Great Lakes Tape Corporation (GLT) is a registered supplier of high-quality tapes, foams, foils, and specialty products provided to Automotive and Industrial customers around the world since 1990. Learn how the company managed to streamline the invoicing process, move towards a near-paperless office, and increase efficiency.
Challenge
Managing the fluctuating volumes of incoming invoices was challenging to staff and plan for. Additionally, the manual process of entering data into systems and approval workflows increased the probability of errors and lost documents. This created a high risk of non-compliance situations.
Solution
Partnering with Thirdware, a proof of concept (POC) was built around Automation Anywhere IQ Bot, paving the way for invoice processing automation. After the successful implementation of an invoice matching bot, the processing was improved in just a short span of time. IQ Bot recognizing supplier invoice formats assigned them to groups and exported out the necessary information. This allowed for the 3-way matching process— matching the receipt, to the supplier invoice, and to the supplier purchase order. When the bots detected invoice errors or exceptions, they filed them into folders or overwrote the incorrect data. The exceptions were then moved through an approval workflow which notified their human counterparts of pending issues.
Outcome
After automation deployment, GTL was not only able to keep up with the increased volume, they were able to improve customer support and move from being reactive towards preventative control.
In Numbers
- 93% Accuracy achieved
- 89%+ Straight-through processing
- 127 Hours Saved
