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 extracts, interprets, and processes data from a variety of documents.
We trained a custom machine learning model to extract data from 250 different vendor statements. It immediately reached 80% accuracy on the data accuracy, and because of the learning abilities of the solution, the accuracy of extraction is expected to increase to 95%. That’s because the solution will learn over time and the pool of vendor statements will increase.
Any incorrectly read statements are automatically sent to the Action Center interface, residing in Orchestrator, which allows the finance team to modify and validate the documents. Once validated, the document resumes its automatic process of reconciliation.
Finally, the solution creates two reports of the entire process: an internal summary and comparison of statements against the system and a vendor report for clarifications.
It was such a successful project, the client is expanding the UiPath Document Understanding solution to other financial processes such as accounts payable invoice processing.
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