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How to Improve Asset Turnover Ratio With Sales Order Processing Automation

Getting more products out the door more quickly lets you maximize your assets. It’s a universal objective shared by everyone from Finance to Operations — and it’s your competitors’ objective, too. Everyone knows you need to spend money to make money, but determining exactly how much revenue each asset generates can be a challenge. Fortunately, there’s a formula to help you figure out exactly that. It’s known as the asset turnover ratio.

What Is the Asset Turnover Ratio?

Have you ever seen this formula before?

Asset Turnover Ratio = Sales or Revenues / Total Assets.

According to the Corporate Finance Institute, “The asset turnover ratio, also known as the total asset turnover ratio, measures the efficiency with which a company uses its assets to produce sales.”

The higher the asset turnover ratio, the better your company is performing. Higher ratios mean that you’re generating more revenue per asset, which is a key indicator of where your organization stands against its competitors. If you want to understand how every dollar in total assets equates to sales, this formula will reveal the answer.

So how can you maximize your assets? The answer is simple: Sales Order Processing Automation.

Improve Your Asset Turnover Ratio With Sales Order Processing Automation

Sales Order Processing Automation is one of the most effective tools for maximizing assets. By accelerating your fulfillment process and streamlining logistics, your company can increase revenues and reduce Days Sales Outstanding (DSO). DSO has a dramatic impact on this figure, which is why it should be one of your key KPIs, especially if you are utilizing Sales Order Processing Automation.

With automation, your organization can streamline and automate business processes to make them faster and less prone to error. In fact, some companies have been able to reduce order processing times by as much as 80 percent.

80%

Reduction in Order Processing Time

 

Why is this important? Faster turnaround means buyers get their bills in a fifth of the time, starting the contractual payment clocks faster and accelerating revenue.

Getting Started With Sales Order Processing Automation

Now that you’ve decided that you want to improve your organization’s asset turnover ratio, it’s time to plan for your automation implementation. Before you start to worry, here’s some good news — it doesn’t take much to optimize your order processing workflow.

Our proven sales order processing system integrates directly with your ERP, making IntelliChief a safe and reliable component of your digital infrastructure. IntelliChief helps you bill your customers faster and track the status of every payment. It electronically captures all your documentation at its point of origin, then indexes the relevant content and organizes it in an Enterprise Content Management (ECM) system. It even communicates with your ERP or line of business system, synchronizing your databases and updating your customer activity records in real-time.

So, what does this mean for your business? It means you have the opportunity to deploy cash assets into capital investments. You can enhance everything from sales and customer service to production and fulfillment.

Interested in learning more? Read our Sales Order Processing Automation white paper or contact us.

 

Enterprise Automation

Clearing the Air: Let’s Talk Enterprise Automation Myths and Misconceptions

Enterprise Automation

It is impossible to ignore the impact of automation across the enterprise. With benefits ranging from reduced provisioning times to fewer data entry errors, duplicate payments, and lost documents, there are countless ways for enterprise automation to make a marked difference in your organization. The enterprise is evolving, and skeptics will find themselves at a significant disadvantage if they attempt to resist automation. If you want to keep pace with your competitors, you will first need to address some of the common automation myths and misconceptions that cause business leaders to pause.

 

What Is Enterprise Automation?

Enterprise automation expands the concept of departmental or “office” automation and applies it to the enterprise at scale. It places a strong emphasis on automating all aspects of the enterprise that can benefit from faster, less error-prone, and more streamlined processes, such as Accounts Payable, Accounts Receivable, Sales Orders, Human Resources, Customer Service, and more.

Unfortunately, there are many myths and misconceptions about enterprise automation, which is largely due to the fact that this technology is capable of enhancing the enterprise in virtually endless ways. Furthermore, since no two enterprise automation projects follow the exact same rules and guidelines, the term has a tendency to defy a singular description. Lack of clarity can lead to incorrect ideas and blatantly false information, preventing you from acting in the best interest of your company. Therefore, as the premier provider of enterprise automation featuring universal compatibility with all Enterprise Resource Planning (ERP) systems and applications, we have decided to take some time to clear the air and dispel some of the most common (and problematic) myths and misconceptions preventing you from automating in 2020.

Myth: Implementing Enterprise Automation Requires a Ton of Coding Expertise

Whenever business leaders consider software-based solutions like office automation, their most common concerns are typically centered around the amount of coding that will be required to ensure solutions are seamlessly integrated and easy to maintain and update. The amount of manpower that goes into coding projects can be extensive, resulting in more billable hours than you anticipated or were led to believe during your initial consultations.

Consider this: the cost to develop a professional-grade application with custom coding for iOS can cost as much as $150,000 or more if you want a reputable, US-based vendor to take on your project — and that is just for a smartphone app.

When it comes to enterprise automation, if you can find a solution that supports no-code programming, you will be able to save a lot of money during the implementation phase as well as ongoing maintenance after your solution is deployed. You will not need to retain an expensive independent contractor or full-time employee to keep your system running smoothly. Rather, with a no-code solution, your team will be trained on how to make the necessary changes to your system whenever needed. Additionally, if you do require support from your vendor, they will be able to quickly and efficiently tweak your system to help improve operational efficiency and increase your bottom line without the exorbitant service fees associated with custom coding projects.

Myth: The Learning Curve of Enterprise Automation Creates a Chaotic Work Environment

Your business needs a competitive advantage to survive but is entrenched in processes that need to be overhauled to improve operational efficiency and save your company; how can you ensure that enterprise automation will be a good fit? More importantly, how can you be completely certain that your workflows will not be thrown into chaos? To be fair, this myth has some truth to it depending on which vendor you select to take on your project.

Too often, businesses find that the solution that seems like the best fit on paper is actually more restrictive than they were led to believe. These vendors want you to play by their rules to ensure that their solution is capable of satisfying their contractual obligations, which means your company’s best interests may become secondary to those of your vendor. This is how a “solution” becomes a problem, resulting in a chaotic work environment that ironically creates more challenges for your team.

