30%
Cost saving
15K
Invoices per annum
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.
