a manual intensive process where the document layouts and supplied information in the remittances vary greatly. This makes the standard automation approach using basic keyword matching more challenging and less effective.
By leveraging the Document Understanding framework and pre-defined Remittance Machine Learning model, their team was able to use intelligent bots to automatically identify remittances and effectively extract the relevant fields using AI to overcome variations in document layouts across their customer base. If the bot is unsure during field extraction, it will prompt the team to help with validation
The intelligent automation solution for processing remittances frees up valuable time so that the accounts receivable team can dedicate more time toward actively managing outstanding invoices using the most upto-date invoice data. They can easily scale the solution with more bots to handle spikes in volume during month-end and year-end.