That said, when working with the right vendor, this should not be a problem. Enterprise automation does not have to be complicated. Your solution should offer you more direct control of your workflows based on your existing procedures while integrating with your core technologies. This will result in streamlined workflows that eliminate menial tasks and give your team more time to focus on tasks that require human intervention. Best of all, the business rules applied to your workflows will mirror the exact processes already being utilized by your team, significantly reducing the learning curve of implementing new technology into your existing infrastructure. If you are currently browsing enterprise automation vendors, it is highly recommended that you confirm whether or not you can keep your existing workflows intact. This is crucial to a successful office automation implementation.

Myth: Enterprise Automation Is a Static Solution

Many organizations consider automation a purchase like any other. They assume their solution will be designed, purchased, and implemented — and that’s it. However, this could not be further from the truth. Enterprise automation is not static, and your experience with automation will extend beyond your implementation. Your project might contain multiple phases, and the scope of work could be altered several times before your solution is deployed. These course-corrections are important if you want your solution to generate ROI from Day 1 and onward.

Enterprise automation should be scalable. Whether you deploy it department by department or in one fell swoop, there will come a time when you need to pick up the phone and talk to your vendor. But how can you be sure they will be there when you call? Enterprise automation needs to evolve alongside your business, which means your selected vendor needs to be all-in on your mutual success. Our recommendation? Start with departments that are heavily reliant on paper or have the maximum ROI potential for automation, then expand your solution from there.

Myth: Enterprise Automation Focuses on Patching Up Inefficient Business Processes

When it comes to enterprise automation, your goal should not be to simply bridge the gap in workflows that are inefficient. Enterprise automation is far too robust and flexible to be utilized as a “patch.” Instead, your enterprise automation project gives you a chance to take a step back and gain a global view of your entire organization.

From here, it is easy to spot operational inefficiencies, bottlenecks, and other obstacles that prevent your business from maximizing profitability. It is even easier when your vendor takes the role of a strategic partner to help you unearth and, ultimately, address these inefficiencies. If your business is only dealing with a single issue, a point solution might be suitable; however, many businesses later discover that these simple solutions lack compatibility with future software integrations, or the scalability to meet their growth objectives. The real benefits of enterprise automation include:

  • Faster, more accurate processing across all departments
  • Instant storage and retrieval of all enterprise content
  • Superior enterprise collaboration
  • Enhanced customer service
  • Significant cost savings
  • Improved working environment
  • And more

Myth: Your Enterprise Automation Project Will Fail If Your Organizational Structure Is Overly Nuanced

Do you have an approved automation project? You want to be frank when discussing your requirements with vendors to ensure that you do not waste time with a vendor that cannot deliver. One of the best ways to separate suitable vendors from those that do not have the capabilities to help you reach your goals is by discussing your business processes and their corresponding workflows ad nauseum. Do not be shy if the way you do things is unique (or even impractical). If a vendor tells you that your organizational structure is too complex or nuanced for automation, they are not the right choice for your business.

Enterprise automation solutions exist for virtually every business in every industry, regardless of the legacy components, systems, and applications inherent to those industries. Look for a provider that has established integrations with your core ERP system, even if there is more than one. As we mentioned above, you want to work with a strategic partner who has a mutual interest in your company’s success. When you find a partner like this, no organizational structure is too complex to automate.

Myth: The Key to a Successful Enterprise Automation Implementation Is the Features of the Product Itself

Take a second to think about some of your recent purchases. What compelled you to buy? If your psychology matches most consumers, you probably weighed the features and benefits against the cost of the product to find the most feature-packed product for the price. This strategy is effective 90 percent of the time for 90 percent of purchases, but it is not a good buying strategy when shopping enterprise automation solutions.

Of course, features are important, but with enterprise automation, accessibility to a full suite of features is dependent on the success of your implementation. Most enterprise software implementations fail; not because the technology is flawed but because the team tasked with implementing the solution is not up to the task. Any vendor that takes a one-size-fits-all approach to office automation is going to find themselves at a standstill when attempting to configure their solution to the precise needs of their clients.

Selecting the right vendor and ensuring that they map their solution to your existing workflows is vital. It is easy to be won over by a robust feature set, but if you cannot use those features, what is the point? Keep in mind that features and a successful implementation are not mutually exclusive, but they are two considerations that should be weighed equally.

Myth: The Cost of Enterprise Automation Is Too Expensive to Justify the Project

Cost justification. The stage of automation where good projects go to die. In many cases, the justification is warranted by the potential for ROI but there is skepticism about whether projected models can be relied on to move forward. Let’s be clear, models help you understand how ROI will be attained, but they are less effective at giving you a precise measure of cost savings and performance improvements — this can only be accomplished by utilizing models that pull from a company’s real data.

Therefore, this myth is rather easy to dispel. When looking to justify your project, ask your selected vendors about their process for calculating ROI. Do they calculate ROI strictly in dollars saved? How do they attach a dollar amount to performance improvements? These are vital questions to ask during the research phase. When reaching out to vendors, ask if they have an ROI calculator that lets you plug in your unique business data to get a rough estimate of potential savings — but do not stop there. You should also ask how (or if) they calculate ROI during the implementation phase.

Are You Ready to Automate in 2021?

The enterprise automation buzz is everywhere. Business leaders have faced some of the greatest economic challenges in our country’s history this year, and the consensus is clear. It is time to automate in 2021 and beyond to not only stay competitive but viable as well. As digital transformation shifts the balance of power across markets, now is the time to cast skepticism to the side and embrace enterprise automation for what it is — the future of business as we know it.

Want to learn more about the benefits of our enterprise automation solutions? Contact IntelliChief today to learn how your business can leverage an Enterprise Content Management system to become faster, leaner, and more profitable.

 

Enterprise Data Analytics

Why Enterprise Data Analytics Is the Key to an Insight-Driven Enterprise

Enterprise Data Analytics

With half of all companies worldwide using big data to help them make informed business decisions, the demand for powerful business intelligence tools is at an all-time high. Companies that are already utilizing enterprise analytics are finding ways to set themselves apart from the competition. Those resisting this change are beginning to witness firsthand how the competitive landscape is shifting – and how enterprise analytics is driving those changes.

 

Businesses that rely on intuition alone will never have the same level of insight as their competitors that allow data to drive their most important business-related decisions. Plotting your growth strategy requires vast quantities of relevant data sourced directly from your business. What good are models and predictions when the data being utilized to generate them is inherently flawed?

