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How Risky is Risk – a Case for Enterprise Content Management

Tim Nissen | How Risky is Risk – a Case for Enterprise Content Management.

According to the International Federation of Accountants, the ever-changing business landscape of new technology and fluctuating markets, positions accounting and finance professionals to have the most significant impact on enterprise risk management (ERM) within their organizations. With this opportunity to support value creation and preservation over time, they’re primed to contribute to both fiscal and operational aspects of ERM initiatives. The most prevalent identified need: enabling business system integration and interconnectivity to break down siloes across the organization for sharing information timely and cost-effectively. Workflow automation is a stable step towards ongoing reduction of capital and earnings risk.

How risky is risk – a case for Enterprise Content Management (ECM) begins with fixing the ERM problem of interdepartmental information silos, inadvertently created by lack of automated information management to enable staff to transcend departmentally-enclosed environments. Transactions – purchases and orders – is where this need is particularly evident.

Both Accounts Payable and Order process automation have reached functional, cost-effective scale through ECM. This technology enables all transaction-related information to be captured from native paper or electronic files, formatted to uniform image files for archival and automated workflow – interdepartmentally. With ECM integrated into a company’s ERP and line of business systems, this squarely addresses the silos, enabling staff to share timely, conveniently and cost-effectively from any location. Data is verified and validated between systems, with touchless, straight-through processing.

Reducing costs associated with processing and filing vendor invoices reflects AP automation’s impact, streamlining company workflow processes. It increases visibility into the invoice approval and exception handling through visualized analytics, ultimately mitigating late payment fee risk, while increasing early payment discount achievement through payment scheduling optimization.

By automating sales order processing, an organization benefits with faster order processing, while improving accuracy and lowering costs. Process control and visibility of orders routed for review, approval or exception handling is expedited. These aspects lead to a decrease in Days Sales Outstanding. Another multidepartment ECM benefit – improving Sales and Customer Service experiences for clientele, and for staff managing each account, bolstering customer retention and up-sell/cross-sell opportunities.

The International Federation of Accountants recent survey of US businesses concluded that 70 percent of them didn’t have a complete ERM process, though had a growing sense of urgency to discover and counter risk. A cost-beneficial step is AP and Order process automation with ECM.

For further information, contact IntelliChief.

Accounts Payable Automation 4-Way Matching

Tim Nissen | Accounts Payable Automation 4-Way Matching.

Here’s a peer’s view of Accounts Payable Automation 4-way matching. If a company’s needs extend beyond an Invoice to PO to Receiver match, this will resonate.

This US-headquartered company, with operations spanning North America and Europe, found their paper-based processes were the decision driver for AP Automation. Time and cost associated with ERP data keying and manual workflows dictated a need to automate Accounts Payable, and other back-office processes where advantageous.

After a year of multiple enterprise content management (ECM) vendor reviews and system vetting, IntelliChief was selected based on:

  • Enterprise expansion capability throughout their organization
  • Integration with their ERP and line of business systems.

Their Accounts Payable operations were spread globally and consolidated at their California headquarters. The 4-way matching process consisting of Invoice to PO to Receiver to Quality Inspection Sheet. This forth component was a deciding factor in their ECM choice. “IntelliChief demonstrated the flexible capability to achieve our specific 4-way match, something other systems could not,” commented the Controller. “They proved equally adaptable to our needs throughout, accommodating all of our specific processes.”

The company had frequent repeat vendor orders. IntelliChief removed considerable time and cost through a high straight-through processing rate; the majority being completely automated from document capture to workflow. This created a touchless environment where no ERP keying or other human interaction was needed. With ERP lookups for vouchering, validating and supplementing key data between systems, IntelliChief’s rules-based business process automation workflow, mapped to their specific practices, enabled quick reviews and approvals.

The company utilized an AI aspect unique to IntelliChief: cross-referencing table algorithms to normalize data among systems, matching variables to maintain accuracy.

Their previous processing staff consisted of 3 full-time and one contract employee, has been reduced by half, freeing the others to concentrate on strategic operations.

Their ancillary benefit of AP Automation was in related vendor fees. “We were able to eliminate both outsourced digital imaging and physical storage services, creating considerable, ongoing cost savings,” their Controller relayed.

They found additional benefit with IntelliChief’s Implementation and Support. A strong partnership formed quickly between the company’s staff and the IntelliChief team. “IntelliChief’s Implementation team perfectly configured the system to our specific process environment, and their Support staff has always been responsive and helpful. Their people work well with ours, and we appreciate that,” commented the Controller.

