Curtail Invoice Processing Times

Fortune 500 mutual insurance company

Replacing legacy tech
with Hyperscience

Decreasing
invoice processing time

Discover their journey to eradicate clunky legacy systems and automate their A/P processes.

Download the full story

Client Profile

One Fortune 500 insurance company was looking to find efficiencies in their workflows and stay ahead of the competition. After investigating – and measuring –  where employees were spending the majority of their time, the organization’s Intelligent Automation team commenced an evaluation process to eliminate data entry and automate document processing.

Background

The company was used to doing things in the same way for decades. This also meant that they had amassed multiple clunky legacy systems to handle their processing needs. The disparate systems didn’t talk to each other, requiring manual entry to transfer data between the different systems. With corporate mandates in place and an Intelligent Automation team to support, the organization was looking to eliminate this unnecessary middle step and cut manual data extraction time. The insurance company was also zeroed in on risk reduction and eradicating the overall likelihood of data errors.

Hyperscience, a newcomer to the market at the time, was pitted against the current vendor being used for the data extraction portion. The vendors were evaluated on the scope of their offering, as well as their ability to reliably solve the problem at hand: identifying and extracting data from multi-page, hand-annotated invoices with stamps, fax marks and other variables obstructing the document clarity. 

Choosing Hyperscience

Hyperscience’s offering blew the legacy solution away with it’s ability to reliably and automatically extract data from both handwritten invoices from small businesses and invoices from large banks. Even more impressive for the firm was Hyperscience’s ease of use and customization.

And, from a personnel perspective, the company was amazed by the Hyperscience team’s focus on listening and constantly asking for feedback. It was a partnership from the very beginning, which was a major deciding factor. 

The Results

Whereas before this company relied entirely on manual invoice processing, which often meant missed SLAs, today employees who were previously keying information can pivot to more valuable work. 

In addition, the internal audit team is able to trace where each data point came from and easily view the original document; something that was previously impossible.