AI-Driven Invoice Review at NovaData Solutions
Challenge
NovaData Solutions was approached to address a significant issue faced by a client struggling with a cumbersome manual review process for a substantial $6.8 million restoration invoice. The client grappled with frustration due to months-long manual inspections that hindered timely resolution and revealed an excessive breach of the “not to exceed” limit by the restoration company.
Scenario
The restoration company presented a single mitigation invoice amounting to $6.8 million, surpassing the predetermined expenditure limit set by the client. Complicating matters, two different building consultants were engaged in the review process, leading to inconsistencies and delays.
The Manual Review
In the manual review process undertaken by the client, the evaluation of a $6.8 million restoration invoice proved to be a complicated task. Engaging numerous reviewers over an extended period, this process incurred expenses totaling $460,000, accrued from thousands of laborious hours spent scrutinizing the invoice details. Over a cumbersome three-month duration, the manual review, despite dedicated efforts, fell short in uncovering the entirety of discrepancies and overcharges present in the invoice when compared with the outcomes achieved through the Rest-Assured AI-driven review.
The Rest-Assured™ AI-driven Review
In contrast to the protracted and labor-intensive manual review, the Rest-Assured AI-driven assessment revolutionized the invoice scrutiny process. Within an astonishingly brief two-business day turnaround, this cutting-edge platform swiftly identified and highlighted over $1.5 million (22%) in overcharges within the $6.8 million restoration invoice. Its advanced algorithms and systematic analysis not only expedited the evaluation but also surpassed the findings of the exhaustive manual review. This streamlined and efficient approach illuminated previously unnoticed discrepancies, showcasing the transformative power of technology in swiftly and accurately uncovering financial anomalies.
Outcome
The implementation of the Rest-Assured AI-driven review not only drastically reduced turnaround time but also revealed previously unnoticed overcharges, totaling more than $1.5 million. This technology-driven approach revolutionized the invoice oversight process, uncovering discrepancies swiftly and efficiently compared to the arduous and less comprehensive manual review.
NovaData Solutions’ AI-powered Rest-Assured platform showcased its prowess in swiftly and accurately analyzing the $6.8 million restoration invoice. The stark difference in findings between the manual review and AI-driven review highlighted the transformative impact of technology in expediting processes and identifying significant financial anomalies, empowering companies to make informed decisions swiftly and effectively.