AP Automation Justification Calculator for JD Edwards

Tim Nissen | AP Automation Justification Calculator for JD Edwards.

Determining if AP automation is a project worth pursuing is primarily based on projected cost savings achievement. This is both a post-installation, near-term consideration, and one spanning subsequent fiscal year projections. While there are many industry average figures in circulation, they don’t provide you accuracy based on your specific business environment.

What’s needed is an AP Automation Justification Calculator for JD Edwards.

IntelliChief has created one, and it’s comprehensive. This tool’s objective is factoring all cost savings related to moving from manual to automated processing in your environment. It encompasses all aspects of AP processing, allowing you to add your related costs from years’ 1-5 of implementation, providing a true ROI projection. With this data, you’re able to see where AP Automation’s efficiencies affect your organization, providing guidance for process automation optimization when mapping your automated workflow, in-tandem with ECM system integration with your JD Edwards ERP for vendor and order information verifications and validations.

The AP Automation Justification Calculator for JD Edwards sections encompass:

AP Statistics & Measurements – Covering aspects of invoice receipt modes, quantities, data capture methods, resource/storage/labor cost (internal and outsourced), late payment fees paid and early pay discounts available.

Hard Dollar Costs – Quantifying budget allocated to manual processing.

Time Spent Per Person – Assessing appropriated time and cost of employee and contract staff in processing tasks, including invoice printing, ERP/business system keying, approval routing, exception handling, calculating data conversions, filing, resolving duplicate payments, researching internal and vendor inquires, audit preparation, tracking and reporting on all activities.

These extend from Accounts Payable into Purchasing and Receiving, encompassing labor cost of all workflow routes of transactional documentation.

Once these figures are collected and entered, the Calculator progresses to both Hard Dollar Savings/Gains and Efficiency Savings for each year 1-5, per line item allocation, comparing your current costs to automation’s. This is the awakening – do the numbers equate value of AP Automation for you?

Then calculations shift to ROI for AP Automation, measuring years’ 1-5’s returns if you implement an automated environment.

With these calculations completed, the AP Automation project decision becomes a clear choice, and equitable for prioritization. The data accumulated will be foundational for your business case.

 

  • For a video overview, see AP Automation Justification Calculator for JD Edwards here.

 

Doing JDE AP Automation the Integrated Way

Tim Nissen | Doing JDE AP Automation the Integrated Way.

Here’s how doing JDE AP Automation the integrated way works, processing of 2-way matching (Invoice to PO) and 3-way matching (Invoice to PO to Receiver) with JD Edwards EnterpriseOne and World.

Utilizing Oracle Gold Partner and Quest Oracle Community Sponsor IntelliChief ECM’s system, processing occurs in both initial document capture and in workflow, providing real time integrated JD Edwards database validations with automation’s speed and accuracy.

In-tandem with IntelliChief, information from JD Edwards is utilized to perform matching. IntelliChief keeps track of the PO quantity open and the Receiving quantity available by saving needed information when an Invoice line item is matched to a PO/Receiver. This can be set to identify by PO Number, Item Number/ID, Unit Price, Line Total, PO Quantity Ordered, Receiving Quantity, or two Miscellaneous fields of the user’s choice.

IntelliChief includes multiple Match Methods, where receiving quantity qualifies exact match, based on first in, first used, or a combination of both. It includes options for a Variance percent, amount and type for the Invoice to PO fields (Unit Price, Line Total, Quantity).

Matching features of Unit of Measure and Price normalization capability simplifies processing of standardized orders (Ordering Quantity vs. Invoiced Quantity). Part Number cross-referencing increases accuracy when obsolete numbers are referenced in the Invoice. Both increase touchless processing.

With IntelliChief, this touchless, straight-through processing significantly reduces information keying into JD Edwards, saving time and cost, enabling visibility to receive early payment discounts, while avoiding late payment fees.

This presentation illustrates doing JDE AP Automation the integrated way: //bit.ly/2XK0RI8.

Accounts Payable Automation Infor Solution Partner Use Case

Tim Nissen | Accounts Payable Automation Infor Solution Partner Use Case.

 

Here’s a progressively diversified and impactful organization: a US-headquartered company with operations spanning North America and Europe, serving industrial growth markets that require advanced technology and high reliability. Their expansive client roster includes entities in aerospace and defense, factory automation, air and water quality environmental monitoring, electronics design and development, oceanographic research, deepwater oil and gas exploration and production, medical imaging and pharmaceutical research.

