One of India’s leading manufacturers of coated steel solutions increases Accounts Payable process efficiency
Tata BlueScope leveraged OpenText Vendor Invoice Management to reduce invoice processing cycle time.
Tata BlueScope Steel (TBSPL) is a joint venture between Tata Steel and BlueScope steel. It was established in 2005 with its headquarters in Pune. Tata BlueScope Steel venture was established in 2005 with three major businesses: Coated Steel, Roof & Wall Cladding Products and Pre-engineered Building Solutions. Tata BlueScope Steel has its manufacturing units in Jamshedpur, Sriperumbudur, Bhiwadi and Pune. Tata BlueScope Steel has an annual metallic coating capacity of 250,000 tons and colour coating capacity of 150,000 tons.
Key Challenges
The Accounts Payable process at TBSL was manual-intensive, decentralized, and error prone. There was a need for a significant reduction in AP invoice cycle times, a reduction in cost per transaction, improved cash management through AP liability reporting capabilities, and the elimination of data entry labor costs. The challenges can be summarized as:
- Approximately 75,000 invoices are processed by TBSL annually across the globe with lack of visibility of invoice processing status.
- High invoice processing cycle time with manual data entry, validation, foreground posting and approval process involving multiple touchpoints.
- Need for digitalization of all the incoming invoices which were erstwhile being received as hard copies.
- Manual and people dependent process of creation of Service Entry Sheet
- Losing out on efficiency gains as a result of high manual dependency in invoice processing including manual data entry, validation and cumbersome approval process
- Lack of visibility of invoice processing status and no traceability of invoice during audits and tax assessments.
Industry
Manufacturing
Customer
Tata BlueScope Steel Limited
Partner
Avaali Solutions Pvt. Ltd.
- OpenText™ Vendor Invoice Management for SAP® Solutions
- OpenText™ Invoice Capture Centre
- OpenText™ Core Archive
- Streamlining of TBSL’s invoice processing cycle and increasing the productivity of the AP team
- Approximately 70% reduction in overall invoice processing cycle time
- Enablement of system driven business rules for validation of incoming vendor invoice data and customized approval matrix for invoice approval
- With the Automatic SES creation solution, AP team now saves huge amount of time
creating SES through VIMsolution. - Automatic handling of huge volume of supplier invoices enabling TBSL team to focus on higher value-added tasks.
- Significant reduction in manual data entry and associated errors
- Cloud archiving and storing of AP documents via convenient and cost-effective core archive solution.
Avaali Solutions (www.avaali.com) is a company that enables Enterprises to drive and deliver business results by leveraging digital technologies. Avaali has strengths in providing Enterprise Information Management (EIM), Enterprise Mobility and Internet of Things (IoT) solutions. Avaali’s advisory, consulting and implementation services has enabled enterprises to transform their business processes and engage better with their stakeholders including customers, employees, partners, vendors and shareholders.
Testimonials
“The implementation of SAP OpenText VIM solution by Avaali has helped us with faster processing of our invoices, easy invoice tracking, better reporting on financial transactions and superior supplier relationships.”
– Govind Bhat, GM IT & Business Systems, Tata BlueScope Steel