Changepond Technologies Accounts Payable Automation

1. Case Study How aCalifornia based Accounting Company saved millions of dollars by automating their Accounts Payable (AP) process?

2. Challenges far too many... Challenges in Accounts Payable (AP) process loomed at large with one of our California-based clients that handle back office operations. From bills and invoices’ data identification and data entry into relevant systems, unavailability of key & required information for processing, complicated internal process, lags in approval process and disbursement of funds at the right time, to losing track of invoices and delayed processing time, the challenges remained aplenty. comprehensive solution to make the whole process taut and efficient Changepond carried out a detailed assessment to identify the exact root cause of pain areas and considered various options of resolution. There were areas for standardization, there were areas where automation was possible, there were areas where automation was a challenge but needed. We came out with a comprehensive solution to make the whole process taut and efficient. Given below is the summary of our solution.

3. The way forward... RPA along with machine learning complements human work With RPA plus Changepond inhouse Machine Learning invoice extraction model, the client was able to easily capture and collate key information, besides dealing with multi-format invoices, text-based in different formats: PDF, JPG, MS Excel & MS Word, etc. Problems solved: Identify & extract mandatory and relevant information fast, and feed into accounting system. 1. 2. Add provision to identify new vendors; on-board them for recording their bills into the system. Fill in the missing pieces Machine Learning model deals with unstructured invoice formats and identifies key information that are available and not available. Also the model gets trained with changing format. Problems solved: Ability to handle changing formats. 1. 2. An auto-generated detailed report with missing details notified for those formats to be put through constant training.

4. The way forward... Beat iteration with automation The client found that most current process behaviors were iterative; they also had to overcome manual errors or loss of information during data input. Problems solved: RPA tool standardized and streamlined workflows requiring high levels of human participation. 1. 2. Exceptions and errors captured at each stage, right from pulling up data from invoice, capturing information in accounting system, application-and network-related, etc. Eliminate inconsistent approval process & pay-out delay Late or delayed payments resulted in service interruption. Approval before disbursal affected the payment process when there were lags. Problems solved: Automation of AP ensured seamless approval process with periodic follow-up & phase-by-phase delegation, thereby enhancing policy compliance. 2. 1. client relations. 3. Approvals granted within the agreed timeframe; vendors paid on time. Precise data retrieval and invoices ready for disbursement improved

5. The way forward... Losing track of invoices & delay in processing time Manual intervention involved proper maintenance of invoices. Reducing errors or loss of information during data input proved challenging. Problems solved: Invoices identified correctly, data extracted and fed into accounting tool whereby it is shifted to a dedicated data store. 2. 3. 1. 4. 5. 6. Data archiving and future indexing and reference rendered easy. Detailed report generated at the end of each execution. Automatic notification to vendors with a duplicate copy for processing. Dedicated dashboard to import key analytics including the number of invoices processed, invoices failed, new vendors added etc. Bills and invoices further drilled down in a hierarchical form. Winning the market Changepond’s automation of AP solution propelled innovation while saving substantial manhours, improving staff and customer satisfaction, driving ROI within a year and managing high transaction volume from new and existing vendors. With improved SLA the company is pitching for new business to achieve tremendous growth.

6. About Changepond A global leader in Technology services, Engineering service and Digital Transformation, Changepond is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of managing the convergence of enterprise software, cloud, digital and New Media Solutions. Advent new generation technologies and Digital cognitive skills including AI, ML, BPMN, RPA, NLP, NLG, etc., have kick started the innovation bringing in new opportunities. Building on its strong 20-year heritage and deep industry-specific expertise, Changepond enables organizations to realize their business ambitions through an array of services from strategy to operations. Changepond is driven by its conviction to provide Lasting Solutions and Creating Trust. The combination of pioneering technology experiences, strong engineering and finance backgrounds and successful business minds make for a vibrant nucleus keeping us consistently ahead of the curve. Locations New Jersey 5 Independence Way, Suite 300, Princeton, NJ 08540. salesusa@changepond.com (USA) +1-609-945-3470 Kansas 810 Pennsylvania dt, Box 45, Lawrence, KS 66044. salesusa@changepond.com (USA) +1-609-423-4365 London 27, II Floor, Peterborough Road, Harrow, Middlesex HA1 2AU. salesuk@changepond.com (UK) +44 (0) 20 8427 1276, +44 (0) 20 8248 3104 Basel Dufourstrasse 11 Postfach 336 4010 Basel. salesswiss@changepond.com (SWISS) +41 061 270 33 99, +41 061 270 33 98 Kuala Lumpur Unit 31-18, Level 31, Q Sentral 2, Jalan Stesen Sentral 2, Kuala Lumpur Sentral, 50470 Kuala Lumpur. saleskl@changepond.com (MY) +60 3 2742 6387, +60 3 2742 6388 India H-2 SIPCOT IT Park, Old Mahabalipuram Road, Siruseri, Chennai 603 103. salesindia@changepond.com (IND) +91-44-47480000, +91-44-47480003 Experience Trust and Lasting Solutions www.changepond.com