Revolutionizing Invoice Processing with Robotic Process Automation

1. Case Study Overview on the company: Revolutionizing Invoice Processing with Mindful Automations in a Leading Retail Store. Company Introduction: Shoppers Stop is one of the India's largest commercial stores and finest retailers for more than 30 years, a prominent name in the retail industry, specializes in offering a wide range of products from family's fashion to home decor and luxury watches at the best prices. With a robust supplier network, managing invoice processing efficiently was a top priority. This case study illustrates how Shoppers Stop Retail transformed its operations through Mindful Automations' advanced technology. Overview about the process- Invoice Processing: The series of steps an organization takes to handle its incoming bills is known as invoice processing. Receiving invoices, verifying the legitimacy and accuracy, securing the required approvals, storing invoice data into the accounting system, and paying suppliers are some of the duties involved. Take an intermediate-sized manufacturing company, for example, that has to deal with a lot of invoices from different suppliers. These bills can be received in paper or electronic format, among other types. Paper invoices must be scanned and manually entered into the accounting system by the business. Every invoice must be verified for accuracy and legitimacy by the finance department. Different departments may need to approve invoices, and any differences between purchase orders, delivery receipts, and bills need to be reconciled. Additionally, Invoices must be appropriately coded, and the business must maintain records for audits. This manual procedure can be error- prone and time-consuming. Numerous businesses are switching to automated invoice processing solutions, which leverage technologies like workflow automation and optical character recognition (OCR) to decrease errors and expedite the approval and payment procedures. The challenges faced with manual invoice processing by the company: Receiving and organizing supplier bills is a crucial part of retail operations, which is known as invoice processing. And for Shoppers Stop Retail, this was a time- consuming and prone to error procedure that came with a number of difficulties, including:

2. Manual Work: Processing of invoices mostly relied on human data entry and validation. Data Errors: A considerable amount of errors were caused by the manual method, which reduced the accuracy of the data. Processing Delays: Due to the large number of invoices, supplier relationships were impacted by processing delays. Rising Costs: Growing concerns were raised by the increase in operating expenses, which included labor and resources. Opportunity to Automate: Technologies used by Mindful Automations: At Mindful Automations, we leverage a suite of cutting-edge technologies to streamline business processes. Our automation solutions incorporate screen scraping for user interface interpretation, seamless API integration to facilitate system communication, OCR technology to extract data from images, data extraction and transformation tools, workflow automation, and, when needed, we harness the power of Machine learning and Artificial intelligence for advanced capabilities such as natural language processing. These technologies collectively empower Mindful Automations to automate a wide array of tasks and processes, enhancing efficiency across any organization. Invoice processing Automation: Shoppers Stop Retail sought the expertise of Mindful Automations, a leading provider of automation solutions, to automate their invoice processing. Mindful Automations' suite of products, including M-Bot, Data Magic and Doc-intelligence, played a pivotal role in this transformation. How Mindful Automations Streamlined the Process: 1. M-Bot was implemented which is a software program that automates repetitive tasks. It performed various actions such as extracting data from invoices, verifying information, matching invoices with purchase orders, entering data into accounting systems, and even initiating payments. It handled these tasks swiftly and accurately, improving efficiency and reducing errors in the invoice processing workflow. 2. Data Magic seamlessly integrated with Shoppers Stop Retail's existing document management system, offering a structured approach to document storage and retrieval, as it has a capacity to structure any unstructured data, it enhanced audit capabilities. 3. DOC-Intelligence, as it is harnessed with OCR, AI and machine learning, In invoice

3. processing, it played a pivotal role in data validation and verification, cross- referencing extracted data with the company's databases and external sources to ensure accuracy and compliance with business rules. Customer Testimonial: The adoption of Mindful Automation solutions delivered a series of trans-formative outcomes for Shoppers Stop Retail: It helped them to reduce manual data entry errors which was virtually eliminated, significantly enhancing data accuracy.  Invoice processing times were dramatically reduced, leading to expedited payment cycles and improved supplier relationships.  The company enjoyed substantial operational cost reductions, including savings on labor and resources.  The automated process seamlessly adapted to fluctuations in invoice volumes, eliminating the need for additional manpower which favoured scalability. Conclusion: Through the utilization of Mindful Automations' cutting-edge products, Shoppers Stop Retail overhauled its manual invoice processing, turning it into an efficient, cost-effective operation. This not only saved time and resources but also bolstered the company's competitiveness and overall stakeholder satisfaction. This case study serves as an inspiring example of how Automation can transform invoice processing in the retail industry. Retailers and organizations in various sectors can look to this success story for inspiration, and consider Mindful Automations' suite of products as a formidable solution for their automation needs.