Financial Services Company Automates to Cut Invoice Processing Time by 95%
Triumph Business Capital slashes billing time, frees up staff with Xerox® RPA.
“We chose Xerox RPA over other RPA programs because they provide an all-in-one solution from beginning to end.”
About the Client
For almost two decades, Triumph Business Capital has provided invoice factoring to thousands of businesses. Headquartered in Coppell, Texas, Triumph offers a suite of services to growth-focused transportation companies, including fuel advance and fuel discount programs, credit and risk analysis, account resolutions, account management software, and additional back-office services designed to empower clients.
Triumph Business Capital prides itself on using state-of-the art technology to achieve maximum efficiency and consistency for clients. The financial services company needed a better way to handle the varied billing processes for its third-party vendors, many of whom had specific demands that required extensive manual work by Triumph’s billing team.
When it looked at possible billing solutions, it found that each had gaps in meeting Triumph’s specific needs, notes Clarie Workman, Vice President of Business Information. The company decided to seek out a robotic process automation solution (RPA) instead.
Workman says the company chose Xerox® Robotic Process Automation because it offers an easy-to-implement, all-in-one solution. The company also found the Xerox team to be responsive and easy to work with.
“They support it, they service it, so it is a turnkey solution.”
As the company’s needs change, Xerox RPA can also “adjust and mold as you need it to mold,” Workman says.
Now the company’s billing is a process that is run overnight via RPA. The next morning when the billing team shows up, it is already done. The process can now be monitored by a single employee in 30 minutes a day.
The Challenge
Time-consuming manual invoice processing
Triumph needed to find a systematic way to support the large number of invoices it received daily, serving a wide variety of vendors and their unique billing processes. It wanted to replace the current manual process that required five to seven people and took two hours per day to complete.
Since Triumph’s forward-thinking use of technology is something that sets it apart in the marketplace, it was important that the billing process be efficient and consistent. The company also wanted to free up team members to work on higher-value projects.
After reviewing other solutions, Triumph decided that robotic process automation (RPA) was the best option to meet its needs.
While other RPA vendors it reviewed required hiring additional in-house resources to support their automated workflows, it found that Xerox® Robotic Process Automation (RPA) is a turnkey, end-to-end solution fully supported and serviced by Xerox.
The Solution
Bots that put manual processes on autopilot
Triumph determined that Xerox® RPA is the one-stop-bot-shop their team was looking for to help transform their invoice processes. The team designed, implemented, and supported the bot without intervention from Triumph’s internal resources.
How their bot-powered process works now:
1. Bot receives email CSV and scanned PDF document
2. Bot gets details from CSV and OCR is applied to document
3. Bot uploads documents and enters details into transportation website
4. Emails daily invoice process log and exceptions to Triumph
The Results
Doing more with less
Triumph is now able to get more done in less time with fewer resources. Immediately, they experienced notable time savings, taking the process from 50-70 hours to only 2.5 hours of work per week.
What was once done manually now runs automatically, overnight. When their team comes in the next day, the work is complete.
Now, the workflow only requires one employee and only takes 30 minutes per day. There was no need to hire additional resources to support the solution.
Their team can now focus on higher-value work while the bots handle routine, manual processes.
“Now that we have freed some time for them, they can be deployed to other areas of the business that previously we couldn’t without having to hire more people.”
Overall, Triumph experienced a 96.5 percent reduction in time spent on invoice processing with Xerox® RPA solution.
The Challenge
Large quantity of invoices received daily and processed manually
Managing the unique needs of their many vendors’ billing submission processes
Little time for the team to work on other high-value projects
The Solution
Customized bot that does the work overnight
The Results
Manual process that took five to seven people two hours a day to accomplish now takes one person 30 minutes per day.
Team is freed up to focus on high-value tasks
Download the case study to find out more on how Triumph Business Capital benefited from Xerox® RPA.
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