Client:
Ascend Properties
Ascend properties provides UK’s leading property fund a full-service property management from build-to-rent services which offers support at all stages of the scheme lifecycle pre-build consultancy,lease up rentals and asset management set-up. Ascend uses technology and expertise to increase efficiency and improve the customer experience, which has been a key factor to its explosive growth of 50% YoY with over 10,000 properties under management.
Nanonets has helped us grow faster as a business and has set a high bar for customer service. We were just looking for invoice automation but now we are exploring more opportunities to automate document processing with Nanonets. We have saved over 80% in costs for invoice processing, and are further looking into integrating more of our services to reduce costs.
The Challenge
Ascend provides a property management platform where vendors can upload invoices for maintenance services, these invoices were manually verified and uploaded to their system. Ascend’s exponential growth of over 50% YoY led to an increase in workload, to upload and verify invoices manually would require over 5 full time employees
Their team needed a platform powered by artificial intelligence that could extract specific fields from the invoices which could help them scale without adding additional resources to invoice management
Our business grew 5x in last 4 years, to process invoices manually would mean a 5x increase in staff, this was neither cost effective or a scalable way to grow. Nanonets helped us avoid such an increase in staff. Our previous process used to take six hours a day to run. With Nanonets, it now takes 10 minutes to run everything. I found Nanonets very easy to integrate, the APIs are very easy to use.
The Solution
Nanonet’s AI tool- Invoice OCR captures information from invoices and sends it to Ascend properties. Ascend trained the AI to extract required information from the invoices, post which they perform checks to ensure if all fields are correctly populated and in line with expectations.
They are currently looking to integrate the invoice data to an SQL database with an automated validation process which would help them with fully automating their workflow.
