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TruCap+ Helps in Data Capture in Vendor Reconciliation Process for One of World's Largest University

Client

The client is the third oldest education institution in the United States and one of the most prestigious universities in the world

Industry 

Education

Region

United States of America

 

Challenges

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

Solution

Datamatics team of experts implemented Intelligent Document Processing solution 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.

Impacts

cc350

3 days to 30 minutes

Reduction in response time to vendors

cc51

Few Minutes

Time taken to process statements which earlier took days.

cc295-2

Reduction

In TAT.

CC88

Efficiency

Increased by a significant amount

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