customer stories

GenesisONE automates their Accounts Payable process saving US$ 52,000 annually using Nanonets

US$ 52,000

Cost Savings

1,920 hours

Number of employee hours saved annually

8 out of 10

Customer Happiness Index

Industry
Office Supplies and Management Software
Document types
Invoices
Location
Illinois, United States of America
Integrations
Gmail, FileBound and E-Automate (Proprietary Software)

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Client:

GenesisONE

GenesisONE Technologies, based in Northbrook, Illinois, is a well-established player in the office supplies and management software industry. Founded in 1991 and led by CEO Michael Kahn, the company has grown steadily, now employing between 51 and 200 people and generating annual revenue in the range of US$10 to $100 million.

GenesisONE offers a robust suite of products, including office supplies and software that streamlines office supply management automating workflows, and improving operational efficiency. Their software solutions are tailored to meet the unique needs of businesses, enhancing productivity through advanced management tools. With a focus on delivering value to clients, GenesisONE has built a strong portfolio of marquee customers across various industries, cementing its reputation as a trusted partner for office management solutions.

  • Location: Illinois, United States of America
  • Year of Establishment: 1991
  • Leadership: Michael Kahn (CEO)
  • Industry: Office Supplies and Management Software
  • Employee Count: 51-200 employees
  • Revenue: US$ 10-100 Mn.
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The Challenge

GenesisONE sells office equipment, supplies, and solutions such as printers, copiers, wide format, and production equipment along with offering remote monitoring and management services for the devices. We will be focusing on two product offerings to understand the challenge deeply:

  1. FileBound: Workflow Management tool. Offers document routing and approvals.
  2. E-Automate: ERP-grade Accounts Payable Management solution.

The accounts payable process followed is pretty standard:

  1. A customer uploads an invoice into FileBound, which is GenesisONE’s workflow management tool.
  2. It gets redirected to a full-time employee, who manually keys in the relevant data points from the invoice (G/L Code, Approver, etc.)
  3. It then gets routed to relevant personnel for approvals.
  4. After approval, the data gets entered into E-Automate for record-keeping and further processing.

The manual AP process was challenging and as discussed previously, formed the onramp to FileBound. Once the file was approved, the data points were then mapped and entered into E-Automate. Scaling this process would have required addition of full-time employees which translated to rising payroll costs. GenesisONE was on the lookout for a vendor who could automate this process reliably and fit with their existing software.

The Solution

Nanonets rose to the challenge. After deeply understanding the challenge, we customised a workflow for GenesisONE that integrated with FileBound (customer-facing, workflow management software) and E-Automate (customer-facing, ERP-grade Accounts Payable management software). Let’s take a detailed look at the process below:

  1. Import: Vendors upload their Invoices (PDF files) on FileBound. These files are automatically ingested into Nanonets via auto-forwarding set up on a dedicated G-mail account for Accounts Payable.
  2. Data Extraction: The relevant data points from each invoice, such as invoice number, due date, amount due, seller details, etc. gets extracted.
  3. Post-Processing: The extracted data then moves ahead for post-processing. Files with missing key details such as PO number, Invoice Number, Seller details are flagged and the relevant customers are notified. Nanonets adds multiple fields based on lookup actions against external databases for further processing, in addition to standard deleting characters, removing currency symbols, etc.
  4. Approvals: Based on the fields added, the invoice is conditionally redirected to various departments handling these invoices.
  5. Export: Once approvals are in, the data is then mapped and exported to E-Automate (customer-facing, ERP-grade Accounts Payable management software) for record-keeping and generating insights.

The result

Before
Manual, time-consuming, error-prone process
After
95% automated process
Cost Savings: US$ 52,000

The Result

This end-to-end automated process has proven to be of vital significance in enhancing the scale of operations at GenesisONE. They were handling this process manually before Nanonets came into the picture and were facing bandwidth challenges. Scaling up the manual teams would have translated to increased payroll costs. Nanonets integrated with their existing systems smoothly and resulted in:

  1. Reduced full-time employee requirements. They avoided hiring 1 additional full-time employee, saving them close to US$ 52,000.
  2. Automated backend processes. The process is now up to 95% automated requiring only manual approvals for department-wise invoices.
  3. Increased Accuracy. The accuracy of extracted data is >97%, which settles well with customer expectations.

Overall, GenesisONE has a Customer Satisfaction Score of 8/10.