Industry
Entertainment
See How Cineverse Doubled Volume of Processed Invoices And Reduced Human Error
About Cineverse
Since its early days, Cineverse has been at the forefront of digitally transforming content distribution. Twenty years later and still guided by its core mission to entertain viewers across the globe, Cineverse continues to build a diversified portfolio of engaging offerings for today’s streaming generation. By providing premium content, streaming channels and technology services to the world’s largest media, technology and retail companies, Cineverse captivates hundreds of millions of consumers worldwide.
Employees
129
Accounting System
Microsoft Dynamics GP
Challenges
A rapidly evolving entertainment ecosystem and its own accelerated growth called for Cineverse to look for technology solutions that would drastically improve its business processes.
The Cineverse AP team of five manages over 2000 active vendors. With the previous accounting system, one team member could process about 400 invoices per month. Not only did Cineverse need the volume of processed invoices to increase, but the company also set a goal to significantly reduce the number of errors caused by human data entry.
With an engineering background and prior experience with solutions that employ machine learning, Executive Director and project manager Elsa Hsieh was only interested in switching to a platform that relied on authentic machine learning. She knew firsthand that too many companies claimed to use ML, but in reality the “machine learning” was manual data entry outsourced to a foreign country. Their only machine learning assistance was through cumbersome templates.
“I kept hearing, ‘We have this template for you and you drag this section, set it as your vendor name.’ For each vendor, you had to name a range and set up logic for the range and then things will follow through. With our scale, it was not realistic. Not possible.”
Cineverse • Executive Director
Solution
As part of the solution team at her former company, she was familiar with Scrypt and had been impressed that Scrypt’s solution was able to help them simplify processing between 15,000 and 20,000 invoices per month – with only 7 staff in AP. Scrypt helped them double the processing volume per person, while minimizing the error rate to an amazing level.
So at Cineverse Elsa was not at all surprised when Scrypt’s true machine learning began training their system with no templates, no set rules and very little input required from humans. Its ML technology used a combination of mass data statistics and linguistics to pick up patterns from past data entry and began a process akin to training your staff–only much more efficiently and accurately.
Almost immediately after adopting Scrypt, the team could see the changes and all the improvements. And they know that over time Scrypt will deliver even better outcomes.
The Results
Typically, implementing new IT applications is a costly and time consuming process. With Scrypt, implementation cost is kept to a minimum. The data-driven onboarding process ensures that the system learns from the data and not by burdening the existing staff with unnecessary knowledge transfer meetings. This ensures a low total cost of ownership, while reducing the time of delivery of the Scrypt solution. Initially, Cineverse saw 50% savings on the cost to process invoices; 30% savings on time just in the approval process; and improved accuracy of data in Payables which directly impacted cash management.
The volume per staff increased to more than 3x and they were able to reduce 2 headcounts. And of course now the company has a meticulous audit trail and better internal control.
After the software’s training period (2-3 months) during which it accumulated the data entry with human correction, the AI-powered robots kicked into high gear and the whole process got smoother.Knowing that the Scrypt solution is taking care of its payables processes, the company can now better utilize the existing resources on the core functions and strategic plans.
"I love this product. The Scrypt team is one of the best teams I've ever worked with. They are very responsive. They are true experts and the solution is very efficient. How quickly they can capture data and provide the solution is very impressive."
Elsa Hsieh
Executive Director | Cineverse
★★★★★
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