Encouraging M&A with AP automation for a publicly traded organization
The Digital Coworker was trained to ingest, read & understand unstructured data coming in from emails.
Realized within 6 months
Processed each year
Straight-through processed by the Digital Coworker
Roots Automation partnered with a fixed-base operator within the aviation and logistics industries, respectively. This Customer provides fueling, hangering, aircraft rentals, and maintenance. One of their own customers is the U.S. Army.
This organization was a subsidiary of a large, publicly traded corporation, where the parent corporation was looking to sell the entity in the face of the COVID-19 pandemic. In total, the Customer was bringing in roughly $11 billion in revenue and was supported by 15,000 employees.
Our Customer, a fixed-based operator (FBO), provides fuel, hangers, aircraft rental, and maintenance for planes. One of the company’s more notable clients is the U.S. Army.
This Customer had statements from 40 FBOs originating from all over the country. The statements captured fuel prices by fuel providers across the different FBOs, and contains the information by which the Customer calculates its invoices. This is part of the Accounts Receivable process.
With data coming from so many FBOs, the customer’s finance team needed to verify all data and accurately enter the data into their Accounts Receivable system.
The finance team was facing excessive pressure to ensure accuracy and completeness of all Accounts Receivable processes. Fuel prices change constantly, presenting a significant challenge on verifying accuracy. The Customer's finance team had to ensure all data coming from the different FBOs were accurately entered into their Accounts Receivable system so that when they billed their customers for the fuel, the invoices were accurate and reflected the rate at the time of purchase. As prices of fuel were changing on every Tuesday, this provided a challenge to ensure a certain rate was being honored.
Additionally, the Customer’s original parent corporation was setting up the Customer to be acquired by a private equity firm, which required accuracy and accountability within their accounting department.
The Digital Coworker was trained to ingest, read & understand unstructured data coming in from emails. This unstructured data took the form of data from statements, remittances and other documentation received via email.
Once the data was extracted from these documents, the Digital Coworker then matched the payment received against remittances to pinpoint outstanding balances, and made sure these hit the ledger as planned. The roots Automation team also had to build out algorithms to calculate the base price in addition to the price of fuel to record these balances in the system. If there were outstanding balances, the Digital Coworker notified the team for investigation. However, 82% of the time, the Digital Coworker was able to process these payments successfully, without human intervention.
The Digital Coworker processed 11,000 transactions within the year, and 82% of these payments were processed without human intervention. Return on investment was realized within just 6 months, with a 226% ROI. Additionally, 5 FTE were moved to other more engaging and more impactful tasks. This resulted in additional cost avoidance.
Finally, the Customer was successfully acquired by a private equity firm, per their executive team’s goals.
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