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
