AntWorks Case Studies Top Asset Manager Streamlines Invoice Processing with AntWorks CMR+

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	Top Asset Manager Streamlines Invoice Processing with AntWorks CMR+ AntWorks

Top Asset Manager Streamlines Invoice Processing with AntWorks CMR+

AntWorks

Applicable Industries	Finance & Insurance
Challenge	The client, a top asset manager based in the UK, was grappling with the challenge of manually processing a substantial volume of paperwork, which was both costly and prone to errors. The company decided to start with invoice processing, a task that involved dealing with over 750 suppliers generating more than 19,000 invoices per annum. These invoices were mostly in English, but also in Italian, Portuguese, Dutch, and Polish. The client had previously used in-house technology based on OCR, but it was not delivering the desired results. The company was seeking a third-party technology that could automate its invoice processing end-to-end, deliver higher levels of accuracy, and minimize manual work so that it could focus purely on quality control. Read More
About Customer	The client is a leading asset manager headquartered in the UK. The company specializes in the nonperforming and non-core assets sector and has a presence in six European countries. It handles a substantial volume of paperwork, including more than 19,000 invoices per annum from over 750 suppliers. The invoices are in multiple languages, including English, Italian, Portuguese, Dutch, and Polish. The company was seeking a solution to automate its invoice processing to increase accuracy and efficiency. Read More
Solution	The client opted for a proof-of-value approach rather than a proof-of-concept and assessed AntWorks CMR+. The solution was used to extract information from 23 data points, including supplier and bank details, VAT numbers, and invoice amounts, and export it in JSON format. The client found that CMR+ achieved 95% accuracy in allocating data in the documents to the correct fields right out of the box. The next step for the client is to assess CMR+'s ability to classify documentation and to extract data from complex legal documents, which would reduce the time spent by paralegal staff on data processing and review. Read More Log in to view content
Contents

Applicable Industries

Finance & Insurance

Challenge

The client, a top asset manager based in the UK, was grappling with the challenge of manually processing a substantial volume of paperwork, which was both costly and prone to errors. The company decided to start with invoice processing, a task that involved dealing with over 750 suppliers generating more than 19,000 invoices per annum. These invoices were mostly in English, but also in Italian, Portuguese, Dutch, and Polish. The client had previously used in-house technology based on OCR, but it was not delivering the desired results. The company was seeking a third-party technology that could automate its invoice processing end-to-end, deliver higher levels of accuracy, and minimize manual work so that it could focus purely on quality control.

About Customer

The client is a leading asset manager headquartered in the UK. The company specializes in the nonperforming and non-core assets sector and has a presence in six European countries. It handles a substantial volume of paperwork, including more than 19,000 invoices per annum from over 750 suppliers. The invoices are in multiple languages, including English, Italian, Portuguese, Dutch, and Polish. The company was seeking a solution to automate its invoice processing to increase accuracy and efficiency.

Solution

The client opted for a proof-of-value approach rather than a proof-of-concept and assessed AntWorks CMR+. The solution was used to extract information from 23 data points, including supplier and bank details, VAT numbers, and invoice amounts, and export it in JSON format. The client found that CMR+ achieved 95% accuracy in allocating data in the documents to the correct fields right out of the box. The next step for the client is to assess CMR+'s ability to classify documentation and to extract data from complex legal documents, which would reduce the time spent by paralegal staff on data processing and review.

Impact #1	The implementation of AntWorks CMR+ has significantly improved the client's invoice processing. The solution's high accuracy rate has minimized errors, leading to more reliable data and less time spent on corrections. The automation of the process has also reduced the manual workload, allowing the team to focus more on quality control. The client is now looking to leverage the solution's capabilities further by using it to classify documentation and extract data from complex legal documents. This could potentially reduce the time spent by paralegal staff on data processing and review, further enhancing operational efficiency.

Impact #1

The implementation of AntWorks CMR+ has significantly improved the client's invoice processing. The solution's high accuracy rate has minimized errors, leading to more reliable data and less time spent on corrections. The automation of the process has also reduced the manual workload, allowing the team to focus more on quality control. The client is now looking to leverage the solution's capabilities further by using it to classify documentation and extract data from complex legal documents. This could potentially reduce the time spent by paralegal staff on data processing and review, further enhancing operational efficiency.

Benefit #1	95% accuracy in allocating data in the documents to the correct fields out of the box.
Benefit #2	Automation of invoice processing from over 750 suppliers generating more than 19,000 invoices per annum.

Benefit #1

95% accuracy in allocating data in the documents to the correct fields out of the box.

Benefit #2

Automation of invoice processing from over 750 suppliers generating more than 19,000 invoices per annum.

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Overview

Top Asset Manager Streamlines Invoice Processing with AntWorks CMR+

Operational Impact

Quantitative Benefit