Diverse enterprises achieving up to 98% accuracy in invoice data extraction, drastically reducing invoice processing cycle-times, and freeing up FTEs to focus on strategic activities
Princeton, NJ, August 11, 2020: Zycus, a global leader in AI-driven Source-to-Pay software solutions, announced today that its AI-powered, self-learning Merlin Bots have achieved the promised accounts payable efficiency at diverse customer companies, including an automotive giant, a health insurer, a manufacturing company, and a non-profit educational firm. Though belonging to different industry verticals, all these organizations had the same challenge with their accounts payable operations – repetitive and iterative manual processes that reduced efficiency and increased costs.
The health insurer foresaw rapid business growth and wanted to build capacity for a higher volume of supplier invoices. They wanted to truly automate invoice data extraction to reduce human dependency, costs, and full-time-equivalents engaged in the low-value and mechanical tasks of invoice processing. After Zycus' implementation, the health insurer experienced an accuracy of 98% for line-level invoice data extraction, a 75% reduction in invoice processing cycle-time, and a 50% reduction in the number of manual clicks required to extract and process each invoice.
The automotive giant with $20Bn in revenue participated in a time motion study with Zycus to assess its processes and found invoice processing as low-hanging fruit to reduce costs. That's when they decided to implement Zycus' Merlin AP SmartDesk Bots and Invoice Reader Bots. The team has achieved an average of 90% accuracy in the extraction of various invoice fields (such as invoice number, purchase order number, invoice date, supplier name, item description, item quantity, item unit price, and item-total). In the new AP order, the company also has increased visibility into its spending. The use cases were similar at the two other companies – a manufacturing organization and a non-profit educational firm.
Richard Waugh, Vice President- Corporate development shares, "The reason why Merlin AI bots work across the board is they are truly versatile and agnostic to industry, technology, language or invoice templates. We built them in-house, on the back of our 20 years of experience in artificial intelligence. We are able to drive greater than 90% accuracy in all scenarios, and I think it is unmatched in the industry."
Zycus' self-learning, AI bots make use of Natural Language Processing (NLP) and Intelligent Invoice Capture. They can plug into any technological, ERP, or accounts payable environment seamlessly.
Bikash Mohanty, Director Product Management concludes, "AP staff should be able to focus on areas of strategic value – managing suppliers, cash, and risk – instead of spending much of their time keying or re-keying invoice data because of a lack of tools or outdated OCR technology that suffers from low accuracy in extracting invoice data. There is a better way – AI can help AP shift from tactical to strategic.”
About Zycus Inc.
Zycus is a leading global provider of AI powered Source-to-Pay suite for procurement, finance, and AP organizations. Our comprehensive product portfolio includes eProcurement, eInvoicing, Spend Analysis, eSourcing, Contract Management, Supplier Management, Financial Savings Management, Project Management, Request Management, Supplier Network, Insight Studio, and Merlin A.I. Suite with intelligent BOTs. Our spirit of innovation and passion to help organizations create greater business impact is reflected among the hundreds of solution deployments that we have undertaken over the years.
Product Marketing Lead, Zycus Inc.
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