Editors note: Tom Wilger’s innovation in invoice processing has recently helped a lot of clients find a faster way to do that. Recently, he helped a client move from manually processing 68% of their invoices to having 80% of their invoices processed by the intelligent document processing system. Below we are featuring an excerpt of Tom’s blog posted on Linkedin.
How did we move a client from 32% straight-through processing to 80% straight-through processing of their invoices almost overnight? How did we save a team of eight people 74 hours a week? Well, let me tell you a short story…
At BP3, we recently worked with a client to update their Intelligent Document Processing (IDP) system that they were using to extract data from invoices. It was actually kind of funny, their IDP solution was only three years old but they were only seeing a 32% straight-through process. This meant that 68% of their invoices were being manually entered by a team of eight people. These people were working 10 hour days just to keep up with invoices and had no time to do higher-value work.
The company faced an issue familiar in almost every business today. Hire more people or invest in technology to find a faster way. With the current labor market and high inflation, hiring, training, and keeping employees is one of the biggest challenges we face. The company in question had no choice. They needed to replace their invoice processing system with a new state-of-the-art OCR and machine learning solution.
To read the full story, go here.