Enterprise data analytics helps companies gain superior visibility into all of their business processes, the employees involved in those processes, and the various uses of capital that fuel those processes. With real-time enterprise analytics guiding key decision-makers, businesses become more resilient and less susceptible to having their market share usurped by a more tech-savvy competitor. The insight-driven enterprise is looking to establish a cohesive strategy for both present and future operations, and enterprise business intelligence tools like IntelliChief are at the crux of this crucial component of digital transformation.

Business Leaders in North America and Europe Embrace Enterprise Data Analytics

Today, over a quarter of businesses in North America have already started using enterprise data analytics to improve business processes. A roughly equal portion of North American businesses has already launched pilot projects to catch up with their competitors. The other half of businesses aren’t currently using enterprise analytics, but the majority of these businesses plan to use it in the future.

In Europe, slightly fewer businesses are utilizing big data in their business processes right now, but the overall sentiment is largely congruous with that of North America. Soon, half of all businesses will be using big data to improve processes and customer relations, especially in industries like retail, finance, manufacturing, construction, and education.

The Benefits of Enterprise Analytics

For those (roughly) half of North American businesses that are already using enterprise business intelligence platforms to gather valuable data about their processes, the benefits of enterprise analytics are clear:

  • Improved strategic decision-making
  • Superior process control and management
  • Enhanced insight into customer, employee, and partner behavior
  • Significant cost reductions
  • Fewer errors related to manual data entry
  • Increased revenue

According to Dr. Carsten Bange, CEO of the Business Application Research Center (BARC), an industry analyst and consulting firm focusing on Business Intelligence/Analytics, Enterprise Content Management (ECM), and Enterprise Resource Planning (ERP), “Big data analytics brings many benefits to the table, but companies shouldn’t underestimate the challenges involved.”

Namely, data privacy and data security are two very important issues that cannot be ignored as companies migrate to one of the available business intelligence platforms. Selecting the right vendor that will walk you through the process of implementing (and integrating) your solution within your existing ERP environment from start to finish is essential for companies who want to improve their technological infrastructure while simultaneously protecting their company against disruptions.

Are You Ready to Experience an Insight-Driven Enterprise?

Once a company has access to enterprise data analytics, they will need to select or hire an employee to manage the insights and their related initiatives (unless a C-level executive plans to oversee big data). For example, if a company wants to reduce invoice processing time in their Accounts Payable department, they will need to have an understanding of their overall processing time, individual processing time per employee, and the cost per invoice. Once this information has been gathered, additional training can be prescribed to the employees that are working slower than their counterparts or to those who are producing more erroneous transactions.

This is only one example of the insights gained with enterprise analytics and barely scratches the surface of what is possible with real-time analytics driving every key decision and mitigating the risk of the unknown. The insight-driven enterprise can capably identify wasteful cost centers, eliminate bottlenecks, and restructure in accordance with facts – not assumptions.

Are you ready to experience the benefits of an insight-driven enterprise? Contact IntelliChief today to learn more about our industry-leading Enterprise Content Management (ECM) solutions backed by robust enterprise data analytics.

What to Look for in an ECM Provider

Understanding the costs and return on investment involved in an Enterprise Content Management (ECM) solution is important before deciding on a software vendor. It’s important to consider the following factors when choosing an ECM provider:

Integrates With the Existing ERP System

Finding an ECM system that is engineered to unite with your existing ERP system is a huge benefit. When talking to ECM vendors, you should insist on finding a seamless integration that will allow you to achieve your goals.

Once a system is put into place, ECM needs to be a seamless fit, ensuring that current systems function as effectively as they did before installation. Having documents stored in a centralized repository results in the merging of business processes and computer applications so information is stored in a high-quality digital format.

Increases Productivity of Employees

When choosing an ECM system, it’s important to assess how much employees will be freed from unnecessary work to give them the needed time to be productive in other areas. Imagine if your workers didn’t have to spend upwards of 90% of their time manually handling paper documents and keying in data. What other tasks could they work on to benefit your organization? The possibilities are truly endless.

Supports Compliance With HIPAA and Sarbanes-Oxley

Companies need to take into account external government regulations and internal security policies as a critical part of doing business in their marketplace in order for documentation to be accessed in response to compliance audits and requests.

Health care providers have to consider how to create high levels of security for HIPAA and place physical safeguards (such as access to certain users) and/or technical safeguards (password-protected files) in place.

For Sarbanes-Oxley compliance, ECM systems need to store company information in a centralized location. Find a solution where documents are easily tracked through the entire process lifecycle for responses to regulatory audits.

Offers Browser-Based Interface

An ECM system should give employees the ability to access the system from any location using a secure browser interface. This will increase your ability to do business remotely by a significant margin without the need for a dysfunctional, expensive mobile app. If you want unrestricted mobile content management features, a browser-based interface is the most flexible, secure, and cost-effective option.

Provides Solid Experience and Market Knowledge

It’s crucial to work with a company that understands the business goals and technology needs. ECM solutions work well when the vendor has worked with many types of organizations. An ECM vendor who has a solid track record, significant experience, and who shares their large knowledge base ensures success.

Gives In-Depth Technical Support

Look for a company that offers extensive support and will partner to provide fast and easy solutions to problems. They should offer traditional support offerings as well as remote services, to meet all needs. They should offer a quick resolution of any issues.

Ready to find out whether Enterprise Content Management is right for your business? Contact IntelliChief to learn more about how we help businesses justify their projects with real-world ROI examples using actual business data.

Content Intelligence

How Content Intelligence Supports Your Company’s Digital Transformation

Content Intelligence

Digital transformation. It’s a phrase that seems to be tossed around more and more these days; however, despite its burgeoning popularity, it’s somewhat of a misnomer when examined through a critical lens. In today’s unpredictable business climate, companies don’t just need to transform, they need to evolve in order to adapt and thrive. The digital transformation sweeping the globe isn’t a passing trend, it’s the next major challenge in the survival of the fittest — and, as it turns out, the key to staying viable may be content intelligence.

What Is Digital Transformation?

