OpenText Vendor Invoice Management
Customer Profile :
- One of India’s largest oil and gas PSU
- Location: Mumbai
- $ 40 billion company
- Has been ranked 229th in the Fortune Global 500 rankings of the world’s biggest corporations for the year 2013
Challenges & Opportunities:
- Time-consuming paper process and no digitization of invoices.
- Lower insight of Vendor Liability and less visibility in tracking status of invoices.
- Increase in invoice cycle time.
Solution Highlights:
Implemented OpenText Vendor Invoice Management solution:
- Created workforce efficiencies through an automated and streamlined process.
- Improved working capital management through better visibility to cash requirements.
- Cut costs through automated data extraction, process automation and control including shared services.
- Reduced costly manual errors.
- Optimized cash discount utilization including dynamic discounting.
Benefits :
- Enable more accurate financial reporting through complete visibility.
- Segregated duties through workflow control.
- Monitor across all steps of the invoice process.
- Lower invoice cycle time.
- Provide complete audit trail.