Accounts Payable & Receivable
The Problem: A mid-sized manufacturing company dealing with a wide range of products was facing challenges to manage the Accounts Payable (AP) and Accounts Receivable (AR) processes. They faced issues like –
- Manual Data Entry Errors: Manual data entry for invoices and receipts led to frequent errors and discrepancies in financial records.
- High Volume: The company dealt with a high volume of invoices and receipts, leading to overwhelmed staff and slowed processes.
- Human Resource Allocation: Valuable human resources were tied up in repetitive and time-consuming tasks, reducing their capacity for more strategic activities.
The Solution: The company decided to implement Robotic Process Automation (RPA) bots to address these challenges and optimize their AP and AR processes after looking at the Process Discovery project outcomes and due-diligence reports which had the details related to the gaps in the processes, the manual efforts required to complete the processes, the number of FTEs working on each process, the volume of data being processed and the frequency of each process.
The Outcome: Total 20+ bots were deployed to complete the AP and AR processes within a period of 8 months. The company realized below benefits after the successful RPA implantation:
- Speed: The AP and AR processes that previously took days or weeks were completed within hours, leading to faster resolution of discrepancies.
- Resource Optimization: Valuable human resources were freed from manual tasks and redirected toward more strategic financial analysis and decision-making.
- Regulatory Compliance: The automated processes enhanced compliance by ensuring consistent and accurate record-keeping.
- Zero Human Intervention: The RPA bots performed all the process steps end-to-end automatically without any human intervention. This implies that there were zero human errors for both AP and AR processes.
- Manual Efforts Saved: Total manual efforts saved were ~750 hours per month. Cost Savings: Total dollars saved were ~135K per year.