AI Services Transformation
M7 is a leading specialist in pan-European, regional, multi-tenanted commercial real estate. Part of the M7 Investment Group of companies, its mission is to be Europe’s most admired regional investment and asset management business. With over 220 employees across 14 geographies,M7 is known for its performance and people, delivering value to investors, with an inspiring and collegiate workplace.
Historically M7 processed invoices manually, with the finance team keying data into NetSuite and chasing wet signatures as part of the approvals process. With invoices being processed across 5 countries, in 4 languages using 3 currencies this was a time consuming and labour-intensive process
M7 conducted a formal tender process to source a modern AP automation solution. Throughout the rigorous selection process Kanbina stood out due to the completeness of the native AI and Machine Learning software that forms the core of our application. Traditional vendors relied heavily on Optical Character Recognition (OCR) software rather than using Intelligent Document Processing (IDP) to extract, read and process data from invoices.
M7 witnessed a strong degree of accuracy during our demo sample invoice run, which together with our rapid 2-week implementation plan convinced the client team to select Kanbina to enable them to leverage AI to hyperautomate their AP process.
Impact of Solution
M7 set up a dedicated mailbox for invoices and the Kanbina algorithm then sifts through the inbox to identify legitimate invoices amongst other documents, before extracting the data and coding it against the right entity. A member of the Accounts Payable team then reviews the data and corrects any discrepancies before it is imported into NetSuite. On average we achieve a 95% match rate after the first pass. This has transformed the AP function, freeing up resource to focus on general accounting, increase the number of payment runs and bank reconciliations.
Impact of Solution
"Kanbina has transformed the way our Accounts Payable team work, streamlining the process and delivering financial efficiencies"
Jake Adams - Head of Business Technology & Change Management