TextPro solution was successfully launched in the customer’s international Financial Shared Service Center
Recently, a China’s leading NEV manufacturer successfully launched TextPro in its international Financial Shared Service Center (FSSC), a solution for intelligent invoice automation and management for its going international, which was provided by INTSIG. The solution has resolved the challenges encountered by this customer, including overseas invoices with different formats, cumbersome and error-prone manual data entry, complex invoice archiving methods, and its FSSC staff’s difficulties on understanding different accounting standards in multiple countries and invoices in multiple languages, etc.
This customer is expanding its business in seven European countries and has transactions with over 3,000 suppliers worldwide. Paper invoices with various formats and layouts have been received from the suppliers, which leads to challenges in invoice management.
Pain points of the customer:
- Invoice downloading: Normally the invoices are downloaded from mailbox and archived manually by business personnel. This process is cumbersome, inefficient, time-consuming, and error-prone.
- Invoice creation: Business personnel also need to manually create invoices in the system, which is heavy in workload and prone to errors. This process consumes much working time of business personnel, which has a negative impact on work efficiency.
- Invoice review: The invoices from 7 European countries are all reviewed by 3 people in the FSSC, invoice identification heavily relies on personal experience, and it is difficult for them to identify invoices in 7 European languages, which requires high financial talents and is difficult to recruit.
- Paper invoices are easy to be lost and damaged, which makes invoice management more difficult.
INTSIG provided an automation solution for European unstructured invoices to this customer. The automatic management of the whole invoice processing process, including invoice creation, identification and data verification, error correction, data & image sending and subsequent optimization, has been successfully achieved.
- The solution can automatically extract invoice information, convert format and verify data, effectively dealing with the challenges of language barrier and inconsistent invoice format. In the processing workflow, manual intervention is needed only when duplicate and exceptional invoices are identified. It effectively improves the work efficiency of business personnel and auditors.
- In order to solve the problems of complicated process, heavy workload and potential errors in invoice downloading, this solution allows the business personnel to forward supplier’s invoices to the public mailbox, and the system can automatically parse the attachments of the emails and complete the identification within 3 minutes.
- In order to avoid complicated manual invoice creation and heavy workload, this solution can automatically push the invoice identification results forwarded by business personnel to the downstream system and automatically create payment documents for users. The system also supports downloading invoices for auditing.
- This solution also supports automatic monitoring and identification of exceptional invoices on the back end, regularly reviews and optimize itself, and continuously improves the invoice identification performance.
Values & achievements:
- Standardize and unify the invoice processing workflow, effectively reduce the time consumed in invoice processing and improve the work efficiency;
- Enable the processes of language recognition and invoice data entry to be fully automated, effectively reducing the dependence on personal experience;
- With the support from latest AI-powered engine, the average K/V field accuracy rate (7 key fields are tested based on the samples provided by the customer) is about 87.74%, and the pass rate is 78%, which reflects the relief of work stress of business personnel;
- The digital transformation reduces the problems such as loss and damages caused by paper invoice management. The invoices can be automatically archived and called upon at any time.
INTSIG’s intelligent invoice processing solution successfully breaks the barrier of inconsistent language and format in invoices, and realizes the transformation from traditional manual entry to automated management of the whole process, which deeply empowers China’s NEV industry to go international.