CASE STUDY:
Invoice Process Optimization
Energy Company improved invoice processing time through VIM rollout
400
Increased invoice processing
25
Reduced Staff
Business Challenge
- Manual data capture of vendor invoices
- Filing of paper invoices adding storage costs as well a manual effort to destroy the invoices as per record retention policies
- Retrieval of invoice images for audit and approval purposes was a manual process
- Manual tracking of the invoices during the approval process
- Facilitating the month end accrual process
Solution
- Captured invoice images through a scanning process that also stores the images in a repository for easy retrieval
- Automated the electronic invoice capture process
- Automated the capture of the metadata on the invoices using an optical character recognition tool
- Developed workflows to route the captured invoice images for review and approval
- Integrated with SAP Procure to Pay modules to meet accounting polices. and regulations
Benefits & ROI
- Increased invoice processing from 80 invoices per day to 500 processed per day by the team
- Automated electronic invoice ingestion reduced staff workload
- Automated invoice approval process allowed for faster approval of payments and full visibility into approval delays
- Improved customer service through invoice lifecycle visibility
- Improved ability to quickly identify and resolve common invoice problems and automatically route to the proper team for timely resolution
- Improved ability to identify new problem areas within the invoicing process by using VIM reporting tools
