1. The small AP team at FibroGen is overwhelmed with vendor invoices despite recent SAP implementation.
2. FibroGen receives around 1,000 invoices per month, leading to manual processing taking up 25% of total working hours.
3. VP of IT at FibroGen, Parag Govil, explores Google Cloud Document AI to automate invoice processing and enlists the help of Deloitte and Google Cloud for implementation.
The accounts payable team at FibroGen, a biotech company, is struggling to process a high volume of vendor invoices despite a recent SAP implementation. With only two staff members and an average of five minutes per invoice, they spend a significant amount of time manually entering data into SAP.
The process of receiving invoices via email, downloading them, and entering them into SAP is time-consuming and prone to errors. Automating this process with AI technology could greatly improve productivity, accuracy, and employee satisfaction.
FibroGen’s VP of IT, Parag Govil, decided to pilot Google Cloud Document AI’s Invoice Parser to streamline invoice processing. However, the company lacked the technical expertise to implement the solution on their own.
To address this challenge, Parag enlisted the help of Fibrogen’s SAP partner, Deloitte, and Google Cloud to design and implement the AI-based solution. By leveraging innovative technology and strategic partnerships, Fibrogen aims to improve efficiency and reduce costs in their accounts payable operations.