Elkjøp revolutionizes AP operations with Vic.ai's AI platform, reducing invoice processing time from 8-10 minutes to under a minute.
June 27, 2023
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Industry: Retail (400+ stores & online)
Employees: 11,000+
Annual Invoice #: 1.6M
Processing time pre Vic.ai: 10 min
Elkjøp, the leading consumer electronics retailer in the Nordics, faced challenges in its manual Accounts Payable operations. To improve efficiency and reduce errors, Elkjøp partnered with Vic.ai, leveraging AI-powered automation to streamline invoice processing, improve PO matching, and enhance approval workflows. With impressive results in the PoC phase, Elkjøp aims to implement Vic.ai across the organization, achieving significant time and resource savings while maintaining a competitive edge.
With Vic.ai's advanced AI platform, we will be able to reduce our average user invoice processing time from 8-10 minutes to less than one minute. This means that we can shift approx. 40,000 hours per year to higher-value tasks, which will revolutionize our finance department, says Patrik Berglund, Head of Finance Operation, Elkjøp Nordic AS.
About Elkjøp
Elkjøp is the leading consumer electronics retailer in the Nordics, serving customers both online and through their 400+ stores. Elkjøp has approx. 11.000 employees and operates under the brands Elkjøp and Elkjøp Phonehouse in Norway, Elgiganten and Elgiganten Phonehouse in Sweden, Elgiganten in Denmark, and Gigantti in Finland. They offer a wide range of well-known brands at the most competitive prices and have a relentless focus on the customer, efficiency, and strong company culture.
Elkjøp is owned by Currys plc., a renowned multinational consumer electronics and mobile product and service retailer with over 42,000 employees across nine countries.
The challenge
Elkjøp is facing significant challenges in its Accounts Payable (AP) operations. The existing manual processes were time-consuming, error-prone, and involved substantial resources. The company receives a large volume of invoices daily, and the manual processing takes up significant time and resources.
Elkjøp realized the need for a digital transformation of its AP operations to improve efficiency, reduce costs and errors, and stay ahead of the competition.
Our solution
Elkjøp leverages SAP for accounts payable processing with bolt-on software for OCR and templates. Elkjøp has partnered with Vic.ai to streamline its AP operations. Vic.ai's AI-powered platform integrates with SAP and leverages advanced analytics, automation, and Autopilot functionality to reduce the manual time required in invoice processing, improve PO matching, and radically improve existing approval processes.
Download this case study to learn how Elkjøp Nordic AS reached:
- 48 sec. in average invoice processing time
- 96% total accuracy & 100% cost account accuracy
- 40,000 hours/year savings on AP processes
