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BANKING

Consumer Credit Servicer Automates Invoice Processing


The Challenge

A leading global consumer credit and debit card services provider struggled to accurately track, record, prioritize and expedite payments for the 100,000 invoices it receives and processes every month from vendors. The massive volume of transactions, combined with a cumbersome and slow review process, proved costly. Duplicative payments were common, leading to overpayments of millions of dollars. Several of the company’s operations used different processes for accounts payable (AP) and accounts receivable (AR). At the same time, the company’s purchase order (PO) process operated independently by geography and/or business division, limiting visibility into spending at the corporate level. Open POs meant that millions remained unspent, while tying up budgets and constraining spending. The company asked Cognizant to redesign its AP, AR and PO workflows to reduce costly manual processes with intelligent process automation and digitize the functions.


Our Approach

Our solution uses Kofax MarkView® to automate the AP process, scanning information and acting as a workflow management tool. MarkView runs on an Oracle database on the client’s own servers, protecting confidential information by using virtual desktop infrastructure. The data generated from the SQL reports pulled from Oracle helps establish performance metrics for our service-level agreements. Data recognition software scans invoices and auto-populates fields in the company’s ERP system. A Visual Basic validation tool in Microsoft Excel then performs validation, checking data before invoices are approved and flagging errors.

Streamlined Accounting Workflows Improve Invoice Processing Accuracy

Our customized business process management solution minimizes staff involvement by automating time-consuming steps. The client now has a streamlined digital accounting process that eliminates the possibility of human error while flagging issues for escalation. Our solution comes with a dashboard that provides the client visibility into its performance against key metrics, comprehensive reporting and a clear audit trail. It also identifies and eliminates open POs that were booked but left unspent while recovering duplicative payments to vendors.

SEE THE FULL STORY »

$160+ million

savings realized

99%

accuracy in handling ~100,000 vendor invoices per month

Centralized

disparate operations on four continents to the client’s in-house servers in two locations


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