Daily News | Nov 4, 2018 | 2
Hungarian company to conquer South America and Africa
Big companies may receive hundreds of thousands, or even millions of invoices each year, and processing these manually is costly and complicated. A Hungarian startup helps dealing with this. They will soon be able to take over the whole of the paperwork of companies using artificial intelligence. The technology is much in request: the company called Doqsys helps with the work of many local and international SSCs, but they are planning to expand in Africa and South-America too, portfolio.hu reports.
Hungarian IT company saves enormous amount of money
Doqsys (officially DOQSYS Business Solutions Zrt.) was formed in 2005, its headquarter is in Budapest and the processing centre in Gödöllő. They are concerned with corporate procurement and invoice processing as an IT system integrator company. Although they are an IT company, they do not only sell their software, but they help their clients by providing complex service packages.
Their customers are mainly BSC/SSC centres. Typically, a corporate enterprise processes 100 thousand-1 million invoices a year, which means significant costs and time. Doqsys is mainly engaged in automatizing these. For the time being, they provide four main services:
- Electronic operative procurement
- Invoice processing
- Cloud-based services
In automatizing services, artificial intelligence helps Doqsys. Their service is available all around the world. Their IT solutions are based on technologies of such companies as
- SAP Ariba, concerned with developing cloud-based solutions
- Top Image System (TIS), developing intelligent character recognition solutions
- NetLock, working out timestamps, accreditation, archives.
- Basware, developing solutions for procurement and supplier invoice processing.
Doqsys, besides speeding up processes, lowers the costs of processing invoices; according to their own estimation, in Hungary, processing an invoice costs 3,000-30,000 HUF, they can reduce it to less than 1,000. They have a calculator, according to this,
they can save 240 million HUF to a company that processes 100,000 invoices a year.
Among the company’s target markets are all countries to which BSC/SSC (shared service centre) companies from Eastern Europe supply services. In the future, they plan to expand even further, after the USA, India, and the Philippines, they wish to conquer South-America and Africa as well.
They also plan of developing a solution which takes over the whole of the paperwork. The robotized intelligent information directing system (Ri3) is expected to receive, render, sort, and direct the incoming documents to the appropriate workflow, which accelerates paperwork, and makes it safer, too.
Who are they?
- has 38 employees
- and 42 clients, mostly big businesses
- processes 10,000 invoices a day,
- and transacts 1000 procurements.
Parallel to the growth of the SSC industry, the company expects their income to increase as well.
They foresee a 6 billion HUF income by 2021, ten times as much as at present.
Part of the expansion is the raise of their employees with 100 people.