Client company having multiple business units (BUs), faced a significant challenge with invoice processing. Each BU received numerous invoices via email in various formats and layouts from multiple trading partners. This required each BU to have a dedicated mailbox, adding administrative overhead. It also slowed down the manual data entry of invoice processing and created bottleneck; high error rates due to inaccurate data entry led to delays, rework, and potential financial errors. Their existing solution relied heavily on manual intervention to handle inconsistencies, making it cumbersome to adapt to new or changing invoice formats.
For over 150 years, our client, headquartered in Denmark, has been a leader in international shipping and logistics. They operate a vast network of ferry routes and offer comprehensive logistics solutions, facilitating the movement of goods and people across borders. Their comprehensive services encompass ferry transportation, logistics solutions including road, rail, and sea freight, container shipping, and supply chain management.
Automate invoice collection from a single source for all BUs.
Minimize errors through automated data extraction and validation.
Streamline invoice processing to improve efficiency.
Free up employee time for higher-value tasks.
Easily adapt to new invoice formats and changing requirements.
All vendor invoices were collected from a centralized mailbox, eliminating the need for separate BU mailboxes.
Hundreds of rules ensure accurate data extraction and validation, comparing extracted data with existing contracts for further verification.
Cozentus employs OCR, ML, NLP, and Deep Learning engines for accurate named entity recognition and data extraction into JSON/XML formats supported by a pre-processing engine handling tasks like image normalization, conversion, and many more, with an auto-profiling system selecting the optimal engine for each invoice.
For outliers or unique formats, a custom template engine ensures efficient data extraction.
Invoices are automatically routed to the appropriate BU based on a unique business entity identification system. Standardized data formats are created for seamless integration with existing systems.
Solution integrates seamlessly with MS Dynamics SFTP, APIs, and mailboxes for smooth data transfer.
Extract key information from various invoice formats (PDF, Excel, Image, EDI, etc.)
AI & advanced algorithms clean and enrich extracted data for accuracy and completeness.
Conversion to standardized XML/JSON formats.
Verifies data accuracy against defined rules.
Integrates with ERP/email, provides dashboards and reports
The system continuously learns & improves its efficiency over time.