Here’s their Accounts Payable Automation Infor Solution Partner use case.

 

Making the Automation Choice

A reality of many companies became a burden to this organization as well: their processes were largely paper-based. They realized this as an opportunity to automate much of their back-office activities, enabling staff to focus on company advancements rather than time-consuming and costly manual operations.

After a year of multiple enterprise content management (ECM) vendor reviews and system vetting, IntelliChief was selected based on:

  • Enterprise expansion capability throughout their organization
  • Native Infor integration, and
  • Being an established Infor Solution Partner.

“We were impressed with the way the IntelliChief system uses meta data so well; all documentation is instantly available as needed, conveniently organized by transaction,” stated the company’s Controller.

 

AP Automation: 2-Way, 3-Way (4-Way?) Matching

Their initial installation was with their Accounts Payable operations, spread globally and consolidated at their California headquarters. Being a particularly paper-intensive operation, reducing cost was the driving factor.

The company had a distinct motivator for automation – a cumbersome 4-way matching process consisting of Invoice to PO to Receiver to Quality Inspection Sheet. This forth component was a deciding factor in their ECM choice. “IntelliChief demonstrated the flexible capability to achieve our specific 4-way match, something other systems could not,” commented the Controller.

With the company having significant repeat vendor orders, this was an opportunity for IntelliChief to remove considerable time and cost from AP. They experienced a high straight-through processing rate; the majority being completely automated from document capture to workflow, a touchless environment where no ERP keying or other human interaction was needed. When exceptions occurred, IntelliChief’s rules-based business process automation workflow, mapped to their specific practices, enabled quick reviews and approvals.

The company utilized an AI aspect unique to IntelliChief: cross-referencing table algorithms to normalize data among systems, matching variables to maintain accuracy.

Previously, the company’s processing staff consisted of 3 full-time and one contract employee. With the IntelliChief system, that number had been reduced by half, freeing the others to concentrate on strategic operations.

Vendor fees were also reallocated. “An additional automation benefit was the elimination of both outsourced digital imaging and physical storage services, creating considerable cost savings ongoing,” their Controller relayed.

An unexpected advantage manifested in the independent audit function. “Being a multinational, multi-industry company, audits are frequent and time-consuming,” the Controller stated. “With IntelliChief, we’re able to provide access to all documentation auditors need digitally, allowing their teams to work remotely from anywhere in the world. They appreciate that flexibility.”

 

Expandable Automation

With enterprise expansion capability a key objective, Order Processing is the company’s next automation step. This will allow them to link each order’s documentation together from initial receipt to fulfillment, with each department involved having all needed details available to them, enabling collaboration through automated workflow. Customer Service’s benefit will be awareness of each order’s status in real-time.

Another planned endeavor is with the Purchasing department, setting-up a Vendor Portal to further automate transactions. This decision’s motivators were to provide an additional convenience for vendors, while saving them time and cost by reducing phone and email correspondence by consolidating communications (and archivable records) into IntelliChief.

“Being able to store all documentation in a single system is a true IntelliChief advantage, realized throughout our organization,” commented the Controller. “Having a centralized workflow and archival hub simplifies operations and information security.”

IntelliChief makes expanding its usage throughout their organization advantageous, and a simple task with the system’s native integrations coupled with Integration Link, the company’s code-free program connecting with any ERP or line-of-business system.

 

IntelliChief Implementation and Support – The Difference

Scarcely a reality in the software industry – system implementation and support that’s proactive, resourceful, and a pleasure to work with. That’s been the company’s experience with IntelliChief’s teams; a strong partnership formed quickly between them and IntelliChief’s staff. “IntelliChief’s Implementation team expertly configured the system to our specific processes mapping, and their Support staff has always been responsive and helpful. They make a difference – a real plus for us,” commented the Controller.

JD Edwards AP Automation Project Justification Calculator

Tim Nissen | JD Edwards AP Automation Project Justification Calculator.

How do you know if AP automation makes fiscal sense for you? Thankfully, now you can calculate the financial impact presently and in your projected future, to determine if the savings add-up to a compelling ROI in-tandem with your JD Edwards system.

This web presentation features real world examples of calculations (you’ll see how companies have even transformed AP into a revenue generator). Its main focus is specifically on how to determine your company’s fiscal impact. It provides in-depth considerations and justification for AP automation integrated with JD Edwards.  This presentation uses tools created from many years of working with IntelliChief ECM users to indicate ROI for AP automation projects.

