Cash Application

Cash Application

Use Case Summary

The Customer is a global leader in designing, marketing and manufacturing of food and beverage solutions. The customer has brands, which are over 100 years old and sold throughout the world. Customer was facing a challenge to manage the Cash Application Process. Cash Application is the process of entering all invoices details in the system to ensure the receivables of cash application. As the process was mostly manual, customers wanted to automate the process to get ready for future growth.

Current Challenges

The process is mostly manual. As the process is manual, it results in below issues Error Prone: Manual data entry is inherently prone to errors. Typos, misinterpretation of information or oversight can lead to inaccuracies in the entered data. This may result in financial discrepancies, reconciliation issues, and customer dissatisfaction. Time-Consuming: Manual data entry is a time-consuming process. Extracting information from the report and entering it into the system requires significant human effort, which could be better utilized for more strategic and value-added activities. Low Efficiency: The manual process is less efficient compared to automation. Humans may work at different speeds, take breaks, and be subject to fatigue, leading to variations in processing time and overall efficiency. Increased Processing Costs: Manual processes often lead to higher operational costs. The organization needs to invest in human resources for data entry tasks, and the cost per transaction may increase due to the potential for errors that require subsequent corrections. Limited Scalability: As the volume of transactions increases, the manual process becomes more challenging to scale. Hiring additional staff to handle the growing workload may not be a sustainable solution and could lead to a higher risk of errors.

Solution Implemented

Predikly implemented a Robotic Process Automation solution using Automation Anywhere. The complete process was automated end to end and the bots are scheduled to run on a daily basis including weekends, if required. Our Automation Anywhere-powered bot begins its journey when a valid EDI report is stored at the network shared drive location. The bot skillfully extracts essential details from the report. It then effortlessly logs into the Application, creating a designated group and initiating the creation of new invoice payments for each extracted Invoice No. The bot meticulously validates unapplied amounts, marking them as "On Account" when necessary and updating the information in a comprehensive summary file. Bot sends out a detailed Summary Email, incorporating both a summary report and an exception report highlighting any encountered issues.

Business Benefits

Time Saving: This automation much faster than manual methods, leading to quicker processing times for invoices and payments. Cost Efficiency: By reducing the need for manual labor in data entry tasks, businesses can lower labor costs, allocate resources more effectively, and achieve overall cost savings. Error Reduction: Automation minimizes the risk of human errors associated with manual data entry, ensuring greater accuracy in processing financial transactions and reducing the likelihood of discrepancies. Streamlined Communication: Automated processes can generate and distribute summary reports efficiently, facilitating clear communication within the organization and providing insights into the financial status.

Outcome

> 99 %

Accurate Results

150 %

Productivity Improvement

60 %

Faster Than Competing Solutions

85 %

Reduction In Manual Effort

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