Finance: Invoice Processing
Global Corporation • 10,000 invoices/month
Challenge
Invoice processing took 5 days on average with 15% error rate, resulting in $50K annual late payment fees and supplier dissatisfaction (6.2/10).
Solution
- Implemented OCR and automated data validation
- Simplified approval matrix from 8 to 2 levels
- Launched supplier portal for electronic submission
- Created vendor master data standards