A global manufacturer, with thousands of suppliers, was struggling to meet the audit requirements of a vendor reconciliation process due to exponential business growth.
It took the accounts payable team on average 150 hours per month to manually process vendor reconciliation statements. Despite receiving statements throughout the month, it was often left until month end to complete the manual task.
Instead of overloading the accounts payable team with new repetitive and time-consuming tasks, the client decided to automate the process.
Implementing UiPath Document Understanding in a finance department
After a thorough analysis, we implemented the UiPath Document Understanding solution. It automatically classifies documents, extracts data, performs business logic and inputs the data into ERP systems, We trained the machine learning model on a sample of 250 vendor statements, and as such, it reached a 95% data accuracy rate. The finance team will then modify and validate any incorrectly extracted statements in UiPath Action Center. Finally, the solution creates two reports of the entire process: an internal summary which includes a comparison of statements against the system and a vendor report for clarifications.
Benefits of UiPath Document Understanding
Saving time: 140 hours of manual work
Increasing productivity: 2x increase in processing time
Speed: 88% faster processing time per month