Business leaders that are determined to keep up have a lot to consider as they seek solutions to assist them with their digital transformation. According to Salesforce, these technologies can be utilized to modify or replace existing “business processes, culture, and customer experiences to meet changing business and market requirements.”

In other words, every company’s digital transformation is unique to its own existing processes and structure. Business leaders can spend a lot of time digging through niche technologies designed for their vertical, but this isn’t always the best method. Niche solutions typically require multiple vendors and haphazard integrations. Starting with a robust, formalized solution can help streamline integration and minimize the learning curve of adapting to digital processes. So, where do you start? First, you’ll have to answer this question:

What is the one thing every business has in common?

 

Content. Documents. Information. It’s the fuel that keeps a business operational, which is why business leaders exploring options for their own digital transformation should seek a flexible solution that allows them to handle their content more intelligently. With content intelligence, businesses can adopt a solution that can be fitted to every department across their organization, making it the perfect technology to kick off your digital transformation.

Content Intelligence Tools Simplify Unstructured Data Management

Content intelligence encompasses a range of technologies designed to digitize business-critical information so it can be routed throughout an organization as efficiently as possible. Content intelligence allows a business to reduce processing times, increase fulfillment speed, and mitigate human error. Businesses benefit because their employees have far fewer manual tasks, significantly reducing the chance of missing or erroneous content.

Leading content intelligence platforms utilize artificial intelligence and machine learning to read documents, capture and index information, rout it approved users, validate data across multiple related documents, and a number of other functions that help your organization manage unstructured data. The technologies that make up content intelligence tools include:

  • Optical Character Recognition (OCR)
  • Machine Learning
  • Content Analytics
  • Unit of Measure Normalization
  • Universal Cross-Reference Tables
  • Mobile Capture
  • And More

Leveraging Content Intelligence for Your ERP System

Major Enterprise Resource Planning (ERP) providers, such as Oracle, SAP, and Infor, have grown rapidly over the last decade, culminating in Koch’s $13 billion acquisition of Infor in April 2020. A company’s ERP system plays an integral role in its day-to-day operations. Unfortunately, widespread adoption and a race to acquire third-party solutions that bridge the gap in these ERP systems’ shortcomings have made it integral for companies to seek partnerships that help them get the most out of their ERP system, such as business process automation for Accounts Payable or remote GL coding for invoices.

Regardless of which ERP system or line of business application a company relies on, a leading content intelligence solution will capture the important information from any incoming document and rout it a relevant user or into an automated workflow, depending on the software stack being utilized by the business. Any employee within the organization who has the proper permissions can then view, edit, and manage the document without leaving their desk. Companies that embrace business process automation can even eliminate approvals altogether if the matching process passes a certain confidence threshold — typically around 90 percent.

Content intelligence tools make quick work of duplicate invoices, mismatches, and other exceptions that fail to pass through your ERP system. Machine learning capabilities mean visually unique invoices, such as those sent from new customers, are quickly read, interpreted, and applied to any future invoices from the same source. In a perfect system, document routing can be automated for as many as 70 to 90 percent of documents, allowing companies to cut costs, consolidate resources, and eliminate “busy work.”

Make Informed Decisions and Gain Superior Visibility With Content Intelligence

Another benefit of content intelligence is the ability for business leaders to clearly visualize the inner workings of their business with analytics. How many invoices does your company process a month? Which employees are processing the most documents? How many documents are being held up for exception handling? How long does your process take from start to finish on average?

Businesses that can answer these questions have all the information they need to make informed decisions that protect themselves from the unexpected. Some content intelligence tools, such as IntelliChief, even provide ROI analytics to prove that they are making businesses less resource hungry and more efficient. Businesses can literally monitor ROI in real-time — a testament to the efficacy of content intelligence.

Managing Risk During Digital Transformation

Companies undergoing digital transformation are oftentimes riddled with anxiety as they modify business processes to fit the “future mold.” They conjure images of lost documents, organizational freezes, and unforeseen legal issues. Rest assured, these fears will soon be put to rest once their digital transformation is complete.

Content intelligence can bolster an existing risk management strategy by eliminating lost documents and generating a digital paper trail of all enterprise content. Plus, the superior visibility mentioned earlier means every aspect of your process is accounted for. Additionally, when the time comes to audit, having all of your documents and content available in a digital repository means your information is ready for review at all times.

The Content Intelligence Checklist

Are you ready to explore your options? There are several content intelligence platforms available on the market, but not every solution will be right for your business. Some providers are only interested in solving a single problem for an organization. Others, generally Enterprise Content Management (ECM) providers, are geared towards larger businesses that want a scalable solution for maximum ROI. Business leaders should keep this checklist on hand when researching solutions to ensure that they end up with the right content intelligence tools for their needs:

  • Does my business process a large volume of paper, documents, or content?
  • Are misfiled, missing, or lost documents hindering my processing speed?
  • Does the solution I am researching integrate with my existing ERP system(s) or line of business application(s)?
  • Does the solution support an array of different use cases?
  • Does the solution support interdepartmental connectivity?
  • Is the solution scalable?
  • Does the solution offer named licenses or concurrent licenses?
  • Does my current ERP provider recognize this solution (i.e., Oracle Gold Partner, Infor Solutions Partner, etc.)

Naturally, business leaders will be confronted with their own questions while perusing all the options available on the market — and rightfully so. Thoroughness is essential when selecting a content intelligence solution as it will serve a business for years to come, so we encourage you to take your time when performing your due diligence. If you find yourself at a crossroads, or simply want to talk to an expert about whether content intelligence is right for your business, we encourage you to contact us today.

Ready to learn more about how content intelligence can help your business thrive during digital transformation? Contact IntelliChief today to learn more about our industry-leading content intelligence tools and ECM platform.

 

 

Accounts Payable Straight-Through Processing Cost Savings

The IntelliChief Capture Enterprise for AP Invoices solution allows your business to take advantage of Accounts Payable straight-through processing cost savings. It was designed from the ground up for organizations looking to automate their AP processes from start to finish. With IntelliChief, your company’s goals of eliminating manual ERP data keying, invoice matching, and voucher creation are finally attainable.

How Does Straight-Through Processing Work?

