|
|
|
 |
 Automation, above and beyond enterprise-wide systems, has become a key aspect of outsourced and optimized operations. While the majority of the books and records are fully maintained within the company ERP system, there are numerous add-on enabling technology tools that integrate, overlay, and leverage existing technology investments.
These tools are not meant to replace the existing ERP system and technology investments, but rather, to complement them. OPI works to identify and introduce these third-party tools into our clients' functions in order to address gaps in the current technology, and to improve speed, accuracy, visibility, compliance, and transparency.
Non-Intrusive, By Design
OPI works with a number of third-party technology tools that are designed to automate processes and introduce best practices into various aspects of the finance, accounting, and analytics functions. These tools are non-disruptive by design, and overlay and integrate with our clients' existing systems thereby preserving CAPEX investments in technology.
OPI’s platform independent approach extends to these enabling technologies. We work with each client to determine which additional tools, if any, will help to deliver the best results. Our professionals then leverage these client technology investments and work to manage the performance of these tools within the larger function.
Range of Solutions
Enabling technologies can be leveraged within almost any and all finance and accounting functions - from Accounts Payable, to Contract Management, to Bank Reconciliations, to Deduction Management, to Fixed Assets, and on through to Business Planning and Forecasting.
These solutions also range in complexity and offer a number of different approaches. There is no one size fits all technology, and each client’s goals are fully considered when selecting the appropriate approach and tools.
Common enabling technologies leveraged by our clients include:
The Power of Enabling Technology: Accounts Payable
The impact of enabling technologies is clearly evident in the Accounts Payable approval process. Many clients opt for document imaging + workflow in order to automate the invoice approval process. Taken together, the AP process for vendors is largely unchanged, however, internally, the process becomes virtually paperless as hardcopy invoices are scanned, routed through a rules-based workflow system for approval, and then delivered to the ERP system. Processing can now be centralized at an offsite location, while the rules-based nature of workflow ensures compliance with approval limits, transparency into status of pending invoices, and access to a full audit trail for reporting. Results typically include decreased payable days outstanding (DSO), improved vendor relations, and more control over cash management.
Other companies, who are looking for even greater impact and who have more flexibility around their vendor invoice submission process may instead opt for an eInvoicing solution. Vendors are directed to submit invoices electronically either through a centralized invoice portal or Electronic Data Interchange (EDI), and Purchase Order matching is automated. Barring invoices that present exceptions to these rules, the result is a straight through, fully automated Accounts Payable process. In addition to the results noted above, clients also realize large efficiency improvements that can result in significant savings.
|
|
|
|
|
|
