Stant and Thirdware

PROFILED ORGANIZATION:

Stant is a tier-1 automotive supplier of thermal and vapor management parts. They have operations in 5 countries and ship to over 160 global customer locations. They recently celebrated 120 years of continuous business operations and have a proud heritage of quality products that serves OEM, industrial and after-market channels.

CHALLENGE:

The Accounts Payable team was overwhelmed by the burdensome invoice-matching process and lacked the time to process exceptions in a timely manner. The hands-on process also resulted in reporting delays and risk of supplier payment delays. The Stant Finance team recognized that the Accounts Payable and Procurement Teams needed a better way to process invoices efficiently, address supplier issues proactively, and free up time to source and manage supplier relationships more strategically. The Stant team spent a significant amount of time manually aligning financial reporting systems and validating invoice receipt information.

SOLUTION:

The IT/Finance teams considered different options to streamline the invoicing process and how to automate. In the research process, they became aware of Robotic Process Automation (RPA) and brought this solution to the leadership as a quick way to improve the throughput and accuracy of the accounts payable process. The CFO’s team could focus on higher value work, while his Digital Workforce performed the time consuming invoice matching and tedious data entry work—all while reducing errors. Stant engaged with Thirdware and quickly performed a successful RPA Proof of Concept (PoC). Following the PoC, Stant fully committed to rolling out Automation Anywhere RPA for several labor intensive and error-prone shared service processes.

BENEFITS:

  • 80% Straight Through Processing
  • 94% Targeted Supplier Invoices Processed
  • ZERO Data Entry Errors
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