OpenText Vendor Invoice Management Implementation
Customer Profile:
- Founded in 1916, listed among the leading FMCGs of the world.
- Location: US, Bangalore.
- With over $3.86 Billion net revenue, stands as one of the leaders in the US retail market.
Challenges & Opportunities:
- Poor Vendor relations and market credibility.
- Missing Discount opportunities.
- Difficulty preparing accruals.
- Excessive invoice processing cost.
Solution Highlights:
- Streamline Accounts Payable operations.
- Simplify and automate invoice processing.
- Implemented standardized process with invoice exception blocking and workflow.
- Improved visibility of invoice statuses and improved invoice processing efficiency.
Benefits:
- Reduced invoice processing cost and invoice processing time.
- Better visibility and traceability of invoices through advance workflow capabilities.
- Significant drop in the percentage of overdue invoices.
- Better vendor discounts and higher credit ratings-improved vendor negotiations.