The strategic partnership will automate end-to-end invoice processing for one of the nation’s largest automotive retailers as part of global financial transformation efforts.
SAN FRANCISCO, June 08, 2022–(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 largest automotive retailers, chose Instabase for its industry-leading automated document processing capabilities. Through this partnership, Sonic Automotive will be able to automate the processing of unstructured invoices, increase capacity and streamline vendor payment at lower costs across its extensive network of vendors and vendors.
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Instabase enables organizations to drive the transformation of manual business processes by unlocking unstructured data with cutting-edge deep learning technology. Traditional tools used to automate structured documents face problems of high variability, especially understanding unstructured data trapped in complex documents prevalent in the automotive industry. Consequently, 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 efficient processing of large volumes of invoices to ensure prompt payment to suppliers that feed their extensive dealer network. With this implementation, Sonic will be able to unify processes, onboard new dealers, and uncover actionable business insights. By doing so, Sonic hopes to reduce processing time from days to minutes, reduce costs and increase efficiency for downstream employees by reducing manual paperwork.
With the launch of its supplier invoice processing solution, Instabase is excited to help transform the status quo of unstructured invoices in 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 matches then integrate with existing billing and automotive systems. All of this is done with unprecedented precision, allowing straight-forward processing and rapid return on investment for clients.
“While Instabase’s journey began in financial services and insurance, this partnership reflects the evolution of our offering to solve unstructured data challenges across industries including automotive, consumer goods packaged, healthcare, government and beyond. We’re excited to partner with a market leader like Sonic to transform invoice processing for the automotive industry,” said Joe Ramieri, vice president of growth at Instabase.
“We are excited to include Instabase in our toolkit as we continue our digital transformation at Sonic Automotive,” said Jeff King, Vice President of Center of Process Excellence at Sonic Automotive. “Instabase’s platform and capabilities offer solutions for understanding documents and images at a level we’ve never seen before in the market, opening up new opportunities for Sonic to continue to grow its platform. automation.”
Instabase Inc. built the first automation platform for unstructured data, enabling organizations to drive business process transformation by unlocking unstructured data through deep learning. The Instabase platform helps institutions transform unstructured data into structured data so that processes, such as customer onboarding and mortgage loan processing, can be automated end-to-end. Today, Instabase helps the world’s largest companies like NatWest, Standard Chartered, and AXA automate their most complex business processes by extracting and understanding the unstructured data behind them. The company 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, NC, is on a quest to become America’s most valuable automotive retailer and service brand. Our company culture thrives on creating, innovating and delivering cutting-edge customer experiences, driven by strategic investments in technology, teammates and ideas that ultimately make dreams come true. ownership, enrich lives and bring happiness to our customers and teammates. As one of America’s largest automotive retailers, we are committed to achieving this goal while pursuing expansive growth and taking incremental steps to be the leader in this category. Our new platforms, programs and people are ready to drive the next generation of automotive experiences. For more information about Sonic Automotive, visit www.sonicautomotive.com and ir.sonicautomotive.com.
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