Customer: Prosperr.io
Prosperr.io helps customers manage their income tax filings and assists businesses with payroll compliance by managing end-to-end invoicing and reimbursements raised by their employees.
The Challenge
Prosperr processes and verifies around 5,000 invoices per day.
The invoices are categorized into:
Food Invoices
Fuel Invoices
Medical Invoices
Personal Development Invoices
B2B Purchase Invoices
They operated with a 52 member payment operations team to validate and approve the invoices. On an average each employee processes approx 100 invoices a day, costing approximately $10k per employee annually. The total operational expenses of serving just 4 customers has been $500k per year.
Prosperr faced several significant challenges:
Scaling Constraint: The business struggled to scale beyond five customers due to substantial operational overhead.
Significant Human Error: Manual processing resulted in nearly 5% human error.
Tedious Repetitive Tasks: A lot of repetitive tasks involved data extraction, such as verifying business identifiers and manually searching for GST numbers for certain invoices.
Ineffective OCR Solutions: Existing OCR solutions could not fully automate their use cases requiring data enrichment and categorization based on the invoice context.
"We struggled to scale our business as we had to rely on manual work. With SignalsIQ, we have been able to scale 10x and save $100k by identifying fraudulent documents," said Manas gond, CEO Prosperr.io.
The Solution
Dev Kumar, CTO at Prosperr reached out to us, explaining his challenges and why existing vendors could not fully solve them. During the discovery process, the use of AI and LLM technology stood out as the key to addressing these issues alongside OCR.
With advancements in AI, entry-level tasks such as food bill categorization can now be automated. However, Dev faced significant challenges in their invoice automation journey:
Business Validation: They needed to ensure that the business identifier was a valid identifier, such as a GST number. SignalsIQ AI solved this by adding intelligent AI agents to lookup public databases and validate fields internally.
Missing Information: These AI agents could populate missing GST fields by performing a business name lookup.
Now, SignalsIQ receives invoices from Prosperr.io, captures critical information in real time, validates vendor business identities, and sends the information using standard webhooks to their system.
The updated system allows the Prosperr team to quickly verify invoices and has enabled them to expand to 10 customers with the existing operations team.
Here is what the final workflow looked like
"Our aim is to make our customers successful, no matter the effort it takes to solve the problem." - Mohit Kumar, Co-Founder of SignalsIQ.AI
The Result
Post-integration with SignalsIQ, Prosperr realized three significant benefits:
Business Scalability: Successfully scaled from 5 to 10 customers increasing the processing capability of 15k invoice / day.
Cost Savings: Saved $100k annually by serving these customers with the existing team.
Error Reduction: Reduced manual errors from 10% to less than 0.5%.
Full Automation: Automated the entire process without requiring human intervention for data enrichment scenarios.
Efficient Flagged Case Management: Our AI copilot provided detailed insights, optimising 50% of the time spent on flagged cases.
To learn more about Prosperr Services and their work, visit Prosperr.io. To learn more about SignalsIQ AI, visit signalsiq.ai or speak with us today!