The manual review process historically used in the mitigation bill review process pose challenges in terms of time, cost, and consistency. Comparatively, the Rest Assured Review offers a more efficient alternative, utilizing AI technology and desk checks to streamline the process.
Recently, NovaData had the chance to review an invoice that already was reviewed in a manual fashion. Although an automated system cannot catch the potential scope issues or nuances of what is needed or not needed for a specific loss, what we can do is complete the data entry and basic accounting audits that are imerative. Imgaine if we worked together by bringing technlogy and technical experts together to get the best and most efficient solution for our mutual clients?
Let’s compare the two approaches based on a real-life case study:
- Expense: The manual review process incurred a cost of $460K from thousands of hours billed by reviewers. In contrast, the Rest Assured Review only cost $6.5K, significantly reducing the financial burden.
- Turnaround Time: The manual review process took three months to complete, causing frustration and delays. The Rest Assured Review, on the other hand, had a swift turnaround time of just two business days. This accelerated process allowed for timely decision-making and minimized project disruptions.
- Potential Savings: The manual review process found similar results to the Rest-Assured review with the figures being slightly higher than the automated review. This means that by leveraging AI and desk checks, businesses can uncover substantial cost reductions, leading to improved profitability and financial management.
The Benefits of the Rest Assured Review
The Rest Assured Review demonstrates the power of AI and desk checks in enhancing the invoice review process. Some key benefits include:
- Cost Efficiency: The reduced expense associated with the Rest Assured Review allows businesses to allocate resources more effectively, saving money that can be reinvested into other areas.
- Swift Turnaround: The streamlined process of the Rest Assured Review enables businesses to resolve invoice discrepancies and make financial decisions in a timely manner, preventing delays and disruptions.
- Consistency: The AI-powered review can identify areas of potential savings, empowering businesses to negotiate better terms and optimize their financial resources.
Conclusion
Comparing the manual review process to the Rest Assured Review highlights the remarkable benefits of AI technology and desk checks in the invoice review process. The Rest Assured Review provided quicker turnaround times, significant cost savings, and the identification of potential savings, illustrating its superiority over traditional manual reviews. As businesses strive for increased efficiency and accuracy, it is evident that embracing AI in the invoice review process can lead to enhanced financial management and overall success.
