At most companies categorization of invoices is done fully automatically. However, when it comes to assigning the right procurement category of maverick spend, it is not always correctly assigned or is classified as ’other’. We helped Vattenfall by categorizing thousands of maverick invoices to get a better grip on the until then ‘hidden’ spend.
Assigning thousands of invoices a week by hand was found too labour intensive. Not having the insight led to increased spend inefficiencies company-wide.
We solved the problem by introducing a four-step approach to the maverick invoices: conversion, extraction, classification, and reporting. We managed to achieve a pipeline accuracy from conversion to classification of 85%.
Better insights: With full category insights, your business can exploit better procurement strategies and save 5% in total business spend.
Better decisions: By examining the full distribution of spend against vendor count for a given category, the buyer can identify anomalies that would drive higher total cost of ownership.
Tesseract OCR, Deep clustering algorithm, RoBERTa, PowerBI/Tableau
develop, test, implement (ClickView)
Realized in 42 weeks