Novuna Business Finance implements automated invoice processing

matthew colville foley — Matthew Colville-Foley, Head of Change Delivery at Novuna Business Finance

Novuna Business Finance has combined Evolution AI’s data extraction technology with Workato’s Enterprise Automation platform to achieve end-to-end automated invoice processing to drive its digital transformation strategy forward.

The new automated process means Novuna Business Finance will no longer have to rely on time-consuming manual invoice processing techniques, resulting in a faster, more efficient service – and enabling the business to bolster its reputation for exceptional customer experience.

Traditional Optical Character Recognition (OCR) technology, which reads and extracts written information from paperwork, has historically been ineffective due to the large volume of invoice formats the business receives.

Through an introduction from CGI, the business has found a solution combining Evolution AI’s intelligent document processing (IDP) technology with Workato’s Enterprise Automation platform. The advanced tech stack has enabled the business to automate the entire end-to-end process by reading, extracting and validating the relevant data and performing all necessary checks.

The time to process an invoice previously ranged from hours to days if amendments needed to be made as the process had to be repeated, increasing workloads, and consequently delaying pay out. Automatic updates of its core Alfa system allows teams to focus on other areas where their expertise is better utilised.

Matthew Colville-Foley, Head of Change Delivery at Novuna Business Finance said, “The capability to automate more of our work and improve our accuracy in processing documents, without having to introduce new systems for our customers seemed too good to be true. However, the solution that Evolution AI provides has exceeded our expectations on all of these fronts. Coupled with Workato’s strength in automation and integration, we have been able to bring the solution to reality, and our customers, very quickly.”