Invoices received as paper documents, email attachments, or other means are scanned or imported into Capture Enterprise. Then, information from the header, body, and footer of these invoices is extracted. Next, this information is verified and validated with the data stored in your ERP using 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. If all of the necessary information is available for a particular document, it can be processed without user intervention.

But What About Exceptions?

IntelliChief 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 matching process can be reviewed and resolved immediately or routed through your configured 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 your ERP or financial application without any manual keying.

Other Benefits of Accounts Payable Straight-Through Processing

New invoice layouts are set up in minutes by AP professionals as they process invoices, resulting in reduced invoice processing costs and cycle times. Capture Enterprise users have reported more than a 50 percent reduction in invoice processing costs and over 75 percent straight-through processing on PO-based invoices. By drastically reducing invoice cycle times, organizations are positioned to take advantage of early pay vendor discounts or, at the very least, to begin negotiations that can lead to increasingly favorable terms suppliers. Without IntelliChief, it’s markedly more difficult to get these types of conversations off the ground.

Are you ready to learn more about Capture Enterprise, including the five stages required to automatically process documents as well as departmental application highlights? Click here to learn more.

Improving Your Shared Services Strategy With Automation

If your shared services strategy doesn’t include automation, you may be using too many resources on repetitive tasks. After all – the goal of a shared services center is to increase efficiency – so why is your staff spending valuable time on processes that can be easily handled by a computer?

How Strategic Shared Service Centers Use Automation

In 2017, Deloitte surveyed more than 1,100 shared service centers. They found that more than half of the shared service centers were either already using automation or considering it.

Shared Services Strategy - Role of RPA

Automation has the potential to help reduce costs significantly – sometimes as much as 70 percent. Manual workflows, like processing invoices and looking up customer order information, can be done more quickly (and more accurately) by a computer. In turn, this frees up employees to focus on other tasks.

These benefits are especially timely, considering that Deloitte’s study also revealed that:

  • 73 percent of shared service centers reported year-over-year productivity increases of 5 percent or higher. Even for centers that are currently pleased with their performance, it’s important to continue improving – or risk losing their competitive edge.
  • Complex, knowledge-based processes had doubled (or in some cases, tripled) over the past 5 years. Strategic processes still need to be handled by humans – and that will likely be the case for the foreseeable future. Eliminating routine “busy work” gives employees the capacity to focus on these knowledge-based initiatives – and provide more strategic benefit to the company.
  • More than half of the shared service centers had expanded their strategy to include three or more core functions. Scaling up is an excellent way to increase a shared service center’s financial benefits – but it also poses the need to adapt to the increased volume of responsibility. For some companies, that may mean hiring additional staff. However, automation is ideal for handling a high volume of tasks (and ensuring an accurate, predictable output). This allows companies to save on salary expenditures. As a result, automation has a place in almost any organization’s forward-thinking shared service strategy.

What Other Strategies Can Benefit Your Shared Service Centers?

Automation is just one of the emerging trends that shared service centers should be considering for future growth. Organizations also need to focus on:

  • Discovering (and eliminating) duplicated processes across departments. For instance, Accounts Payable may be manually entering GL code information into an ERP from an expense invoice after the approver has written it on the invoice. Why are two people adding the same information? Another example is duplicate invoices. Often an AP user enters an invoice, only to find out that it’s already been paid. By centralizing core activities, shared service centers can help put an end to duplicated tasks.
  • Leveraging core data across multiple processes and information systems. Similarly, many organizations handle the same data several times, often manually moving that data from one program to the next. Streamlining their strategy for handling their data is another way that shared service centers can reduce costs and improve productivity.
  • Increasing their value-add through expanded reporting and analysis. Processes that are completed at shared service centers don’t happen in isolation. Every single one has a wide-reaching impact that decision-makers need to be able to evaluate – and SSCs can expand their strategy to include more real-time reporting and analysis. This can help corporate executives not only see the true impact of their shared service model, but also identify over-arching trends that will impact their business.

Discuss Your Shared Services Strategy With One of IntelliChief’s Process Optimization Experts

If you’re ready to help your shared services center become more productive, contact IntelliChief. Our specialists can help you create a strategy for faster, more cost-efficient back-office practices – all within the framework of the technology you already have in place. With ERP-integrated automation software, we can eliminate repeated manual work from your shared service model, reducing costs, and providing a high return on investment.

To see how other companies have streamlined their procedures with IntelliChief, visit our Resource Library and download one of our peer-to-peer case studies. Alternatively, to speak with one of our experts directly about improving your shared services strategy with automation, contact us today.

 

How Logistics Uses ECM

Accounting for logistics processes and procedures is complex, and it’s common to still see physical shipping documentation sent by express service to points of receipt, including your Accounts Payable, Accounts Receivable and Customer Service departments – domestically and internationally. The manual handling of these printed documents is admittedly fraught with expense (time and money) and risks.

Having a clear picture of your distribution operations with all involved departments is crucial for your business. Though a challenge to this is managing logistics operations that are driven by paper, restricting the movement of every inbound and outbound shipment. Paper-based processes are slow and create bottlenecks in productivity, making important data contained in physical shipping documents—bills of lading, manifests, delivery receipts—difficult to process and track.

Capabilities have expanded to include automated documentation capture and company-specific processes workflow. This streamlines tasks related to shipping and receiving goods, enhancing the functionality of your existing platforms – ERP, SCM, WMS, Accounting systems and related business applications you use. Distribution is an industry benefiting from enterprise content management (ECM). Discover IntelliChief’s approach here.

How Logistics uses ECM: to automate capture of all formats of shipping documentation in both paper and electronic formats, assembling complete document collections from every source per transaction. Accuracy is validated with vendor and customer information stored in your ERP or SCM, and workflow automated with all departments involved in each transaction. Detailed visibility is provided throughout your distribution channel.

This document management capacity makes information easy to retrieve with automated organization for faster and more efficient content management. You’ll have instant access, with improved colleague and vendor-partner collaboration, and responsiveness to your customers, directly through your ECM-integrated desktop and mobile screens.