What information to gather and calculate, to determine hard-dollar and efficiency savings of automating Accounts Payable? Hint: there’s more to it than at first glance… Good news: you’ll know for sure if AP automation is right for you.

If you’re considering automating your Accounts Payable processes, it helps to justify the project knowing the complete, enterprise-wide fiscal impact to your organization. This makes for a strong business case.

Register today for the presentation of JD Edwards AP Automation Project Justification Calculator.

Date: Wednesday, March 20, 2019

Time: 2:00 pm – 3:00 pm EST

Register Today:  //attendee.gotowebinar.com/register/8274917211215373570

 

Unable to attend? Contact us for a post-event recording.

 

Related Accounts Payable Automation: How Software & Technology Can Streamline Your AP Workflows

JD Edwards Advancing AP and Order Automation Abilities at SCUG

Tim Nissen | JD Edwards Advancing AP and Order Automation Abilities at SCUG.

Come see IntelliChief ECM at the JD Edwards Southern California User Group (SCUG) meeting March 27th at Knott’s Berry Farm Hotel in Buena Park, CA (stay for the rollercoaster rides)!

Meet the team from the Oracle Gold Partner provider of enterprise content management for EnterpriseOne and World systems. Discuss ECM-JD Edwards system integration automating AP and Order processing, including documentation capture and management, validating and updating of JDE-based data, and facilitating workflow matching your specific company processes.

IntelliChief will present JD Edwards Advancing AP and Order Automation Abilities at SCUG, covering AP Automation processing and invoice filing cost reduction, optimizing workflow and increasing visibility throughout the cycle. Ultimately, reducing the risk of late payment fees while increasing the amount of early payment discounts.

For Automating Sales Order Processing, highlighting the how-to’s of lowering cost through faster, accurate order processing, increasing visibility of reviews and approvals, decreasing Days Sales Outstanding while improving Customer Service customer and staff experiences.

IntelliChief provides a smooth, robotic process automation (RPA) transition from costly manual document management and workflow functions. Its industry-awarded AI-powered document capture enables users imaging capability of any paper or electronic format, indexing contents and validating with data in their ERP and line of business applications. It optimizes interdepartmental process workflow, with real-time analytic visibility through desktop and mobile access.

Unable to attend? Contact IntelliChief for a recording of the presentation.

 

Related: Events

Live at RMOUG Training Days: Orders Automation for JD Edwards, PeopleSoft

IntelliChief, an Oracle Gold Partner provider of automated document management and workflow enterprise content management (ECM) solutions, announces IntelliChief ECM will present Live at RMOUG Training Days: Order Automation for JD Edwards, PeopleSoft, during the event February 19-21, 2019 at The Westin Westminster Hotel in Denver.

JD Edwards and PeopleSoft-integrating ECM enables automating documentation capture and management, validating and updating Oracle databases, and facilitating workflow befitting a company’s specific processes and culture. As a true enterprise system, IntelliChief is deployable throughout an organization’s local and global footprint.

Live at RMOUG Training Days: Order Automation for JD Edwards, PeopleSoft will cover:

  • Automating the Order Entry processes, decreasing processing time and cost
  • Increasing order fulfillment accuracy by automating order documentation collection, organization and access
  • Mapping workflow to a company’s specific processes
  • Full-viewing desktop and mobile visibility of processing status, interdepartmental input and exception handling
  • Facilitating quicker approvals through automated collaboration
  • Providing Order Status analytics reporting of Open Orders and Days Sales Outstanding
  • Promoting improved relationships between Sales, Customer Service and clients.

Additionally, Orders Automation discussions will be held daily in IntelliChief’s on-site expo center.

These unable to attend may contact IntelliChief for information.

IntelliChief ECM provides a smooth, robotic process automation (RPA) transition from costly manual document management and workflow functions. Its industry-awarded AI-powered document capture enables users imaging capability of any paper or electronic format, indexing contents and validating with data in their ERP and line of business applications. It lifecycle-manages all related documentation and facilitates optimized interdepartmental process workflow, with real-time analytic visibility. The system provides desktop and mobile access, and integrates with all enterprise resource planning and business systems.

IntelliChief’s departmental usage spans Accounts Payable, Order Processing, Finance, Purchasing, Sales Management, Customer Service, Human Resources-HCM, IT, Legal and Logistics/Distribution.

