Case Study

Unlocking 40% Cost Reduction: Real Estate Giant Leverages AI for AP Efficiency

How JIFFY.ai's Procure-to-Pay Solution Transformed a Global Real Estate Firm's Accounts Payable Process

Background

A Real Estate Giant's Struggle with Legacy Systems

In the dynamic world of real estate, a top-tier global company based in the US found itself at a crossroads. As one of the world's largest real estate firms, they manage a vast portfolio of services, including buying, selling, financing, leasing, managing, and valuing assets. With over 400 offices spread across 60 countries, the company prides itself on its comprehensive strategic planning and research services.

However, their Accounts Payable (AP) process was proving to be a significant bottleneck. The company faced a myriad of challenges: manual, error-prone processes, a sprawling partner and vendor ecosystem, and a deluge of duplicate invoices. The extensive validation processes and integration with outdated legacy systems further complicated matters. As transaction volumes grew and business requirements evolved, the company's AP framework became increasingly inflexible, leading to inefficiencies and mounting operational costs. The need for a robust automation solution was evident.

Objectives

Transforming Challenges into Opportunities

The client aimed to achieve several key objectives:

Improve Data Accuracy: To enhance consistency and accuracy in data handling across all platforms.
Reduce Costs: To lower operational expenses and boost productivity.

Automate Manual Processes: To enhance efficiency and reduce human error by automating complex validation tasks.
Seamless Legacy Integration: To ensure smooth data flow and interoperability across various systems.

Challenges

Navigating the Complexities of AP Operations

The client's journey was fraught with specific challenges:

Complex Data Validation: Over 90+ validations were needed, involving numerous steps and frequent cross-checks with databases and spreadsheets, increasing the likelihood of human error.
Diverse Legacy Systems: The use of multiple legacy systems with varied data formats and protocols made integration a daunting task.

Data Inconsistencies: Disparate systems led to inconsistent data, which adversely affected decision-making and reporting accuracy.
Scalability Issues: The solution required scalability to manage increasing data volumes and transaction demands efficiently.

Solution

JIFFY.ai's AI-Powered Procure-to-Pay Transformation

JIFFY.ai stepped in with its cutting-edge Procure-to-Pay solution, designed to tackle the client's unique challenges:

Automated Data Extraction: Leveraging AI and ML, our solution extracted data from various documents and sources, including legacy systems and databases.
Validation Workflows: We created automated workflows to handle complex validations, ensuring high data accuracy and compliance.
Data Transformation: Our platform seamlessly transformed data to ensure compatibility across different formats and protocols.

Centralized Data Management: A centralized repository was established for managing data from all integrated systems, supported by data quality tools to enhance consistency and accuracy.
Supplier Portal: An exclusive portal for suppliers was implemented, allowing for efficient handling of transactions and communication.
Scalable Cloud-Based Solution: Our solution offered the scalability needed to accommodate growing data volumes and transaction loads.

Results

A Paradigm Shift in Accounts Payable Efficiency

The implementation of JIFFY.ai’s Procure-to-Pay solution led to transformative outcomes for the client:

Increased Efficiency: The client achieved 55% touch-less Straight-Through Processing (STP), and the remainder was managed through efficient workflows for exceptions. This enabled decision-makers with validated data for effective decisions.
Cost Savings: The client realized a 40% reduction in operational costs due to decreased manual efforts and enhanced process efficiency.
Seamless Integration: Our integration platform facilitated smooth data flow between legacy systems, significantly improving interoperability.

Error Reduction: Automated validations drastically reduced errors, enhancing data accuracy and compliance. All duplicates and discrepancies were effectively managed through the Supplier Portal.
Scalability: The cloud-based solution provided the necessary scalability to handle an ever-increasing volume of data and transactions, future-proofing the client's operations.

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