Intelligent Invoice Processing

Overview

WNS-Vuram’s Intelligent Invoice Processing System is a smart, low-code & AI-based solution that helps businesses accelerate their invoice processing through automation - from invoice capture to approvals in a single end-to-end platform. Processing invoices is an extremely challenging task.

The Intelligent Invoice Processing System is integrated with an OCR-based platform, to automatically scan and extract invoice image data for processing, eliminating tedious invoice data entry, increasing accuracy, and significantly cutting downtime to process invoices.

Here are a few challenges/problems IIP solves:

1. Irregularity in invoice payment: Payment irregularities may cause suppliers frustration, inventory level risk, and production bottlenecks. Manual/paper-based processes have a lengthy approval cycle as invoices move between departments, resulting in these irregularities. WNS-Vuram’s Intelligent Invoice Processing accelerates the approval cycle by automating end-to-end invoice processing, enabling seamless collaboration between departments.
2. Data-related payment issues: Any discrepancies in invoice data such as amounts, payment cycles, accepted payment methods, descriptions, rates, quality standards, and quantities can lead to late payments or duplicate payments, which can be caused by legacy systems or confusion during manual handling. WNS-Vuram’s Intelligent Invoice Processing System helps reduce payment issues by eliminating data-related discrepancies.
3. Data capture complexities: Companies handle hundreds of thousands of invoices, which often contain a vast array of complex and diverse data points. Processing a large volume of invoice information and supplier data manually can be an arduous task and has a risk of omitting critical information. Intelligent Invoice Processing by WNS-Vuram has DOC AI capabilities that make invoice indexing easier without any omission.

Key Features & Functionality

Loaded with features that enable seamless extraction and processing of data from invoices, the solution cuts down the manual effort, time, and errors associated with human-driven processing. Some features are:

• DOC AI-Easy invoice indexing: Quickly upload invoices, extract and populate required fields automatically, get the flexibility to edit/update data, and maintain data in the system for further processes. The application comes with an out-of-the-box Appian IDP.
• Quick invoice processing: Speed up processing and approvals with features to upload/manage documents, add quick notes, refer purchase order linked to invoice, etc.
• Customizable approval flow and organizational structure: Customize your own approval flow for the invoices for various stages, define user roles and SLA time to process the invoices.
• Service Level Agreements (SLAs): Specify the response and resolution time for any invoice processing in the system based on every stage in the workflow.
• Audit trail: Track the stages of invoices approvals with an Audit trails dashboard that maintains a deep history of user activity.
• Adhoc questions: Clarify queries/questions with other users across the system and track responses in the respective invoice record.
• Seamless Integrations: Integrate with any OCR platform, existing Purchase Order records, and various payment systems.
• Detailed records: Create new records, maintain separate records for suppliers, and get invoice-level details such as supplier name, due date, amount, and more.
• Extensive reporting: The application is equipped with predefined reports, insight into key metrics, statistical analysis, SLA reports to track invoice processing time, and more.

• Supplier portal: Supplier's can access via portal and track the progress of their invoices. Suppliers will be authenticated to portals through One-Time-Password sent to their email address.

Benefits & Business Impact

• Adopt the paperless process: Scan any number of invoices and reduce paperwork across the complete invoice processing cycle.
• Faster end-to-end processing: Automatic data extraction from invoices and quick route to approvals to boost processing time.
• Reduce delays and eliminate bottlenecks: Spend 70% less time on invoice processing and approval ‘chasing’. Reduce human errors.
• Improve collaboration: Improved collaboration with end-to-end visibility across various stages and get automated email notifications.
• Reduce late payment penalties: Effectively manage vendor relationships and reduce invoice errors through rapid invoicing processing and timely payment.