KBC is a leading bancassurance serving ten million customers in Belgium, the Czech Republic, Slovakia, Hungary, and Bulgaria. With 36,000 employees and a network of 1,560 bank branches, KBC processes over 90,000 invoices annually and has about 15,000 active users. Recognizing the need for modernization, KBC aimed to digitize its accounts payable (AP) process to enhance efficiency and control.
Challenges
KBC faced several issues with its existing accounts payable process, including high costs and environmental impacts of sending paper invoices to Eastern Europe, lack of real-time insight into invoice status, frequent errors and delays, and risks of fraud due to intercepted invoices with altered bank details. Manual data entry further led to inefficiencies and frustration.
Solution
To address these challenges, KBC collaborated with Dynatos to implement Tungsten Automation’s Process Director for SAP. This solution automated invoice processing using Optical Character Recognition (OCR) for key invoice fields and seamlessly integrated with SAP for real-time data transfer and monitoring. The new system provided a user-friendly workflow accessible to all relevant personnel, a digital archive compliant with legal regulations, and end-to-end monitoring to track invoice status and identify bottlenecks.
Results
As a result, KBC experienced enhanced efficiency through reduced manual data entry. Additionally, there was improved control and transparency over financial processes. They also achieved cost savings from digital archiving and minimized their carbon footprint. Moreover, the new system bolstered fraud prevention and increased supplier satisfaction through streamlined handling and faster payments. Furthermore, it allowed employees to focus on strategic tasks instead of manual data entry.
90,000
Invoices processed annually, with reduced errors and enhanced efficiency.