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The client is the third oldest education institution in the United States and one of the most prestigious universities in the world
The university received outstanding statements from vendors in multiple formats which included emails, CRM and in paper format.
The entire processing was carried out manually from finding the outstanding invoice list, checking the status of the invoices and responding to the vendors. They wanted the process to be automated for efficient processing of outstanding statements
Datamatics team of experts implemented Intelligent Document Processing solutions TruCap+ in the university’s shared service centre to automate the entire process of vendor reconciliation.
TruCap+ is able to automatically read and capture the data from the statements received from vendors which were in multiple formats. The documents were received in formats like images, physical documents, excel files, etc. TruCap+ captures the required fields like invoice number, invoice date by converting the unstructured data into structured data.
Reduction in response time to vendors
Time taken to process statements which earlier took days.
Increased by a significant amount
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