‘We made the right decision’. That’s the message from one of Britain’s best loved high street retailers that has switched supplier to re-establish Documation’s Standard Edition Invoice Management Solution (IMS) in the Cloud.
The company, whose previous solution still enabled them to capture, manage, share, store and retrieve data and documents in the Cloud, chose Documation’s sophisticated IMS for its ability to further cut the amount of human intervention needed to complete accounts payable (AP) tasks and reduce invoice processing costs.
Where AP staff would once need to check, edit and reload invoices and data received into the company’s finance system, Coda, Documation’s IMS uses optical character recognition (OCR) to ‘read’ and process information quickly and reduce the administrative burden on staff. By identifying incoming documents such as invoices, and instantly extracting information such as the PO number, and invoice data, OCR removes the need for manual inputting, which can be time consuming, costly and error-prone. This time and money-saving productivity tool enables AP teams to focus on value-added activities, while boosting supplier relationships. Staff now have the Cloud-based information they need at their fingertips to resolve queries, avoid delayed payment, and reduce the risk of lost or duplicate invoices.
Other benefits to the company include improved control and visibility and the addition of a full document workflow history and audit trail, providing greater visibility on company spending and the information auditors need. The flexibility of Documation’s Enable platform upon which IMS sits also gives the retailer the opportunity to upscale and streamline business processes in areas such as credit control, sales invoicing, new product development and HR at a future date.