Accounts Payable Automation & indexing
Kensium BPO has been engaged by a longstanding partner to assist with invoice processing for a key account for over 3 years. Previous partners were unable to provide scalable solutions capable of keeping pace with fluctuating volumes while still providing required accuracy levels within the specified timeline.
About our Client: Our client is a leading provider of facilities management, office service outsourcing and mailroom/postal optimization. They are a multinational organization with deep relationships in the Banking, Insurance and Healthcare industries. Their client is a premier provider of payment automation services, specializing in crafting solutions to streamline organizational transactions and reducing manual workloads for in house resources.
By the Numbers.....
- Average of 25,000 data points captured daily
- 400% increase in daily volumes over a 3 year term
- All deliveries made within 12-24 hours of receipt
- Estimated annual savings of over $120,000
Challenge: The client approached Kensium BPO to perform invoice processing services for this key account. The workflow determined by the end client called for daily uploads of client invoices from 5:00PM through 2:00 AM, Eastern with all indexing to be completed by the following morning for integration into their online platform. Multiple custom output files would need to be created and validated to ensure compatibility with the client’s Accounts Payable platform. As the integrity of data pertaining to payments is critical to the financial stability of their partners, the SLA also required >99% accuracy on all indexing completed by Kensium.
Solution: Knowing the demanding nature of the end client, it was critical that Kensium tap its most senior resources for the handling of this project. An initial pilot was agreed to and conducted over a 2 month period to confirm accuracy standards could be achieved and the data output could be integrated seamlessly. During this time, Kensium compiled a comprehensive log of workflow anomalies critical for use as a roadmap going forward for exception handling. In addition, a custom secure FTP workflow was established whereby invoices are automatically routed to specific inbound folders and mirror folders are created for the completed xml files to allow a script to retrieve the data at appointed times.
Results: An engagement that began with the modest volume of 50 invoices daily has ballooned to over 2,000 per day over a period of 3 years that is forecast to increase still. Though the Service Level Agreement agreed to by the parties calls for delivery within 24 hours, it has been imperative that the team deployed be flexible to handle volatile swings in incoming volumes. By extending shifts when necessary and right-sizing staff, the SLA continues to be met and in many cases, completed files are delivered in as little as 10-12 hours from receipt. As both our partner and the end client’s feedback has been roundly positive throughout, additional accounts continue to be on boarded with increasing data requirements as well. By leveraging the comparative timing of offshore resources that can complete processing during overnight hours in the US, the client is assured that their internal AP staff is supported at all times. Further, when considering similar domestic services and the resources the client no longer needs to assign to these activities, current volumes processed by Kensium represent a savings of no less than ~$120,000 over the course of a calendar year.