HSB is on track to save 25,000 hours per year of finance employee time, with a goal of 90% straight-through invoice processing.
Industry: Real Estate
Headquarters: Stockholm, Sweden
Employees: 1,000+
Annual invoice volume: 1.5 million
The challenge: Outdated processes impeded operations
HSB a member-owned, cooperative organization that works with housing developments and property management, needed to innovate its century-old back office financial operations to future-proof their business. With 1.5 million invoices to process each year and 300 accountants, their existing scanning technology for accounts payable (AP) meant employees had to manually code and classify every single invoice.
The team new they needed to innovate for real change, and selected the Vic.ai platform to automate their AP operation with AI technology. With Vic.ai, AP workflows are now managed autonomously with no human touch or review needed.
“We are on track to save more than 25,000 hours per year by automating manual invoice processing once Vic.ai is implemented in all our regions. This is an incredible amount of time that our staff can then reallocate to important areas in the business, such as corporate strategy, real estate needs, and capital investments. AI will change the lives of our employees and how our business works." - Fredrik Wiktor, Application Management Lead
The results: Advanced technology provides drastic results
By adopting AI technology for the first time, the HSB team has drastically reduced their average invoice processing time. Specifically, they have shortened processing time from 3-plus minutes per invoice to 30 seconds per invoice. The team is also working toward their goal of 90% straight-through processed invoices using Autopilot. And with 200-plus HSB employees using the Vic.ai platform, leadership estimates a time savings of 25,000 hours per year for the finance team.
“Even though HSB has been around for almost a century and Vic.ai is a startup, we’re both leaders in our respective fields of real estate and autonomous AI,” said Alexander Hagerup, Co-Founder, and CEO of Vic.ai. “It just made sense for the two of us to work together. We’re proud to help HSB’s AP team leave data entry in their past and be part of their future as an industry innovator that embraces meaningful technology.”
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