Headquartered in the UK, the client specialises in the nonperforming and non-core assets sector and has a presence in six European countries.
The client handles a substantial volume of paperwork that’s processed manually with inevitable implications for cost and accuracy. The customer decided to start with invoice processing. It deals with more than 750 suppliers generating more than 19,000 invoices per annum, mostly in English, but also in Italian, Portuguese, Dutch and Polish. The client had previously used in-house technology, based on OCR, that wasn’t delivering the results it sought.
As a result the client set out to identify third party technology to automate its invoice processing end-to-end and deliver higher levels of accuracy while minimising manual work so that it is purely focused on quality control.
The client chose a proof-of-value rather than a proof-of-concept approach and assessed AntWorks CMR+ out of the box. It used the solution to extract information from 23 data points, including supplier and bank details, VAT numbers and invoice amounts, and export it in JSON format.
CMR+ achieved 95% accuracy in allocating data in the documents to the correct fields out of the box. The client will next assess CMR+’s ability to classify documentation and to extract data from complex legal documents, cutting time spent by paralegal staff on data processing and review.