5 min read | Dec 14, 2024
A US-based e-logistics/transportation management services provider, with a customer base of 3,000 and with over 50,000 trucks, received as many as 2,000 invoices from its suppliers across the US on any given day. The company’s line of business includes providing special warehousing, storage services, freight, sub-assembly, transportation, logistics, and spare parts. The company was looking for a partner that could manage and streamline its transaction documents in a cost-effective manner.
One of the biggest challenges the company was facing was that all its invoice processing was manual and consumed much time and was error-prone. The invoices were received in various formats at different times throughout the day. They would pile up in the accounts section in paper formats or as email attachments.
The high volume of incoming invoices made it challenging to locate and retrieve relevant information quickly. The company urgently needed a solution to manage the massive number of invoices and related documents.
While there was a tie-up with another vendor for posting and scanning, the process was proving to be very lengthy and costly. Documents were frequently lost, the scanned image was low in quality, and traceability was poor. Overall, the heavy paper-based processing, labor-intensive invoice management also meant high staffing costs for data collection, documentation, and input.
The company underwent an extensive needs assessment followed by a vendor review and evaluation. They identified that a labor-intensive invoice management system led to real-time liabilities, less access to information, high expenses, and excessive processing time and costs.
That is when the company reached out to CoreFlex for critical document processing and to streamline the Accounts Payable (AP) process.
CoreFlex then set up its platform and assisted in streamlining the company’s business processes.
The expert document processing team at CoreFlex had access to every invoice submitted for payment to the client via a secure login. CoreFlex deployed tools for routing, approvals, and integration into the AP system that helped ensure that the invoice is from a valid vendor.
The team first captured data from all the different invoices in varied formats and keyed them into the AP system, as per client instructions. Once data was in the AP system, then the approval workflow was triggered based on the processes set. The approved invoices were scheduled for payment through bank instructions.
The CoreFlex team maintained the utmost accuracy while punching in details from the invoices to ensure there were no bottlenecks, and the process moved ahead smoothly.
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