Accounts Payable Straight Through Processing Cost Savings

Tim Nissen | Accounts Payable Straight Through Processing Cost Savings.

The IntelliChief Capture Enterprise for AP Invoices solution is a realized departmental application highlight: Accounts Payable straight through processing cost savings. It’s architected for organizations looking to thoroughly automate their AP processes, with the goals of eliminating manual functions of ERP data keying, invoice matching and voucher creation.

Invoices received as paper documents, email attachments or other means are scanned or imported in to Capture Enterprise. Information from the header, body, and footer of the invoices is extracted. This information is then verified and validated with ERP-stored data, leveraging database lookups, defined business rules, calculations and confidence thresholds. The vendor associated with each invoice is automatically identified, and other critical pieces of information including line items on single and multiple-page invoices are processed.

The solution offers Accounts Payable validations, such as mathematical calculations and automated two-way and three-way matching. Invoices that fail validations, fall below confidence thresholds or fail the invoice match process can be reviewed and resolved immediately, or routed through IntelliChief Workflow for exception handling. Non-PO based invoices can be routed for GL coding and approval. After all invoice types have been fully matched, approved, coded or otherwise resolved, the data extracted and validated via Capture Enterprise will be delivered for voucher creation within ERP/financial application without manual data entry.

New invoice layouts are set up in minutes by AP professionals as they process invoices, without reliance on IT staff, thus resulting in reduced invoice processing costs and cycle time. Capture Enterprise users have reported more than a 50 percent reduction in invoice processing costs and over 75 percent straight through processing on Purchase Order based invoices. By drastically reducing invoice cycle times, organizations are well positioned to take advantage early pay vendor discounts, or even negotiate more favorable terms with their suppliers.

See how – view this 3-page portrait of practical document management automation success: //bit.ly/2cLO2aT

IntelliChief ECM 4.2 Expands AP Automation Invoice Matching Capabilities

IntelliChief, a provider of automated document management and workflow enterprise content management (ECM) solutions, announces IntelliChief ECM 4.2 expands AP automation invoice matching capabilities, from both document capture and workflow phases.

IntelliChief provides Accounts Payable professionals an easy-to-use updated interface, while expanding automated capabilities supporting 2-way matching (Invoice to PO) and 3-way matching (Invoice to PO to Receiver). This processing occurs in both initial document capture (IntelliChief’s front-end Capture Enterprise) and in workflow, providing expansive safeguards and validations accompanying automation’s speed and accuracy.

In-tandem with IntelliChief, information from the user’s ERP is utilized to perform matching. IntelliChief keeps track of the PO quantity open and the Receiving quantity available by saving needed information when an Invoice line item is matched to a PO/Receiver. This can be set to identify by PO Number, Item Number/ID, Unit Price, Line Total, PO Quantity Ordered, Receiving Quantity, or two Miscellaneous fields of the user’s choice.

This setup includes multiple Match Methods, where receiving quantity qualifies exact match, based on first in, first used, or a combination of both. It includes options for a Variance percent, amount and type for the Invoice to PO fields (Unit Price, Line Total, Quantity).

Notably, new matching features of Unit of Measure conversion capability simplify processing of standardized orders, and Part Number cross-referencing increases accuracy when obsolete numbers are referenced in the Invoice. Both enhance straight-through processing volume.

Manual matching capabilities are also enabled from both Capture Enterprise’s Verify window and subsequently from IntelliChief’s system Workbench. Manual matching provides users with more PO and Receiver information and options. Users can select one or more Receivers to match to an invoice line item. As a failsafe, if the IntelliChief automatic matching determines the manual matching is possibly incorrect, a warning message is displayed prompting the user to confirm the match. The Manual Matching window also includes the ability for the user to complete GL coding.

IntelliChief ECM provides a smooth, robotic process automation (RPA) transition from costly manual document management and workflow functions. Its industry-awarded AI-powered document capture enables users imaging capability of any paper or electronic format, indexing contents and validating with data in their ERP and line of business applications. It lifecycle-manages all related documentation and facilitates optimized interdepartmental process workflow, with real-time analytic visibility. The system provides desktop and mobile access, and integrates with all enterprise resource planning and business systems

IntelliChief’s departmental usage spans Accounts Payable, Order Processing, Finance, Purchasing, Sales Management, Customer Service, Human Resources-HCM, IT, Legal and Logistics/Distribution.

For additional information, contact IntelliChief.