Jiffy.ai Achieves Near-total Automation Of Financial & Accounting Processes For European Automobile Manufacturer.

Executive Summary

Our client, a $40B European automobile manufacturer, was facing challenges with their existing RPA implementation. Critical processes still required extensive manual intervention, diluting the impact of RPA.

When they adopted Jiffy.ai to fix this problem, not only did it achieve a near-total level of automation, it also increased process efficiency, drove cost savings, and improved TATs.

Client

$40B European automobile manufacturer.

Processes automated

Accounts payable, accounts receivable, and general accounting.

Time to Implement

Implementing

Technology provider

Jiffy.ai

Client’s challenges

Large volume of manual processing:

Several accounting processes, such as journal voucher, cash apps and expense management were being performed manually. Over 1000 JVs a day, 500 cash apps and week and thousands of hand-written claims took over the time of the accounting staff.

Sub-optimal automation:

Our client had an existing rule-based RPA system, which was delivering sub-optimal results for them. A significant number of man-hours was still being spent in manual work, resulting in delayed deadlines, inefficiencies, and errors.

Error-prone processes and falling employee morale:

Manual processing of thousands of documents each day became tedious and error prone. Even processes as simple of JV — reading emails and posting to SAP — were filled with errors. This resulted in employees losing their confidence and morale.

Solution

Jiffy.ai combined intelligent document processing, machine learning and cognitive abilities to automate processes and prevent errors.

100% automation for email-to-SAP processes:

Jiffy.ai, the client achieved 100% automation of the JV processes. Expense management was also fully automated, including the lodging of new handwritten claims and the validation of supporting documents.

Jiffy.ai’s intelligent automation:

Cognitive pattern matching capabilities of Jiffy.ai automated Cash App processing paid invoices, user portal for error corrections, and automatic email processing.

Error-prevention and process improvements:

Jiffy.ai’s introduction of 10 potential failure point checks reduced the error rate.

Result

Jiffy.ai successfully automated 90% of all processes across accounts payable, accounts receivable and general accounting, with 80% reduction in errors, and 12X improvement in TAT.

Automation coverage:

90% overall automation achieved, with ROI realization on track. For cash app processing, 100% of payments were cleared against the right invoices, with a 6X increase in handling capacity. The expense management process saw a 5X improvement in handling capacity, with 100% of claims and 80% of supporting document verification shouldered by Jiffy.ai.

Error-reduction and prevention:

With the Jiffy Data Interface, Jiffy learned continuously from exceptions, delivering 80% reduction of errors.

TAT improvement:

Jiffy.ai delivered 12X improvement in TAT of JV processing — processing time was reduced from 1 hour to 5 minutes. The throughput of JV processing was increased from 1000 to 6000 per day.

Compliance and audit-readiness:

Jiffy.ai maintains a clear audit trail with real-time approval flow and document availability, which can be verified by auditors as needed.

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