Client:
The Client
Our client, headquartered in Santa Clara, California, is one of the largest semiconductor chip manufacturers, in the world. Our client addresses the need of the increasingly digital world by being at the forefront of developing new semi-conductor technologies and products to provide end-to-end solutions, scaling from edge computing to 5G network, cloud, and the emerging fields of AI and autonomous driving.
The Challenge
With top PC manufacturing giants as its customers, our client was dealing with a storm of invoices. Boasting a strength of over 50,000 vendors across the globe and 10x the number of invoices to process annually, the process of handling these Invoices and vendor payments was tedious and time-consuming. The entire Accounts Payable process needed end-to-end optimisation. The problem areas to solve were:
- Optimise Importing Vendor Invoices into their ERP
- Data Extraction from these Invoices and auto-filling relevant fields
- Reconciliation and Payments (Accounts Payable)
The Solution
Nanonets.
We had out-of-the-box import workflows that basically enabled them to import these invoices from anywhere, email attachments, databases, or cloud storage directly into their ERP with simple no-code integrations.
Once in our platform, our proprietary AI-based OCR engine extracted the relevant fields, like total amount, due date, etc., and pushed it directly into their ERP system. The beauty of using our technology here was that, unlike our competitors, we are template-agnostic. Since our technology is powered by deep learning algorithms, we successfully avoided super-fitting issues, in simpler words, the layout or the template didn’t matter.
This enhanced their Accounts Payable process multifold.