Introduction

AI-enabled systems improve and expedite back-office operations which involve both human activities and business processes. An online retailer was in need of back-office support to simplify the process of data extraction and management of customer invoices.

They required an affordable solution to carry out their everyday operations like order, invoices and transaction processing. For instance, they wanted to extract several key fields like date, place, vendor, currency, and the overall amount of the transaction from the invoice. Phykon developed an AI-enabled back-office support solution to automate back-office operations of the eCommerce firm.

Challenges Faced by The Business

The entire process of order placement to payment involved payment-related systems, inventory management and several other processes including real-time information update. There were several bottlenecks in the purchase-to-pay systems and processes.

eCommerce is a dynamic sector as the product prices and offers change within hours. Product information had to be updated in real time. Manual inventory management was error-prone. Even minor errors in stock assessment can lead to incorrect/incomplete orders or late deliveries. It was difficult for their team to handle all these tasks manually.

Solution

Phykon offered an AI-powered back-office support solution which helped the client in automating their back-office processes such as invoicing, collection, report generation, etc. It also helped the client in reducing errors in the order-to-cash process. Our solution helped in identifying patterns and anomalies in transactions and documents to further reduce errors in invoice and billing. Phykon’s back-office support system ensured that no product or service provided by the company went unpaid for. With AI, the client could identify their best customers by analysing patterns of their behaviour — repeated purchases, on-time payments, purchase or product preferences, etc. Real-time updation of production information and prices was made possible too. Analysis of such customer data helped the client in creating personalized customer incentives.

Results

AI-powered virtual assistants enabled real-time updation of product information. Our back-office solution assisted the client to monitor how invoices were issued, sent and processed. It ensured that they received payments on time and never missed even one transaction. It also improved operations and accelerated compliance with regulations. Our solution helped in handling product queries and offering on the spot support solutions.

Conclusion

AI-enabled back office support solutions developed by Phykon can help you get more done by automating manual tasks. The solution provided much-needed efficiency and automation for areas that previously required large amounts of high-importance but low-value human activity. Phykon’s solution served as an augmented assistant that significantly reduced the load of the client’s human back-office team.