Focus on Deals, Not Data
How Scrypt Is Helping Global Real Estate Operating Companies
Case Study: Real Estate Sector
“Automation has simplified our accounts payable process resulting in significant expense savings. Our AP process is now more efficient, secure and reliable.”
Global Real Estate Company • Chief Accounting Officer
Company Background
Data-driven firms are effectively using big data to understand consumer patterns and predict outcomes to increase their efficiency and improve processes. We all experience the way these companies use this information when we’re hit daily, even hourly, with product recommendations, movie suggestions and social media notifications.
Leveraging big data as such has led to mass customization and true personalization of products and services, resulting in real-time customer engagement and increased customer satisfaction. Smart firms asked themselves why stop at the consumer? Why not use AI and machine learning to enhance business process automation for simplified and streamlined back office operations? Even the most modest estimates indicate that immediate cost savings of 40% to 75% can be achieved easily.
In early 2019, Scrypt partnered with a global real estate firm that manages over $30 billion USD in investments. They wanted to achieve two simple goals for their AP process: lower costs and faster processing.
Before Scrypt
While they had already ditched paper and submitted almost all invoices digitally through email, their AP specialists still found themselves performing tedious manual tasks. Unfortunately, they also experienced several false starts when they tried to automate their process with a handful of AP automation solutions. Their teams ultimately spent more time building invoice templates for the “automated solutions” and performing error corrections on the results.
To their dismay, they discovered that these so-called automated solutions were often either template-based approaches or backed by an offshore team--with neither really delivering on the promise of lower costs and faster processing.
After Scrypt
With Scrypt's transformative template-free approach, big data and machine learning techniques were used to extract information from invoices and predict values for all relevant fields, including individual line items.
Additionally, with Scrypt’s powerful data ingestion, processing, enrichment and distribution architecture, a complete end-to-end solution was delivered within 3 months. The customized solution connected to the firm’s ERP system, eSign system and general ledger.
Scrypt’s turnkey touchless AP platform delivered on both goals: reduced expenses and increased productivity.
Each of these gains in efficiency resulted in significant employment cost savings via headcount reduction. Even with a smaller AP team, the real estate firm was able to decrease invoice processing time by 66% while continually increasing invoice volume.
Take your invoice and payables automation from here to there
Revolutionizing your payables and receivables process is easier than you think. It all starts with a conversation. What are your business requirements around AP & AR automation and systems integration? What are your goals?
We’ll work with your team to build an AI-powered solution that fully integrates with your existing ERPs, eSign systems and supports your custom accounting process. Let’s talk.