Original Press Release Link Here
The strategic partnership will automate the end-to-end invoice processing for one of the nation’s largest automotive retailers as part of global finance transformation efforts.
June 08, 2022 09:00 AM Eastern Daylight Time
SAN FRANCISCO–(BUSINESS WIRE)–Instabase, the Automation Platform for Unstructured Data, today announced that Sonic Automotive, Inc. (“Sonic Automotive” or “Sonic”) (NYSE: SAH), a Fortune 500 Company and one of the nation’s largest automotive retailers, has selected Instabase for its industry-leading automated document processing capabilities. Through this partnership, Sonic Automotive will be able to automate the processing of unstructured invoices, increasing capacity and streamlining vendor payment at lower costs across its vast network of vendors and suppliers.
Instabase has partnered with @SonicAutomotive, one of the nation’s largest automotive retailers, to help the company in its global finance transformation efforts.
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Instabase enables organizations to drive transformation across manual business processes by unlocking unstructured data through state-of-the-art deep learning technology. Traditional tools used to automate structured documents face issues with high variability, particularly understanding unstructured data trapped in complex documents prevalent in the automotive industry. As a result, unstructured data continues to require manual processing today, challenging organizations with slow turnaround times, high operational costs, and the risk of human error blocking full digital transformation.
Sonic Automotive relies on the efficient processing of large volumes of invoices to ensure prompt payment to vendors which power their vast network of dealerships. With this implementation, Sonic will be able to unify processes, onboard new dealerships, and surface actionable business insights. In doing so, Sonic hopes to reduce processing time from days to minutes, cut costs, and boost the efficiency of downstream employees by reducing manual paperwork.
With the launch of its Accounts Payable Invoice Processing Solution, Instabase is excited to help transform the status quo for unstructured invoices across the automotive industry. Using its deep learning platform and technologies, Instabase will be able to aggregate and classify documents and files, extract key information such as VINs, customer names, and registration matches, and then integrate with existing invoicing and automotive systems. All of this is done with unprecedented accuracy, enabling straight-through processing and rapid time to value for customers.
“While Instabase’s journey started in financial services and insurance, this partnership reflects the evolving focus of our offering to solve unstructured data problems across industries including automotive, consumer packaged goods, healthcare, government, and beyond. We are excited to partner with a market leader like Sonic to transform invoice processing for the automotive industry,” said Joe Ramieri, VP of Growth at Instabase.
“We are excited to include Instabase in our toolbox as we continue our digital transformation at Sonic Automotive,” said Jeff King, Vice President of the Center of Process Excellence at Sonic Automotive. “The Instabase platform and capabilities offer solutions to understand documents and images at a level we have not seen previously in the marketplace, opening up new opportunities for Sonic to continue expanding its automation platform.”
About Instabase
Instabase Inc. has built the first Automation Platform for Unstructured Data, enabling organizations to drive transformation across business processes by unlocking unstructured data with deep learning. The Instabase platform helps institutions transform unstructured data into structured data so that processes, such as client onboarding and mortgage processing, can be automated end-to-end. Today, Instabase is helping the world’s largest enterprises like NatWest, Standard Chartered, and AXA automate their most complex business processes by extracting and understanding the unstructured data that underpins those. The business is backed by leading investors, such as Greylock Partners, NEA, Andreessen Horowitz, Index Ventures, Spark Capital, Tribe Capital, Original Capital, SC Ventures, and Glynn Capital.
For more information, visit instabase.com.
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, North Carolina, is on a quest to become the most valuable automotive retailer and service brand in America. Our Company culture thrives on creating, innovating, and providing industry-leading guest experiences, driven by strategic investments in technology, teammates, and ideas that ultimately fulfill ownership dreams, enrich lives, and deliver happiness to our guests and teammates. As one of the largest automotive retailers in America, we are committed to delivering on this goal while pursuing expansive growth and taking progressive measures to be the leader in this category. Our new platforms, programs, and people are set to drive the next generation of automotive experiences. More information about Sonic Automotive can be found at www.sonicautomotive.com and ir.sonicautomotive.com.
Contacts
Nikita Jagadeesh
nikita@instabase.com