Transforming Accounts Payable: How A Retailer Unlocked Efficiency with AI

Background

Freson Bros., a prominent regional grocer with a network of stores across Alberta, grappled with manual accounts payable processing inefficiencies. Handling over 60,000 paper-based invoices annually across 16 stores proved daunting, plagued by errors, delays, and resource drain. Recognizing the imperative for modernization, Freson Bros. turned to Consentia and its digital transformation solutions. Specifically, Consentia provided AI-powered data extraction solutions to revolutionize its document management processes and enhance operational efficiency.

The Challenge

Freson Bros. encountered myriad challenges with their manual accounts payable process. The decentralized invoice management system, disparate vendor invoices, and manual data entry processes led to inconsistencies, inaccuracies, and prolonged processing times. This hindered timely management reporting and strained operational resources. Freson Bros. sought a solution to streamline workflows, standardize data extraction, and leverage AI technology to drive automation and accuracy.

The Solution

Consentia’s AI-powered data extraction solution offered Freson Bros. a comprehensive answer to their accounts payable challenges. The deployment of this solution allowed Freson Bros. to automate invoice entry; thereby, eliminating manual data entry and reducing human error.

Moreover, Consentia’s solution seamlessly integrated with Freson Bros.’s existing financial system, facilitating a smooth transition and ensuring data integrity. The AI-driven system simplified invoice collection, data extraction, and validation, empowering Freson Bros. to achieve unparalleled accuracy and efficiency in their accounts payable operations.

How It Works:
The new AP process was initiated with the AP team scanning and uploading invoices. Consentia provided a hardware and software solution, simplifying invoice collection with a single push of a button. Scanned invoices are automatically tagged with store, department, and coding details, then swiftly uploaded to a Secure FTP (SFTP) site.

On a scheduled basis, the system would automatically process invoices, validate data against preset company criteria, and conduct thorough accuracy and quality checks. The majority of invoices effortlessly pass validation steps, ready for transfer into Freson Bros.’ ERP system for payment processing.

Exceptions, such as duplicate invoices or those from unverified vendors, are promptly flagged for review by Freson Bros.’ AP team. A cloud application also allows easy comparison of extracted invoice data with original scans, streamlining exception handling.

The Outcome