Collectively, ECM facilitates a solution to assure accuracy and security throughout distribution, as the foundation for building transactional transparency and trust, while streamlining business processes across your company’s fluid area of operations. Global trade logistics relies on a web of disparate systems across freight forwarders, custom brokers and port authorities, involving ocean, rail and trucking carriers. With ECM, you’re able to digitize the process to collaborate across companies and authorities, reduce the paperwork, streamline cross boarder movements, and limit fraud and errors.

Advantages encompassing how Logistics uses ECM:

  • Quicker outbound turnaround – leading to improved delivery efficiency, and stronger customer (and vendor) relationships
  • Documentation security – nothing is lost with ECM, with the people you need accessing your distribution documentation having it on-demand
  • Assured accuracy – with ECM syncing with your business system’s databases, all documentation is digitally captured with content data indexed and verified, alerting users of any discrepancies. Little or no system data keying is required; it’s simply straight-through processing into automated workflow
  • Lower document distribution costs – automation negates physical document shipping, and all associated costs
  • Faster notifications and approvals – with ECM’s automated workflow, everyone in your supply chain on the need-to-know does so quickly through automated notice, hastening processes and fulfillments
  • Document append abilities – as amendments, updates and approvals need to be added to original documents, they’re able to be, while maintaining the document’s integrity. Users can enter notes either in a pre-set field, or in a digital post-it note placement adjacent to the information being addresses. The document’s original data doesn’t change, though helpful information may be added and tracked by ECM and line of business system users throughout your logistics workflow.

These are particularly useful with Distribution’s transactional interaction among colleagues in Accounts Payable, Orders Processing and Customer Service departments; all areas of shipping document’s origination, destination and notification.

To see how, contact us.

Overcoming Business Challenges With Process Automation

Process automation can provide your organization with a number of benefits. The most notable?

  • More productivity
  • Faster workflows
  • Less expensive procedures

And the more you automate, the more you stand to benefit. Here’s a deeper look.

The Problem With Manual Business Processes

Most of the processes that keep your business running have manual traditions. While those processes may be sound (and may even be crucial to your company’s success), they may actually be holding you back.

So – how can something be essential, yet problematic?

Most have to go through several different people – or departments – before they’re finished. This involves lots of emails (or snail mail), phone tag, and uncertainty.

You need to have your people, your projects, and your transactions all on the same page.

Sharing Data to Eliminate Silos

According to Deloitte, many companies that don’t yet have automated workflows have a patchwork of disparate applications. These technologies don’t talk to each other, and there’s often a duplication of effort. In these cases, technology doesn’t ease the workload – it only makes it harder to collect data and achieve meaningful insights.

The result?

More time (and money) spent collecting information, unnecessarily high cycle times, inconsistent quality, and impaired agility.

Not exactly a recipe for success, but this is commonplace for businesses that have been unable to eliminate silos.

When Organizations Grow, So Do Their Processes

There’s also the issue of growth. As companies grow, employees take on larger workloads. Sometimes, companies do hire additional employees to help scale operations – but that’s always at a cost. Employees have to be recruited, trained, and brought up to speed on a company’s (often complex, and often poorly documented) internal processes. And if two companies merge together? It’s an ever larger tangle of procedures to consolidate.

One Way to Reduce Business Process Costs by as Much as 30 Percent

Deloitte also notes that automating workflows can reduce costs substantially. For a typical organization, that figure comes in at around 30 percent. That comes primarily from time and resources saved, although there’s also the matter of accuracy. Never having to go back and correct a wrongly completed process means more efficiency – and more benefits.

Repetitive Processes are Easier to Report

McKinsey brings up another benefit of automated processes. Workflows that are automated are less prone to variance and error, and easier to report. Regulatory compliance and auditing are less of a hassle when you have complete paper trails.

Let IntelliChief Help You Capture These Benefits With Process Automation

At IntelliChief, we can help you capture the benefits of automated processes with our ERP-integrated workflow automation software. It not only helps you speed up your processes and complete them more efficiently, but it also lets you streamline collaboration from end to end.

In addition to reduced costs, our customers can achieve:

  • A high level of flexibility for ever-adapting processes
  • More accurate data
  • Higher levels of employee engagement (as they are able to spend less time on repetitive work and more time on creative initiatives)
  • Faster project and transaction cycle times
  • Increased throughput
  • Increased customer satisfaction
  • Effortless regulatory compliance

To explore the solutions that make these benefits possible, contact IntelliChief. We’ll show you what process automation can do for your business – and just how easy it is to achieve.

Cost Savings in Logistics and Product Distribution

You move goods on a very large scale, but cost savings in logistics and product distribution can be hard to come by. Having a clear picture of your distribution operations of those goods is critical for business.

But, think about many of your logistics operations are driven by paper, restricting the movement of every inbound and outbound shipment. Paper-based processes are slow and create bottlenecks in productivity. They make important data contained in shipping documents, including bills of lading, manifests, and delivery receipts, difficult to process and track.

IntelliChief’s capture technology and electronic workflow processes can help you streamline tasks related to shipping and receiving goods. It can also enhance the functionality of your existing systems. Whether you use an ERP, a supply chain management system, warehouse management software, a transport management system, or a combination of several different programs, IntelliChief can easily connect all of your business applications.

How to Make Your Distribution Logistics More Efficient

The objective: improve visibility and reduce the time it takes to process information by capturing your shipping documents when they enter your business.

The strategy:

  • Automate the receipt of shipping documentation in paper or electronic formats
  • Standardize the document formatting, indexing, and data collection process
  • Collect critical information from images, barcodes, signatures, and text
  • Import this data into your system’s working fields
  • Link electronic copies to the appropriate core system and forward the documents to the appropriate workflow queue

Your newly standardized approach lets you manage all your processes from a single platform. Automated capture eliminates your need to print the documents and painstakingly key in the data – saving even more time in the process.

And because this all happens in real-time, you never miss a beat.

Track Every Single Shipment for Better Customer Service

The Sales-Fulfillment-Collections connection is the main engine of your company. Ensuring that orders are processed quickly and accurately is a primary objective. As your business grows, you need to be able to process more customer orders without adding personnel.

