enhancing your bottom line by optimizing ar/ap processes€¦ · – submit invoices – track...
TRANSCRIPT
Enhancing Your Bottom Line by Optimizing AR/AP Processes
Romil Turakhia, Director & COO, Automated Workflow
www.aworkflow.com
We shall talk about
• Automation so far
• Solutions to Choose
• Dynamic Discounting
• Manage Vendors/Suppliers
• An experience to share
• Benefits
Current State
• Loss of procurement requests and invoices
• Physical movement of documents
• Inability to meet compliance policies
• Slow processing times outside of organisations mandated standards
• Financial reconciliation complicated by mistakes and outstanding invoices
• No process visibility making it hard to understand where improvements can be made
• Delays in processing may lead to missing discounts in early payments
• Process in key accounts staff member heads – high risk
Automation so far
• EDI
• Centralized > De-centralized > Centralized (SSC)
• Imaging
• Workflow
• Collaborative
Objectives to Automate
• Reduce costs by automating, streamlining and integrating
• Increase efficiency by delivering information in context of work
• Have clear visibility of current and past transactions
• Improve service and gain competitive advantage with end-to-end process visibility
• Choosing the appropriate transaction
Solutions to Choose
• AWPL DotSphere Capture
• IBM FileNet BPM suite
• AWPL DotSphere Work Manager
• Implementation services from AWPL
…….lets look at how the solution is implemented
Invoices are scanned in
Image and Data Capture Staff Scans Invoices
Invoice Document is Auto-Indexed
And stored in IBM FileNet ECM Repository
List of invoices to be worked on…
Working on a Invoice
Working along with a ERP system
Compare Invoices
Audit trail for dispute management
Management
Vendor
Business Activity Monitoring
Nina, Operations Manager
Timer Expired!Set Timer for 2 days
Send Alert
Dashboard
Dynamic Discounting
• Date of invoice is date of dispatch from Vendor/Supplier
• Initial time is lost in the Accounts department receiving
• Cash in this time with the solution discussed
• Discount to vary everyday rather than for specific durations
• Dashboards indicate to staff on the discounts that could be achieved for a given point of time
• Reminders alerting to act if action is not taken
• Monitor them through Dashboards
Manage Vendors/Suppliers
• Portals allowing Vendors/Suppliers to login– Submit invoices
– Track status
– Attach supporting documents on exceptions
• System records
– Details of invoice submitted
– Actions taken by internal team
– Time taken at every step
– Responses received from vendors/suppliers
• Dispute resolution through audit trails / logs & referring historical data
• Drastic reduction in number of payment related calls
• Negotiate better supply contracts
An experience to share
• Implemented the solution discussed at a Shared Service Centre
• Serving two manufacturing plants across international locations
• Key Accounting Processes implemented:– Accounts Payable Invoice– Accounts Payable Payments– Accounts Receivable Sales– Accounts Receivable Receipts– Supplier / Customer Creation– Interbank Transfers– Purchase Order Recording– and 5 other Finance processes
• TAT reduced by 40%
• No physical movement of invoices nor dependency
• Solution working efficiently that it is now being discussed for implementing to other departments
Customers Worldwide: 5000+ FileNet & 15,000+ IBM CM
Extending the solution to other processes
FinancialFinancial InsuranceInsurance GovernmentGovernment ManufacturingManufacturingHIPAA
Claims
Policyholder Service
Membership Service
Life & Annuities
Health Insurance
Property & Casualty
Reinsurance
Underwriting
Warranty
Health Claims
Life New Business
HIPAA
Claims
Policyholder Service
Membership Service
Life & Annuities
Health Insurance
Property & Casualty
Reinsurance
Underwriting
Warranty
Health Claims
Life New Business
Account Origination
Loan Processing
Credit Card
Auto Leasing
Cash Management
Discount Brokerage
Investment Banking: Pitcbook
Mortgage Loan Processing
Overdraft Exception Processing
Loan Sale Transfer
Student Loan Processing
Trust Admin
Account Origination
Loan Processing
Credit Card
Auto Leasing
Cash Management
Discount Brokerage
Investment Banking: Pitcbook
Mortgage Loan Processing
Overdraft Exception Processing
Loan Sale Transfer
Student Loan Processing
Trust Admin
Justice
Health/Welfare
Transportation
Homeland Security
Court Case Management
Land Records
Legislative Administration
Traffic Safety
Unemployment Case Management
Vital Records
Child & Family Resources
Human Services
Justice
Health/Welfare
Transportation
Homeland Security
Court Case Management
Land Records
Legislative Administration
Traffic Safety
Unemployment Case Management
Vital Records
Child & Family Resources
Human Services
Lifecycle AssetManagement
Compliance
Vendor Management
Plant Availability
Rate Case Management
Reserve Data
Seismic & Well History
Project & Permit Management
Quality & Safety
Lifecycle AssetManagement
Compliance
Vendor Management
Plant Availability
Rate Case Management
Reserve Data
Seismic & Well History
Project & Permit Management
Quality & Safety
Records Management
Customer Service
Network Management
Compliance
Accounts Payable
Call Center
Cash Receipts
Contracts
Customer Service
Procurement
On-Boarding
Travel & Expense Management
Sales Order Entry
Records Management
Customer Service
Network Management
Compliance
Accounts Payable
Call Center
Cash Receipts
Contracts
Customer Service
Procurement
On-Boarding
Travel & Expense Management
Sales Order Entry
Cross IndustryCross Industry
Benefits
• Reduce Process days by 30-50%
• Improve worker productivity 20-30%
• Reduce administrative tasks by over 30%-50%
• Eliminates paper loss
• Enforces compliance
• Improved processing times
• Reduction in errors
• Processing can be tracked, measured and improved
• Have a platform for other business processes
2121
Thank You