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High Costs and Inefficiencies in Manual Invoice Processing
A global BPO firm faced significant challenges in processing 300,000 invoices annually for a major client. The firm relied on outdated OCR technology, which achieved only 30% accuracy, requiring extensive manual intervention to correct errors. Additionally, invoices received in multiple languages required manual translation into English, further increasing the workload and operational costs. The firm’s processes were slow, labor-intensive, and error-prone, leading to rising costs and difficulties in meeting client expectations for efficiency and cost reduction.
Mounting Operational Inefficiencies and Costs
The reliance on manual labor and outdated technology led to substantial operational inefficiencies. Employees spent excessive time correcting OCR errors, translating documents, and handling exceptions, which drove up costs and slowed the processing cycle. The BPO firm faced mounting pressure from its clients to reduce costs and improve efficiency during contract renewals, making it imperative to find an AI solution that could more accurately scan and read documents and automate workflows, reducing the dependency on manual labor.
Streamlining Processes with Krista
The BPO firm implemented Krista to improve project efficiency. Krista’s document understanding capabilities dramatically improved accuracy from 30% to over 90%, reducing the need for manual corrections. By automatically translating invoices and handling exceptions through intelligent workflows, Krista significantly reduced the time and effort required to process large volumes of invoices. Krista also extracted unstructured data and populated it into the firm’s existing platforms, allowing for efficient validation and processing. As a result, Krista enabled the firm to streamline operations, significantly reduce labor costs, and meet client demands for greater efficiency.
Achieving Cost Reduction and Operational Efficiency with Krista
With Krista, the BPO firm transformed its invoice processing operations for the client. The improved accuracy and automation allowed the firm to handle large volumes of invoices more efficiently, significantly reducing the labor required for manual corrections and translations. This not only led to lower operational costs but also helped the firm meet its client’s expectations for cost reductions and faster processing times. This project’s success has paved the way for expanding Krista’s capabilities across other areas, further driving operational efficiency and cost savings for the firm.