Enterprise Content Management (ECM) lets your customer service, sales, and fulfillment staff:

  • Stay current on all client accounts
  • Receive real-time data verification
  • Send Order Acknowledgements via email or fax without user intervention
  • Accelerate order fulfillment with faster approvals
  • Gain order processing visibility throughout each transaction
  • Collect payments in a timely fashion, enhancing cash flow
  • Reduce costs associated with copying documents, updating logbooks, and chasing down lost orders
  • Run progression analytics and reporting on each order.

Learn More About Cost Savings in Logistics With IntelliChief

By seizing potential cost savings in logistics and product distribution, your organization can safeguard its bottom line from the unexpected. Our tailored solutions for freight document management were designed with the enterprise-class distributor in mind. Our ECM platform is uniquely equipped with the tools to help you not only master logistics and distribution today but also in the future. IntelliChief is one of the only ECM solutions designed specifically for the enterprise at scale. Our solutions grow with your business to help it avoid interruptions and benefit from ongoing cost-saving opportunities.

Want to learn more about the tangible cost savings of electronic freight document management? Contact IntelliChief today to speak with an expert about your project and requirements.

Early Payment Discounts for Increased Revenue

Early Payment Discounts

Early payment discounts can help your company save hundreds – if not thousands – of dollars every month.

Spend less on the products you need to buy, and increase your working capital. Take the money that you have sitting in a low-yielding corporate account, waiting to be sent to a supplier, and leverage it to generate a higher rate of return. It’s a valuable strategy for your business – but it can be easier said than done.

Dynamic Discounting as an Early Payment Incentive

It’s common for suppliers to offer regular discounts for early payment. Sometimes, companies that offer early payment discounts are trying to motivate customers to pay faster so they can reduce their DSO. Other times, they’re trying to address cash flow issues. Either way, your company can benefit from the incentive.

2/10 net 30 is a common example. This incentive would allow you to deduct 2 percent of the invoice’s total amount if you pay within 10 days. (If you pay within 30 days, you owe the entire balance. If you pay after that point, you may owe a late fee.)

If you’re offered 2/10 net 30 terms on a $1,000 invoice, you can pay just $980 if you’re able to issue that payment within a week and a half. If your company has the cash on hand (or a readily available line of credit), those terms are firmly in your favor. That 2% early payment discount for paying 20 days early? If you do that just 18 times in a fiscal year, you get an annual return of approximately 36%.

By taking advantage of dynamic discounts, your Accounts Payable department can directly impact your company’s profitability. The only problem? 10 days isn’t a lot of time.

The Problem with a Long Invoice Processing Cycle

When you get an invoice in the mail, it may be several days before someone finds it. And if you rely on manual invoice processing methods, it can take several more days to move it through your organization. Getting all of the approvals & validations that an invoice needs before it can be paid is painstakingly slow.

When you’re working with a short time frame, a single delay (like a processor being out of town) can prevent you from capturing those valuable discounts. And when you have hundreds of invoices to deal with every month? There’s a pretty high chance that at least a few of them fall through the cracks. That’s why many companies have a hard time processing their invoices quickly enough to qualify for early payment discounts.

A sad reality? Industry research shows that the average invoice processing cycle time is 12.4 days, from receipt till payment. It’s frustrating to miss the mark by just 2.4 days – but it’s also encouraging, as it means a few strategic changes can get you over the hump.

So how can you make your process more efficient?

Invoice automation lets you streamline your accounts payable workflow. You don’t have to manually collect your invoices, and you don’t have to manually confirm that the charges are correct. The technology handles all of the behind the scenes, automating the most time-consuming steps with ease. And if a key employee is out of the office? They can still process documents remotely, keeping your workflows…well…flowing.

At IntelliChief, we’ve helped our customers reduce their payment cycle times by as much as 80 percent. One customer was even able to capture $5.4 million savings in the 2016 fiscal year – just by using our automation software to process their incoming invoices.

Our AP automation software works directly with your enterprise content management system (ECM) to make sure every incoming invoice is correct. It even checks for “process-by” target dates – letting you finally start capitalizing on your early payment discounts, without extra work for your employees. It’s an easy way to start meeting your cash flow objectives – and we’re here whenever you’re ready to get started.

For more information or help speeding up your invoice processing cycle, contact IntelliChief today.

 

Real-World, Real Benefits: How to Reduce Accounts Payable Processing Costs

Accounts Payable Expenses

Reducing Accounts Payable processing costs has officially become a movement — one driven figurately by the ability to better allocate staff resources and literally through automating transactional information and workflows. In an increasingly competitive business climate, improving the speed and accuracy of processing has become fundamental in achieving measurable growth. Accounts Payable automation is increasingly sought to securely capture all transaction information, which can then be utilized in any number of ways through system integrations that assure contractual-transactional integrity. New technology is shining a spotlight on the priorities of Finance and Accounting professionals, and the truth is evident: the benefits of reducing your company’s Accounts Payable processing costs are too substantial to ignore.

Moving from manual to automated environments increases transaction productivity and cash flow visibility. In a study of AP Management by The Institute of Financial Operations, cost savings and improved accuracy ranked as top justifications for investing in automated accounts payable solutions.

Their peer findings: 9 in 10 organizations still deal, at least in part, with paper invoices and transaction-related documentation, leading to higher costs, stifled efficiency, and a greater chance of erroneous information entering their system.

Highlights From the AP Processing Report

Failure to innovate can have a negative effect on the success of your business, especially when your business relies on outdated, paper-based processes to stay on top of money flowing in and out of your organization. By being the first to innovate, your business gains a competitive advantage over its rivals. The statistics below paint a clear picture of where our economy stands in terms of efficient AP processing:

  • 80% indicated their volume of invoices increased or remained roughly the same over the past year; 60 percent reporting the bulk of their increase was paper-based
  • 80% confirmed half or more of their invoices arrived paper-based; with a majority reporting paper exceeding 90 percent of their volume
  • 60% required between 5 and 25 full-time employees for invoice entry and matching
  • 70% had unimproved or increased invoice entry and payment error rates change in the last 18 months
  • 7 of 10 said that PO automation is an important component of an AP automation initiative
  • The most important drivers to automating the management of POs and invoices: a full 60% stated the desire of achieve better control over spend and ensuring purchases are with preferred suppliers, 45% to eliminate mismatches and exceptions that lead to blocked invoices
  • 65% noted the average time it takes to process an invoice changed over the past year has increased or remained unchanged
  • Just over half captured a significant amount of early payment discounts contractually available to them
  • Regarding imaging, 45% reported using front-end document capture capabilities. 20% included optical character recognition (OCR) to replace manual ERP keying. A mere 10% reported having data extraction and utilization capabilities. These companies could benefit significantly by enabling ERP-integrated invoice validation and routing direct entry into an automated workflow.

