How Dice transformed a client’s AP workflow
Managing accounts payable (AP) efficiently is crucial for financial health. Our client, a global leader in AP automation, struggled with invoice data accuracy due to varying formats and languages. With Dice’s expertise, they achieved remarkable improvements in accuracy and efficiency, setting a new standard in AP automation.
The Client and Their Needs
About the Client
Our client offers a comprehensive cloud-based payables automation platform designed to streamline every aspect of the AP and payment management workflow. This all-in-one solution includes supplier onboarding and vetting, tax and regulatory compliance, invoice processing, multi-currency and multi-method supplier payments, payment status updates, and payment reconciliation and reporting. Their goal is to simplify AP operations for accounts payable departments, enabling them to manage their entire supplier payments operation seamlessly.
Challenges Faced
Despite their robust platform, the client struggled with the precision of optical character recognition (OCR) technology in capturing invoice data. The OCR software had difficulty processing the vast range and variety of invoice and bill formats, leading to inaccuracies. Additionally, as a global provider, they received invoices in multiple languages, further complicating the OCR system’s ability to accurately process these documents. The client needed a solution that could ensure near-perfect invoice capture accuracy to maintain their service level and expand their global operations.
Detailed Process of Transformation
Initial Assessment and Customization
The transformation began with an in-depth assessment of the client’s existing AP workflow. Dice’s team of experts worked closely with the client to understand the specific challenges and requirements. This included analyzing the types of invoices received, the languages involved, and the existing OCR system’s performance. Based on this assessment, Dice customized their approach to address the unique needs of the client, ensuring a tailored solution that would integrate seamlessly with their current processes.
Implementation of Human Validation
One of the key innovations introduced by Dice was the implementation of a human validation layer. While OCR technology can process large volumes of documents quickly, it often struggles with accuracy when faced with diverse formats and languages. Dice’s solution involved a team of skilled professionals who reviewed and corrected the OCR-captured data. This human touch ensured that any errors were promptly identified and corrected, significantly boosting the accuracy of invoice processing.
Localization and Multilingual Processing
Handling invoices in multiple languages was a significant hurdle for the client. Dice leveraged its localization expertise to overcome this challenge. The team included linguists proficient in various languages, ensuring that invoices were accurately interpreted and processed regardless of their origin. This capability was crucial for the client’s global operations, allowing them to maintain consistency and accuracy across different regions.
Comprehensive Support Services
Beyond invoice processing, Dice provided extensive support services that were vital to the client’s success. This included customer service support to handle inquiries and issues promptly, implementation support to ensure smooth integration of new processes, and network monitoring to maintain system reliability and performance. These support services allowed the client to focus on expanding their customer base and enhancing their core offerings, knowing that their operational functions were in good hands.
Continuous Improvement and Scalability
Dice’s approach was not a one-time fix but a continuous improvement process. Regular reviews and updates ensured that the system adapted to new challenges and maintained high performance. The scalability of Dice’s solutions was another critical factor, allowing the client to scale their operations efficiently as their customer base grew. This adaptability ensured that the client’s AP workflow remained robust and reliable, even as their business expanded globally.
What we offer
1. Industry-Specific Expertise
We understand that the financial industry encompasses various sub-sectors, each with unique requirements. Our team includes experts in banking, insurance, investment, and regulatory compliance, ensuring that we are not only accurate but also contextually relevant and sector-specific.
2. Confidentiality and Data Security
In the financial sector, confidentiality and data security are paramount. Our robust security protocols include secure storage solutions, and stringent access controls to ensure that your sensitive information remains protected throughout the process.
3. Client-Centric Approach
We prioritize our clients’ needs by offering flexible service models and personalized solutions. Whether you require rapid turnaround times, specific formatting, or continuous updates, our client-centric approach ensures that we meet your specific requirements and exceed your expectations.
4. Ongoing Innovation
As the financial technology landscape continues to evolve, Dice is committed to ongoing innovation. By staying at the forefront of technological advancements and continually refining our processes, Dice ensures that their clients benefit from the latest in AP automation and data capture technologies.
5. Scalable Solutions for Growing Needs
The scalable nature of Dice’s solutions means that as the client’s business grows, their AP processes can seamlessly scale alongside. This flexibility allows the client to focus on strategic growth and market expansion without worrying about operational limitations.
6. Long-Term Partnerships
The partnership between Dice and the client is built on trust, reliability, and a shared commitment to excellence. This strong foundation paves the way for a long-term relationship where both parties can thrive and achieve their business objectives together.
7. Training and Development
We invest heavily in the training and development of our experts, ensuring they stay updated with the latest industry trends and terminology. Our rigorous training programs and continuous professional development ensure that our team remains highly skilled and knowledgeable.
Results
Remarkable Accuracy Improvement
The partnership with Dice led to a dramatic improvement in invoice processing accuracy, from 70% to an impressive 99%. This level of precision was achieved while maintaining a stringent processing service level of under 24 hours, ensuring timely and accurate financial operations.
Global Expansion and Customer Acquisition
With the enhanced accuracy and efficiency in invoice processing, the client gained the confidence to expand into multiple geographies. Dice’s ability to process invoices accurately in multiple languages enabled the client to acquire new customers globally without the fear of operational bottlenecks.
Enhanced Customer Satisfaction and Retention
With fewer errors and delays in invoice processing, the client experienced a notable increase in customer satisfaction. Clients appreciated the reliability of the services provided, which in turn led to higher retention rates. This stability in the customer base provided a strong foundation for further growth.
Regulatory Compliance and Risk Mitigation
Accurate and timely invoice processing is critical for regulatory compliance in the financial sector. Dice’s solutions helped the client maintain compliance with various international regulations, reducing the risk of penalties and enhancing their reputation as a reliable financial service provider
Conclusion
Transforming AP workflows is not just about implementing new technology; it’s about understanding the unique needs of each client and providing tailored solutions that deliver real results. Dice’s collaboration with this leading fintech company is a testament to the power of combining human expertise with cutting-edge technology.
By focusing on accuracy, efficiency, and comprehensive support, Dice has helped the client achieve new heights in their financial operations, setting a benchmark for excellence in the industry. Dice’s innovative approach and dedicated support have proven to be invaluable in helping the client navigate the complexities of the global financial industry.
