• Industry: Real Estate
• HQ: Stockholm, Sweden
• Founded: 1923
• Employees: 1,000+
Challenges• Lack of automation
• Become an industry innovator
• Adopted AI technology for the first time
• Drastically reduced average invoice processing time
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 1.5M invoices to process each year and 300 accountants, their existing scanning technology for accounts payable (AP) and straight-through processing meant employees had to manually code and classify every single invoice. With the help of Vic.ai’s intelligent platform, AP workflows are now managed autonomously and zero human touch or review is needed. The HSB finance team is forever done with data entry.
> Shortened average invoice processing time from 3+ minutes/invoice to 30 seconds/invoice
> The mutual goal is 90% straight through processed invoices (without PO)
> 25,000+ hours/year saved by finance employees
> 200+ HSB employees using the platform
> Became an industry innovator“
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”, said Fredrik Wiktor, Application Management Lead, HSB Affärsstöd.
“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.