”After these experiences, I could no longer go back to time without artificial intelligence”
- Pasi Vilhunen, CEO, Bravedo
+ 550 m
The Bravedo business community includes a total of 92 companies. On an annual basis, the Group processes approximately 120,000 purchase invoices. About 90% of these invoices are received electronically, 5% as PDF invoices and the remaining 5% are scanned.
Previously, prior to the implementation of the Snowfox.AI service, Bravedo had utilized automation in processing purchase invoices related to order and contract invoices. At that time, the level of automation was 20 - 30 percent. This level did not satisfy CFO Pasi Vilhunen, who had set an ambitious goal for automating the purchase invoice handling process. It was clear that the goal would not be achieved by traditional methods.
Another company in the Bravedo Group, Barona, had successfully developed artificial intelligence for recruitment needs. Inspired by good experience, Vilhunen began to find out whether AI could also be applied to automate the purchase invoice processing process. “We had noticed that the learning ability of artificial intelligence is amazing. I wonder if the same capacity could also be utilized for the needs of financial management, ”Vilhunen explains the background to the birth of Snowfox.AI.
An alarming need to raise the level of automation of purchase invoice processing was made by a study carried out by Bravedo on the state of purchase invoice processing. The results spoke harsh language: Of Bravedo’s more than 240 professionals who handle purchase invoices, they spent an average of 0.5 to 3 hours a week on purchase invoices. In many cases, the Group's highest paid employees spent the most time with invoices. Processing invoices per month meant an average cost of around 925€ per accounting professional. When the number is multiplied by the total number of invoice processors in the Bravedo Group, one gets into the same emotional state as the project team that read the report.
The study also examined the costs and work done on purchase invoices in accounts payable. According to the study, the most time-consuming tasks were, in addition to accounting, manual routing by the accounts payable. Much of the processing steps were done very manually by copying and saving information from one location to another.
“The results of the survey were, frankly, appalling. It felt a kind of awakening to what the real costs of processing purchase invoices are”, Pasi recalls.
In the end, the project that started as an internal project succeeded in what the traditional methods did not achieve. With the help of Snowfox.AI, Bravedon has achieved extremely good results. Currently, Snowfox.AI can predict postings and other dimensions with ~ 90% accuracy. Purchase invoices which were previously routed manaually are now routed automatically with approximately 80% accuracy. The investment in AI has paid off, and a higher level of automation has enabled the Group to save hundreds of thousands of euros.
“After these experiences, I could no longer go back to time without artificial intelligence. Professionals in both business units and accounts receivable have come several times to praise the lightened administrative workload”, Pasi sums up.
Are you interested in implementing Snowfox.AI, but you’d like to know more first? Contact us to find out how we can help you automate your purchase invoicing process with AI.