Simplifying Pricing Processes: How Deluxe Saved Over 800 Hours with qBotica and Generative AI

The financial services industry is all about precision and efficiency particularly in the contractual obligation as well as price adjustment. Deluxe is a century-old payment and data solutions leader with more than 2 trillion transactions every year and serving millions of small businesses, finance companies, and other global brands. Deluxe with all its size was seriously challenged in dealing with the adjustment of prices in its large collection of complicated legal documents.

Having more than 900 contracts, amendments, and service agreements to consider, Deluxe had difficulties with time-consuming manual operations, providing inconsistency and slow decision-making. Such inefficiencies not only delayed operational efficiency, but also endangered non-observance of the contract.

Deluxe also sought an innovative solution and to this end, it collaborated with qBotica, a reputable UiPath Platinum Partner in automation and Generative AI solutions. Using UiPath Document UnderstandingTM and Generative AI, Deluxe realized an incredible 99 percent faster time-to-value and saved more than 800 hours during a single pricing procedure.

This blog will discuss the life experience of Deluxe, obstacles it faced and how its pricing operations were transformed by the knowledge of qBotica. In case your organization is experiencing comparable operation issues, get to know more about the customized automation solutions offered by qBotica here.

1. The Complex World of Contractual Pricing in Financial Services

The process of making changes to contracts is always complicated, especially in cases of organizations that are in the financial services business. Deluxe, with its powerful payment solutions, was in the midst of trying to deal with this complexity. It was becoming impossible to manage contracts, comprehend obligations, and implement compliance using manual processes.

Deluxe’s Challenge

Deluxe had more than 900 contractual documents in its records such as master service agreements, amendments, addendums and statement of work. Pulling out pricing-relevant information, including notification requirements, consent clauses, and price caps, was a lengthy, inaccurate process.

• Manual Dependency: Deluxe used to use manual methods of reading and extracting information by pulling employees out of their routine jobs which resulted in the fragmentation of the data and slower outcomes.
• Operational Bottlenecks: Consolidation of information took weeks and the results were not always the same.
• Risks of Non-Compliance: The lack of compliance with the conditions of the contract led to risks, which affected not only the relations with the clients but also the observance of the law.

Deluxe understood that it was urgent to have a solution that was scalable, precise and efficient to manage this increased complexity.

Reasons as to why the manual processes were not sufficient.

The financial services industry requires accuracy and manual work just could not match it. As clients demands and portfolios grew the company needed a solution that would provide steady results and release employees to do higher value work.

Deluxe did this through collaboration with qBotica and this was its first step towards changing this process. Here, learn how qBoticas automation experience can meet the special requirements of the financial services sector.

2. Why Deluxe Chose qBotica and UiPath

Deluxe focused on partners who had comprehensive experience in automation and AI, when seeking a solution to the problem, and qBotica was a Platinum Certified UiPath Partner that had successfully applied their model in industries with high regulation.

qBotica’s Tailored Approach

The Automation as a Service model by qBotica was a game-changer to Deluxe. This special service not only guaranteed uninterrupted access to UiPath Document Understanding but also the provision of new opportunities of automation.

UiPath Generative AI Document Understanding.

One of the most significant changes in Deluxe was Document Understanding, which is a Generative AI application:

Natural Language Prompts: Simple prompts to pull out data did not necessitate a complicated AI model training.

Dynamic Adjustments: Teams were able to make prompts dynamic and alter them in real-time, making it possible to adapt to different document layouts.

Uninterrupted Data Verification: The Action Center feature of UiPath allowed employees to verify the extracted data and guarantee compliance and accuracy.

The reason behind Deluxe using Generative AI.

Generative AI made a process that was considered arduous and simpler. Rather than training costly models, the team at Deluxe would be able to derive useful pricing properties by simply asking the AI what it required. This expedited methodology delivered information in hours as opposed to weeks.

In case your organization has issues with unstructured data, find out how qBotica Generative AI solutions can work in this case.

3. Revolutionizing Pricing Adjustments with Generative AI

The price changes at Deluxe were redesigned in a painstaking decision-making process that integrated automation, AI and human knowledge. qBotica headed this implementation that established new standards of speed, accuracy and efficiency.

Implementation Process:

• Document Analysis: UiPath Document Understanding was tested and trained on more than 900 documents; it identified data points including pricing caps, consent requirements and notification clauses.
• Generative AI Prompts: Conversational prompts explored the motivation of the AI to identify and summarize certain instances of the contractual terms.
• Validation With Action Center: UiPath Action Center allowed human validation, which meant that the data that had been extracted was correct and could be used.
• Scalability: The solution was implemented quickly, with PoC going fully to production in March then in April.

Game-Changing Efficiency

The identification of pricing attributes was within seconds and information-based decisions were made within the team without delays.

Data that was extracted was standardized and summarized which minimized chances of misinterpretation.

Deluxe use of Generative AI in its processes saved it more than 800 hours and brought consistency to a new level. Learn more about the AI-powered automation solutions of qBotica here.

4. Key Results and Business Impact

The change at Deluxe can provide valuable lessons to any organization that aims to go on a similar path:

1. Collaborating with experts is very important.

By selecting an experienced partner, such as qBotica, the implementation process will be successful and the ROI will be maximized.

2. Generative AI Generates Complexity.

Generative AI does not require any costly and time-consuming training with natural language prompts, and can be used by any team.

3. Automation does not Replace, but Enhances.

Quality control is provided by human supervision with the use of such tools as Action Center with a combination of AI and human knowledge.

4. Build for Scalability

Solutions should be dynamic to meet the changing business requirements as seen in the plans by Deluxe to increase automation in its operations.

To find out more about the way qBotica can help in the process of automating your organization, see the page of Intelligent Automation on the qBotica website.

6. Broadening Automation Across Deluxe Operations

The success of the pricing adjustments that Deluxe has been doing has motivated the organization to extend automation to its operations. The short term areas of focus will be:

• Billing and Invoicing: Automating the process to minimize errors in manual processes and accelerate financial processes.
• Customer Onboarding: Optimizing onboarding processes to implement faster and enhance better client experiences.

The scaling of Long-Term Opportunities:

Price predictive analytics.

Artificial intelligence-based market trend analysis to predict and respond to customer demands.

Learn how automation can reshape the various aspects of your business by going to qBotica Solutions page here.

7. The Road Ahead for Deluxe and Beyond

The collaboration between Deluxe and qBotica is only part of a long-term process toward environmental excellence. Through the automation solutions, Deluxe plans to establish new standards in efficiency, compliance and customer experience within the industry.

Future Aspirations:

• Generalize Document Understanding to any document based workflow.
• Web-based Discover new AI-based customer-centric strategies.
• Keep working with qBotica to find new automation opportunities and realize them.

Get to know more on how qBotica helps organizations to attain their long-term objectives here.

Conclusion

The collaboration between Deluxe and qBotica is an example of how even the most complicated workflows can be changed with the help of automation and AI. Deluxe has established a new standard of operations efficiency and scalability by saving more than 800 hours and realizing a 99 percent faster time-to-value.

qBotica will revolutionize the work of your organization, so it is time to start working together. Browse what they offer here.