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December 25, 2021

KnowledgeLake's 2021 AWARD FINALIST CASE STUDY: Best Achievement in Process Automation

Read this article about KnowledgeLake, Finalist in the Best Achievement in Process Automation (RPA, Intelligent Automation, Digital Process Automation, Machine Learning, Cognitive Learning, Blockchain, etc), selected by the independent judging panel, for the 2021 Digital Transformation & Operational Excellence Industry Awards program.

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New Belgium Brewing Reaches Content Management Cloud Nine with the
KnowledgeLake Platform
 

New Belgium Brewing (NBB) is famous for brews such as Fat Tire, Citradelic, and Voodoo Ranger IPA. When annual production approached a million barrels, NBB built an additional facility. They chose the KnowledgeLake intelligent document processing solution to address business process challenges and help them scale operations to a national level.

NBB traditionally relied on paper documents and manual processes for organizing and storing content. Employees spent a great deal of time searching for needed information. Employees had to rifle through filing cabinets, storage boxes, and stacks of paper searching for documents. This unstructured process was challenging to maintain, time-consuming, and tedious.

NBB integrated KnowledgeLake into its existing Microsoft SharePoint deployment to enable employees to easily capture and digitize paper documents and automatically categorize and store them in a centralized repository. The cloud-native platform combines intelligent document capture and robotic process automation (RPA) to help NBB convert data into valuable information, modernize processes, and drive strategic growth.

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Leveraging KnowledgeLake to index organizational content has allowed employees to locate essential information quickly. This rapid search experience has also boosted productivity and facilitated a smoother and more efficient auditing process.

In a short period of time, NBB reduced its invoice processing time by 74%. Within months, the cost to process a document dropped 69%. Their average annual return on investment is 430%, a total savings of $1,092,028 over three years.

Quick and Easy Deployment of Cloud Automation Platform

The configuration and set-up of KnowledgeLake took two weeks to push live. This included setting up nearly 600 different vendors (invoice types) to be automatically classified and have data extracted. A business-critical workflow (invoice processing) that used to be performed manually now operates in an automated manner with minimal end-user interaction.

Cloud Automation Delivers A Strong ROI – Let’s Drink to That!

New Belgium Brewing’s adoption of the KnowledgeLake Platform has enabled them to automate capturing, processing, and managing their most important transactional documents in a single cloud-based platform. KnowledgeLake is now being used by the brewery’s AP/AR Finance, Environmental Health and Safety, and Human Resources departments, with plans for deployment in additional departments.

NBB has benefitted from revitalized financial operations since deploying KnowledgeLake. For example, NBB was lucky to get 5-10% of their invoices into MSFT Dynamics without manual intervention prior to KnowledgeLake. Now, they’re getting almost 100% of invoices into the system without any manual intervention.

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Within the first two weeks of deployment, KnowledgeLake’s machine learning technology reduced the brewery’s invoice processing time by 74% (from 38 seconds to 10 seconds), and 85% of their invoices are now processed straight through. These automated AP/AR workflows have resulted in faster approvals and payments to vendors and distributors, expediting a formerly time-consuming, business-critical process.

New Belgium Brewing quickly experienced a substantial financial return on its investment in KnowledgeLake. Within months, the cost to process a document dropped 69%, from $3.58 per document to $1.11. Their average annual return on investment is 430%, which equates to a total savings of $1,092,028 over three years.

Digital Transformation & Operational Excellence Industry Awards 2021

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About the Awards

The Digital Transformation & Operational Excellence Awards have been established to showcase globally the most outstanding achievements through the application of Business Transformation, Digital Transformation, Operational Excellence & Innovation Excellence programs. Click here to view the Press Release.

The winners will be announced at the Awards Ceremony at The Digital Transformation & Operational Excellence World Awards (DTOES) on Wednesday, December 15th, 2021, from 6:30 PM at Renaissance Orlando at SeaWorld®.

The Business Transformation & Operational Excellence Awards are open to all organizations, both private and public sector, across the globe, which have implemented Business Transformation, Digital Transformation, Operational Excellence & Innovation Excellence programs to deliver outstanding business results.

The Awards will be held in conjunction with the Business Transformation & Operational Excellence World Summit, BTOES 2021 on December 15, 2021, at the Renaissance Orlando at SeaWorld®. Click to access the agenda, view the current speakers, and watch the highlights video from last year.

Speakers

Agenda

Highlight Video 

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BTOES.com

The issues in this article are just one of topic areas that are going to be discussed at the Business Transformation & Operational Excellence World Summit & Industry

BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.

With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level. 

Quick Links

Speakers

Agenda

BTOES Awards 

There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.

The agenda is designed to encourage active meaningful conversations through all day enhanced networking and interaction opportunities, including

For more information please email info@proqis.com


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Proqis Digital Virtual Conference Series

View our schedule of industry leading free to attend virtual conferences. Each a premier gathering of industry thought leaders and experts sharing key solutions to current challenges.

Webinars

 

Delivered by Progressive Thought-Leaders

 

Watch On-Demand Recordings For Free

Watch On-Demand Recording - Access all sessions from progressive thought leaders free of charge from our industry leading virtual conferences.
 

Best-In-Class Training

Delivered by the industry's most progressive thought leaders from the world's top brands.
Start learning today!
 

BTOES From Home - On-Demand

The premier Business Transformation & Operational Excellence Conference. Watch sessions on-demand for free. Use code: BFH1120