– We realized early on, and still see, that this is a cost-effective project considering the work hours saved both externally and internally. Additionally, everyone involved in invoice approval has experienced a better workday, says Morten Meiholt, CFO at Kaffebrenneriet, about the implementation of SEMINE for accounts payable automation.
– It only took ten days from the implementation for three out of four invoices to be processed automatically. A few months later, the automation rate was around 85%, and invoices from half of the company's ten largest suppliers are now handled 100% automatically.
– Previously, our staff carried around paper invoices for approval, but now they can use a smartphone or computer. This not only made their work much easier but also improved data quality and provided us with significantly better centralized control. It’s a major improvement from before, Meiholt notes, adding that it was eye-opening to see how well the solution's AI functioned.
– I was positively surprised by how quickly SEMINE's AI made an impact. It has opened my eyes to using AI in other systems as well, considering how well it has worked for us, he says.
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For an organization that receives deliveries at 44 different locations and handles around 12,000 incoming invoices annually, the paper-based routines were very labor-intensive. They realized that digital tools could offer significant efficiency gains in invoice approval, accounting, and automation, so they began exploring solutions from various providers.
– SEMINE came out on top in all areas, Meiholt states.
– For us, it is crucial to have a solution that can handle each invoice line separately. We receive many similar products, but need to allocate costs accurately to each department. To use the accounting system as a management tool, we must trust that every line item and cost is recorded to the correct account and department, he says.
After thorough consideration, he decided it was advantageous to have the automation driven by machine learning rather than a set of rules – choosing AI over RPA (robotic process automation) – as maintaining a rule-based hierarchy wouldn’t achieve the same effectiveness. Kaffebrenneriet believed SEMINE was at the forefront in utilizing AI, making it the most forward-looking system.
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– We already use Power BI, and with SEMINE's open API, we see great potential for gaining a deeper understanding of our cost structure. For instance, we can easily and quickly analyze SEMINE’s data to determine if one supplier's prices are higher, how much prices increase over time, and so on. This has given us much better control, and we’ve already made several savings as a result, he says.
For Kaffebrenneriet, it was also crucial that SEMINE could integrate seamlessly with the company's ERP system, Visma Global.
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– The integration was a critical part of the implementation, involving several stakeholders. We were anxious about transitioning from sales promises of "anything is possible" to the actual implementation, but it turned out to be a very positive experience. SEMINE's fantastic project team guided us through a smooth process, and it took just a month from contract signing to a live solution. We were very pleased with that, Meiholt says.
Nearly a year after implementation, the benefits of automation are becoming evident:
– We see that 93% of all invoices are automatically sent to the right person for approval, and the system handles about 85% of VAT processing on its own, Meiholt explains.
While Kaffebrenneriet doesn’t disclose the exact savings from using SEMINE, Meiholt is clear that the business case is strong:
– We’ve calculated it, and the savings are significant. As we continue to grow, it’s incredibly helpful to have scalable solutions like SEMINE, he concludes.