Focus on real estate opportunities, not data entry
Case Study: Real Estate Sector
Data-driven firms are effectively utilizing big data to improve efficiency and increase productivity by understanding patterns, predicting outcomes and improving processes. Consumers practically experience this daily when they see product recommendations, movie suggestions, and social media connection notifications. Effective use of big data and machine learning has led to mass customization and true personalization of products and services, yielding real-time customer engagement and increased customer satisfaction. With this success, data-driven firms are now also deploying machine learning for business process automation to simplify and streamline back office operations. Even the most modest of estimates indicates that immediate cost savings of 40 percent to 75 percent can easily be achieved.
In early 2019, Scrypt AI has partnered with a global real estate firm that manages over USD$30 billion in investments to achieve two simple goals for their AP process: lower costs and faster processing. While they no longer deal with paper documents, with almost all invoices being digitally submitted via email, the current state of technology has left their AP specialists still performing tedious and manual tasks. They have also experienced several false starts, as they tried to automate their process with various AP automation solutions, but found that their teams ultimately spent more time building invoice templates for so-called automated solutions and performing error corrections on the results. To their dismay, these so-called automated solutions either were often template-based approaches, backed by an offshore team – neither really delivering on the promise of lower costs and faster processing.
With Scrypt AI’s transformative template-free approach, big data and machine learning techniques are utilized to extract information from the invoices and predict values for all relevant fields, including individual line items. Furthermore, using Scrypt AI’s powerful data ingestion, processing, enrichment and distribution architecture, a complete end-to-end solution was delivered within 3 months, connecting to the firms ERP system, eSign system and general ledger. Scrypt AI’s turnkey zero touch AP platform was able to deliver on both goals, reducing expenses and increasing productivity.
Specifically, Scrypt AI demonstrated time and labor efficiencies across all steps in the AP process:
- Receipt of Invoice: From an average of 6 days to 7 minutes
- Coding of Invoice (including approval): From an average of 2.2 days to 5.7 hours
- Accounting Review: From an average of 2.5 days to 1.65 days
- Final Approval (including corrections): From an average of 7 days to 3 days
Each of these represent a transformative efficiency gain that has generated significant employment cost savings (via headcount reduction). Since deployment of the Scrypt AI platform, invoice processing time decreased by an overall 66% even with a smaller AP team headcount and continually increasing invoice volume.
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