OCR
Reinventing the Retail Invoice Experience
Client Background:
A leading national retail chain, offering a wide range of consumer products through physical stores and an online platform, was grappling with inefficiencies in its invoice workflow. The company processed thousands of invoices each month from hundreds of suppliers, but manual data entry proved to be time-consuming and prone to errors. As the company expanded, the need for a rapid and precise invoicing solution became obvious.
In the quest for a creative solution, the firm approached Regami Solutions to facilitate and automate its invoice processing system.
Challenges:
The retailer's present manual invoice processing system caused significant delays, mistakes, and inefficiencies in its accounting processes. With invoices arriving in multiple forms, retrieving critical data was time-consuming and prone to errors, resulting in prolonged approval cycles.
The company looked for a solution that would automate the extraction and classification of invoice data, interact smoothly with their accounting systems, and improve accuracy.
Our Solutions:
Regami Solutions delivered Percepta, a comprehensive platform using OCR technology designed to automate and optimize invoice processing for the retailer. The following solutions were implemented to address the challenges
Intelligent Data Extraction: Percepta OCR automatically extracts important information from invoices, such as supplier names, invoice numbers, and amounts. This removes human entry, lowering mistakes and maintaining correctness while saving time during the billing process.
Dynamic Document Sorting: The tool automatically arranges invoices according to context, classifying them by source and kind. This guarantees effective document management, retrieval, and effortless integration with the retailer's existing systems, resulting in quicker processing.
AI-Powered Validation: Percepta OCR employs artificial intelligence to check extracted data against established criteria, assuring accuracy and consistency. This reduces mistakes, ensures compliance with internal financial standards, and lowers the possibility of inconsistencies.
Syncing with accounting systems: Percepta connects smoothly with the retailer's existing accounting software, making invoice approvals faster and ensuring data flows straight into the system. This connection minimizes human labor and speeds up payment processing.
Faster Processing Time: Percepta drastically decreases the time spent on each invoice by automating the extraction and validation processes. This speeds up the whole invoice clearance process, allowing the store to manage cash flow and take advantage of early payment incentives.
Designed for Growth: Percepta OCR expands with the retailer's operations. The platform handled a rising number of invoices while maintaining speed and accuracy.
Outcomes:
Regami’s Percepta OCR platform revolutionized the retailer’s invoice processing system, driving key improvements in reducing manual tasks, increasing accuracy, and enhancing cash flow management.
Refined Accuracy with Fewer Inaccuracies: Percepta OCR integrated intelligent validation checks that ensured extracted data matched expected formats, greatly reducing human errors. This improved accuracy reduced the likelihood of inaccurate financial reporting and expensive blunders, maintaining data integrity throughout the processing cycle.
90% Reduction in Manual Data Entry: The automation of data extraction using Percepta OCR reduced human input, speeding up data entry operations. This reduction in human intervention reduced error rates and allowed employees to focus on higher-value tasks, hence enhancing operational efficiency and accuracy.
Efficient Document Management: Percepta OCR automatically categorized and stored invoices, enabling efficient document retrieval and real-time access for audit or reporting purposes. This streamlined the document management process, improving compliance and enabling quicker responses to internal and external information requests.
50% Faster Invoice Approval Cycle: Percepta OCR accelerated the processing workflow, cutting the time necessary for invoice approval by half. The improved automation facilitated faster processing of bills for approval, allowing retailers to take advantage of early payment incentives and strengthen vendor relations.
Enhanced Cash Flow Management: With automated invoice processing, payments were expedited, improving cash flow management. This allowed for timely supplier payments and optimized allocation of financial resources, ensuring smoother operations and greater flexibility for reinvestment in the retailer’s growth initiatives.
Solution Designed for Scalability: Percepta OCR’s architecture supports scalability, enabling the system to handle increasing invoice volumes without compromising performance. This ensures that the retailer’s invoice processing system can evolve alongside business growth, maintaining high efficiency and reliability as operational demands expand.