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Case Study

Transitioning to automated invoice processing transforms the accounts payable function

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30%

Cost saving

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15K

Invoices per annum

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99.9%

Accuracy

Background

Northumbria University is a challenger higher education institution focused on taking on and transforming tomorrow through its 2025 vision; becoming research-rich and attaining academic excellence.

The challenge

With change and innovation at the core of Northumbria University’s strategy, the organisation was ready for a new solution within its finance function. After trying to implement a workbench AP (accounts payable) solution on several occasions unsuccessfully, they appointed Parseq as partner of choice.

The solution
  • Up front technical consultancy and solution development to deliver tailored automated invoice processing for Northumbria University
  • Scoping, on-boarding, project management, implementation and account management to enable a seamless transition and ongoing service delivery
  • End-to-end solution including data capture, encoding and validation underpinned by OCR (optical character recognition) technology and machine learning capabilities
  • Capturing multiple identified fields across 15,000 invoices per annum
  • Built custom imports to handle receipt of bespoke master data for validation which contains separate vendor and purchase order files
  • Exception handling includes the production of invoice images for all invoices that have produced an exception
  • Production of output files completely compatible with Northumbria’s AP workbench; Coupa

Successes

Following a successful two year contact, Northumbria University has initiated a contract extension for a further year. Critical to this is the consistently over achievement of our 99% SLA target, reaching 99.9% accuracy levels and therefore exceptional quality standards. The university also benefits from at least 30% reduction in processing costs compared to their in-house team as a result of our in-built automation and opportunity for eciency gains.

 Click here to see our invoice processing services

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