NavBot - AI-based Invoice processing
Business Problem
Accounts Payable is a key process or department under finance of any organization. In Accounts Payable process, handling invoices demands takes several hours of a finance executive's every month, in which there will be lot of human intervention. Vendor invoices pileup at end of the month causing major challenges The and that be very costly due to the high scope of errors and slower processing time. And also processing the invoices too slowly will result in hefty penalties and delay in payments.
Business Challenges
Inevitable Human errors
Repetitive Tasks
Increased Operational Risk
What does the Invoice Processing Bot do?
This software robot named Invoice Processing Bot use Intelligent Optical Character Recognition (OCR) which helps in extracting required Invoice's information from different types of formats (including picture copies). Then bot inputs to ERP and proceeds for initating the Payment from Corprate Bank Account.
Benefits
Reduction in Turn around Time
Reduction in Manual Efforts
Increase in Data Accuracy
