akaBot, the TOP 20 worldwide RPA solutions ranked by Gartner, announced a new end-to-end automation solution to manage the mandatory e-invoicing required by businesses in Malaysia. The announcement came during the second C-talk event hosted by akaBot, where they showcased their new solution for e-invoice issuing and processing, tailored specifically for Malaysian businesses.
With e-invoicing becoming mandatory for most businesses operating in Malaysia starting August 2024, a lengthy process is mandated to ensure the completion of the e-invoice, involving invoice issuance, conversion to XML format, verification and clearance, QR code attachment, sending the invoice to the buyer, and archiving. By leveraging an end-to-end invoice process automation solution from FPT- the leading IT corporation with 15+ years of foundation in Malaysia, the whole process can be automated to reduce 50% of processing time and achieve completion in just 3 minutes.
How akaBot’s ecosystem comprehensively handles the e-invoice process
A case study shared by Daikin Vietnam demonstrates how the akaBot SaaS version – UBot, can help with the remaining purchase invoice processing. The “virtual assistant” helps to read and extract invoice data automatically, verifying the invoice in the General Tax Department system. The process also involves identifying and blocking duplicate payment cases, eventually addressing Daikin Vietnam’s need to manage data centrally for secure storage and easy look-up. 80% of the process is now automated, reducing 75% of invoice processing time from 2 minutes to 30 seconds, equal to 130 working days being saved per year and ensuring 100% accuracy.
Ginny Truc To, Country Manager of akaBot Malaysia said, “From our view, the new regulations on mandatory e-invoice hold various opportunities for Malaysian enterprises to save time and resources on tax compliance, avoid the risk of invalid or illegal invoices and finally, streamline the financial operations. However, we also foresee many challenges regarding regulatory compliance and technological readiness & transition. This is the chance for akaBot to leverage our experience in the industry and provide our technology solutions to a broader scope of businesses in the market. Our experience with brands like Daikin in Vietnam and our growing portfolio of businesses in Malaysia has given us a strong foothold to scale up and tackle real-world issues in the local business community.”
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Heading to an enterprise-wide automation scenario in Malaysia
When strategically implemented, Robotic Process Automation (RPA) can yield substantial returns on investment. Businesses typically achieve an average ROI of 250%, recouping their initial investment within six to nine months after RPA deployment. Looking at the higher side, this ROI percentage can go up to 380%. The latest trends of automation scenario for Malaysian enterprises in 2024-2025 will be about how RPA combines with top-notch technologies such as AI, Machine Learning, and Intelligent Document Processing (IDP).
The automation for e-invoice processing is just one of the vertical-specific solutions that many companies will invest in this year, regarding customer service, supply chain management or financial services.
In this session of the C-Talk event, Ginny further showcased some typical cases where RPA is combined with other technologies to automate from low-complexity to high-complexity processes. For instance, a Malaysian premium quality baking supplier decided to apply RPA to an on-demand stock tracking process, with the virtual bots doing 90% of the tasks such as: combining data from 4 reports, consolidating the final report, and sending reports to the relevant department. On the other hand, while integrating RPA and IDP, akaBot assists another Malaysian insurance firm with its health records & test results processing. This technology combination helps to solve 500+ cases per day with 100% SLA guaranteed, releasing employees from 4,200 repetitive working hours per year.
For example, Optical Character Recognition (OCR) and IDP are also applied in the e-invoice automation process of akaBot to define 9 categories of e-invoice with 53 data fields exactly. Therefore this end-to-end solution can be scaled to support both larger and smaller clients depending on their needs, ensuring to cater to a wider range of Malaysian businesses.