Making Your Organization More Competitive With Lower Accounts Payable Processing Costs

The above statistics are indicative of the current state of the industry, but how well do they describe your particular working environment? If the answer is “nearer than you would like,” your potential automation advantages include:

  • Eliminating manual invoice data entry to your ERP
  • Reducing your costs associated with processing and filing vendor invoices by an average of 75%
  • Increasing automation and streamlining your processes via workflow while reducing cycle time by an average of 80%
  • Increasing visibility into your AP processes through intuitive, decision-enhancing reports
  • Reducing the risk of late payment fees
  • Increasing the number of early payment discounts you receive
  • Maintaining your existing processes, but automating them to achieve superior results

To learn more about how your business can reduce accounts payable processing costs, read our AP automation guide. Or, learn more about  IntelliChief ECM for Accounts Payable for PO and Non-PO invoices by clicking here.

 

How to Connect Business Systems Without Coding

There’s always some hesitance when it comes time to adopt new technology. This is especially true in niche business units that are traditionally “low-tech.” It’s no surprise, then, that Accounts Payable, Accounts Receivable, and Order Processing departments are oftentimes the most cautious about adding new software to the mix.

New technology needs to integrate seamlessly with your current technology infrastructure to provide measurable benefits, but trust is hard to build in the early stages of any relationship — and trusting a vendor is no different. Many businesses focus on what could go wrong when complex coding is needed to connect business systems. But what if we told you that there was a way to connect business systems without coding?

IntelliChief Integration Link Connects Business Systems Without Coding

IntelliChief makes it easy to manage your documents electronically. There’s no need for custom coding or technological savvy.

IntelliChief Integration Link lets you connect our Document Management and Workflow Automation technology to any application you already use. Within minutes, it creates a new application blueprint. From there, users can access documents and data that are stored in IntelliChief.

Users don’t have to click out of their familiar ERP.  This lets them access and index documents in IntelliChief from the ERP screens they are already used to. There’s no steep learning curve and you get to continue using the technologies you’ve already invested in. Best of all, you don’t have to work costly professional programming into your budget and training is streamlined.

How to Connect IntelliChief Without Coding

Through Integration Link Designer, any application can be image-enabled.

  • Open the Blueprint Designer, and open the application screen to integrate with IntelliChief
  • Select New Blueprint, and Integration Link will prompt to click on the screen in the application
  • Integration Link will recognize all the fields on the application’s screen and prompt them to link the corresponding fields in IntelliChief’s data processing profile (DPP)
  • Click to activate the blueprint, and the link’s established

This provides cross-platform usage of all information stored in each system.

Learn More About IntelliChief Integration Link

Integration Link offers premises, local, and remote/cloud-based options. You can also choose from production and custom systems. It’s a fast, user-friendly way to access & index documents throughout your entire organization. No matter what approach you choose, there’s no impact on your future ERP or business application system updates.

To learn more about connecting business systems without coding, contact IntelliChief today.

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PeopleSoft Accounts Payable Automation

PeopleSoft Accounts Payable Automation

How long do your employees spend on Accounts Payable in PeopleSoft?  If you’re not using your Oracle PeopleSoft ERP as efficiently as you could be, IntelliChief can help. We offer AP automation solutions specifically for Oracle, and because we’re an Oracle Gold Partner that has performed countless installations for PeopleSoft customers, we can configure a solution that aligns perfectly with your needs and goals.

What to Expect When You Automate Accounts Payable in PeopleSoft

Our PeopleSoft Accounts Payable Automation tools help you:

  • Collect, process, and store your vendor invoices
  • Capture more vendor discounts
  • Collaborate easily between multiple departments
  • Prevent lost or misplaced documents
  • Eliminate inefficiencies from manual entry

Automated workflows let you capture purchase orders, order acknowledgments, and receiving documents from both paper-based and electronic formats. Once captured, they’re organized and stored with any related transactional documents. Meanwhile, our software compares all of the data with the transactional information you already have saved in PeopleSoft. You don’t have to manually match the information or waste time on multi-step approval routing.

The best part? PeopleSoft users that implement IntelliChief for AP typically achieve a full ROI within one year — and that’s not the only benefit.

PeopleSoft ap invoice automation

The Benefits of PeopleSoft Accounts Payable Automation With IntelliChief

When you automate PeopleSoft with IntelliChief, your business will become faster, leaner, and more profitable. Customers benefit from:

  • Industry-leading integration backed by Oracle Gold Partner status eliminates the need for multiple vendors or technical resources
  • Embrace a paperless office that is more sustainable, environmentally friendly, and adaptable
  • Full visibility in the Accounts Payable process, including micro- and macro-level tracking
  • Boost deployment speed
  • Improve accuracy with advanced validation software that gets smarter over time
  • Automatically capture invoices from a monitored inbox
  • 80-90 percent reduction in manual data entry
  • Lightning-fast 2-, 3-, and even 4-way matching
  • Secure digital repository creates a centralized hub for all documents
  • Analyze processing speed, cost, efficiency, and ROI achieved with IntelliChief
  • Remote access from any smartphone or tablet
  • 24/7 security and audit protection

ECM PeopleSoft

Discover Our PeopleSoft Accounts Payable Automation Solutions

Is your company ready to phase out old, inundated processes that prevent it from reaching its potential? Your growth objectives are clear. You’re ready to take the next step, and IntelliChief can help you get there with PeopleSoft Accounts Payable automation. Realize instant ROI as your processes become faster, more accurate, and smarter — literally paying you back over time by automatically taking advantage of early payment discounts while eliminating late payments.

Want to learn more about our PeopleSoft Accounts Payable automation solutions? Contact us today for a free consultation. Our automation experts will help you determine whether or not your business is a good fit for automation.