Customer Story: Renta Group Oy
Renta became the first customer to use Snowfox.AI in 2018.
Belief in artificial intelligence capacity and the Snowfox.AI concept was worthwhile. Currently, Snowfox.AI automates 27,400 of Renta’s purchase invoices that would otherwise be processed manually.
Joel Särkkä
Chief Information Officer
Main Branch
Helsinki, Finland
Turnover
Field
Equipment Rental
Personnel
Renta Group Oy
Renta Group Oy is a Finnish construction machinery and equipment leasing company established in 2016. Renta operates nationwide in Finland with more than 200 employees in a network of 28 branches.
Renta Group grows fast and has ambitions growth goals which has made them develop their financial administration.
Renta is a trailblazer in utilizing artificial intelligence
Machine rental industry has been slow to digitalize their operations. But Renta stands out from the crowd. Renta has embraced digitalization as a forerunner in the industry. This is one of the reasons why Renta decided to implement artificial intelligence as Snowfox.AI’s first customer.
Joel Särkkä, CIO of Renta Group Oy, recalls the early days of using the service:
“Initially, the value produced by artificial intelligence was negligible. However, it didn’t bother us as we knew we were the first customer and Snowfox.AI took our feedback seriously. After the initial difficulties, we are extremely satisfied with the development work done and the added value that the service brings to us.”
Artificial intelligence reduces manual work and automatically handles 80-100% of purchase invoices
Renta is growing strongly. One reason for the implementation of AI was the decision to build a company where all services and systems are scalable and support future growth. Unfortunately the company had some clear bottlenecks in their processes.
The number of purchase invoices Renta received when the cooperation started was already high. As the company grows, so does the number of incoming purchase invoices. This would add more work in both account payable and the business units if it wasn’t for AI.
The goal for the cooperation was to reduce the manual work in purchase invoice processing. Renta understood that artificial intelligence could support the invoice handling process, especially when volumes are large and there is a lot of variation between invoice data.
Snowfox.AI succeeded in achieving the set goals.
Currently, Snowfox.AI automates 27,400 of Renta’s purchase invoices that would otherwise be processed manually. Artificial intelligence learns constantly from Renta’s invoices and improves its prediction accuracy.
Artificial intelligence predicts Renta’s invoice data with 80-100% accuracy for three invoice dimensions, and with 77-78% accuracy for two dimensions. This has dramatically decreased the manual work in the purchase ledger and business units, for employees’ great relief.
Artificial intelligence improves accounting
Artificial intelligence has also decreased deviations in invoices, which has meant that Renta’s accounting has improved.
“We have been able to improve the quality of accounting when invoices have been pre-posted by artificial intelligence. The better we are able to do accounting, the less it causes deviations in financial administration,” Särkkä describes the benefits of the service.
Särkkä thinks that collaboration with Snowfox.AI has been easy. Even after some twists and turns at the beginning of the collaboration, Renta has full confidence in Snowfox.AI’s operations.
AI is a solution to a universal problem most companies have in their purchase invoice processing
Renta also appreciates the value artificial intelligence brings to a real existing problem:
“Snowfox.AI is a good example of an innovative company that has created an AI based product for a problem that is universal and affects many companies. We are pleased to be involved in this story. It ‘s always great to have stories like this come up here in the cold North!”
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