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A Leading Mineral Extraction Device Manufacturer Automates End-to-End Invoice Processing using

Vee Technologies’ Hybrid Bots

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Organization

The client manufactures extraction devices for mining minerals in several continents. The company is known worldwide for its commitment to innovation and safety within the mining industry. As the client's operations expanded and evolved, the demand for streamlined invoice processing became increasingly apparent. Vee Technologies had previously completed several automation projects for this company, so when the need for automating invoice processing arose, the client was thrilled to work with us again.

Challenges

The client faced significant challenges regarding its booking process, which led to complications during reconciliation.

These challenges included:

  1. Incorrect Booking: The client experienced issues with bookings that were not accurately recorded, causing problems during the reconciliation process.
  2. High Volume of Vendor Invoices: The client had to handle over 1,000 vendor invoices each month. This volume posed a challenge in terms of managing and processing them efficiently.
  3. Delayed Vendor Payments: The client faced consistent delays in making payments to its vendors. This delay resulted in strained relationships with vendors and potential disruptions to the supply chain.
  4. Inaccurate Bookings in SAP MM: More than 15% of invoices were mistakenly recorded or classified incorrectly within the company's SAP MM system. This created discrepancies and made accurately tracking and managing financial data difficult.
  5. Resource-Intensive AP Process: The accounts payable (AP) process was highly time-consuming and relied heavily on manual labor and resources. This meant that a significant amount of time and effort was required to complete AP tasks, leading to inefficiencies and potential errors.

Solutions

  1. Workflow Automation: The developed system automated the extraction of crucial data from vendor invoices, utilizing predefined rules. This automation seamlessly integrated the extracted information with the SAP financial modules, eliminating the need for manual data entry and minimizing the risk of errors.
  2. Automated AP Invoice Booking: The bot efficiently processed and booked accounts payable (AP) invoices based on confirmed goods receipts. This automated booking process helped to expedite invoice processing, reducing the time required for manual intervention and ensuring accurate and timely recording of financial transactions.
  3. Streamlined Communication: The bot was designed to trigger email notifications once all the invoices were successfully booked. This feature enabled efficient communication and improved transparency between the client's internal stakeholders, ensuring that everyone involved in the process remained informed and updated.
  4. Around-the-Clock Availability: The bot operated continuously, running 24/7 without interruption. This ensured that there were no delays or backlogs in the system, allowing for real-time invoice processing and minimizing any potential pendency in the AP process. By leveraging these benefits, the client experienced enhanced operational efficiency, improved accuracy in invoice bookings, streamlined communication, and a significant reduction in manual effort and resource dependency.
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Benefits

  • 80% of the invoices were booked by the automated bots, eliminating the need for manual entry
  • Achieved 100% integrity on financial data
  • Substantial savings on labor costs
  • Major reduction in TAT of vendor payments by eliminating delays

Processes Automated

Invoice Processing

“The workflow automation capabilities of the bot Vee Technologies built for us have been instrumental in streamlining our operations. The automated extraction of data from vendor invoices and its seamless integration with our SAP financial modules have significantly reduced manual effort and eliminated the risk of errors. The bot intelligently processes invoices based on confirmed goods receipts, ensuring prompt and accurate recording of financial transactions. Moreover, the bot's ability to trigger email notifications once all invoices are booked has greatly enhanced communication within our organization. The 24/7 availability of the bot allows us to process invoices in real-time, eliminating bottlenecks and ensuring a smooth workflow.”

Senior Vice President, Operations
A Leading Mineral Extraction Device Manufacturing Company

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