Designed a scalable Kofax solution to automatically extract and manage key financial data for a leading UK-based real-estate company

About the Brand

A leading UK-based company which operates across three business sectors including power distribution, smart lighting and real-estate. Their real-estate function owns and manages a substantial property portfolio for sub-let and sale.

Business Challenges

  • The customer depended on physical processing of key financial documents which involved extensive dependence on manual efforts
  • Needed to build an automatic processing system to stop financial leakage arising due to human error
  • Required a strategic partner to design an agile tech solution which can automate the invoicing process
  • Needed a solution to digitize key business processes and efficiently manage confidential data

Solutioning proposed by Espire

Espire designed a scalable Kofax-based solution for automatic extraction and management of data

  • Developed a Cognitive Solution with AI and ML algorithms to seamlessly extract information from lengthy documents. 
  • The information from the invoice was exported to SharePoint which can be easily accessed by the customer at any point of time.
  • Deployed automation to extract invoice data such as PO Number, Invoice Number, Line Items, Address, Vendor ID, Tax and Coding etc from  financial  documents. 
  • Eliminated the dependence on physical paperwork and manual efforts by digitizing the entire process.
  • Developed approval/exception handling process for better processing of documents with advanced options like rescan/revaluate and discard.
  • Extended managed support and maintenance services for the portal for efficient issue resolution 

Business Benefits

  • Automated key business processes like pricing, tax conversion, line item pairing etc 
  • Reduced the dependence on manual efforts and optimized operations 
  • Reduced overall operational costs by approximately 50%
  • Digitized key business activities by eliminating the dependence on physical paperwork
  • Ensured accurate invoice data was readily available through SharePoint across systems
  • Efficient management and easy access to data 

Tools & Technologies

  • Kofax KTA 
  • Kofax APA/IPA
  • Kofax RPA
  • SQL Server
  • Visual Studio
  • SharePoint Export Connector

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