Straight Through Processing
Straight Through Processing in Accounts Payable enables scale without additional headcount.
This multi-division Dutch warehousing company has a complex subsidiary structure and is growing rapidly. The existing AP automation tool was not creating the efficiencies required to support the growth; therefore, the AP team was also increasing with associated cost and support considerations.
Kanbina was approached to provide a solution as a possible replacement for incumbent AP automation technology. The challenge was to automate as much as possible and eliminate manual tasks, without any changes to the AP processes.
Kanbina’s IDP platform and Machine Learning based AP service was particularly well-suited to the company and NetSuite use case.
The solution would carry out the data processing workflow and tasks automatically. It used real-time decisions created by natural language processing and machine-learning models. The process was orchestrated by Logic Apps.
An API would enable the records from the client’s finance systems to train the machine-learning models, and decisions would be synchronised in real-time.
Power BI was setup to allow management to oversee the performance of the machine-learning models.
Impact of Solution
Kanbina successfully delivered the solution, and the processing delays that had been experienced by the AP function were eliminated. The machine-learning models were retrained every night so the process continuously improved and 90% of tasks were automated.
The staff in the AP function could conduct the processing with speed, accuracy and with minimal delays. What's more, management found the company’s growth could be easily supported by the existing accounting team.
Machine-learning technologies are now a trusted method and the department now wishes to carry out automation in other areas such as Bank Reconciliations.