Fortune 1000 Company Reduces AP Cost and Accelerates Accounts Payable Process with Automated Invoice Processing Solution
A Fortune 1000 company with many clients around the world was experiencing inefficiencies with its accounts payable process. The company regularly received a high volume of invoices and relied on a team of five employees to manually process them. The invoices received were of low scan quality and some lacked PO numbers, making them difficult to work with. Using manual data entry to process the invoices was inefficient and time consuming. As a result, the company decided to look for a software solution that could optimize their invoice processing while being able to integrate with their own document management system.
After testing out a variety of accounts payable software solutions, the company decided to license CVISION's Trapeze for Invoice Processing to process up to 250,000 pages per year. The software utilizes advanced recognition technology to achieve high recognition rates with data extraction. CVISION's expert support team helped the company implement the solution and provided user training.
Using CVISION's Trapeze for Invoice Processing, the company was able to fully automate their invoice processing. As a standalone product, Trapeze was able to seamlessly integrate with the company's document management system while improving the accounts payable procedure. With its high recognition rates, Trapeze was able to process invoices despite the low scan quality and lack of PO numbers. Overall, the speed and accuracy of the company's invoice processing was vastly improved and the former data entry employees were repurposed to more valuable positions.