Better invoice processing means saying ’good-bye’ to many routine tasks
When Oticon began looking for a solution to improve their invoice handling processes in 2006, they had already identifi ed a long list of
inefficiencies to be streamlined and controls to be implemented. In addition to these typical issues such as: missed early payment discounts and lost invoices, Oticon also required the chosen solution to contribute to the job satisfaction of the employees and help make Oticon an even better place to work.
Key Challenges
- Provide controls to the purchase to pay process
- Provide tools to the AP employees who handle invoices
- Increase job satisfaction in a typically routine job
Solutions: Baswaren Invoice Automation and Basware Purchase Management
Oticon was looking for an end-to-end purchase to pay solution and had in fact been looking for 5 years. Oticon felt it was better to wait for the right solution than to initiate a project and only deliver on 90% of their requirements. The decision to implement Basware Enterprise Purchase to Pay solution suite was taken because the depth of the Basware solution portfolio was in-line with the long term IT strategy. No other vendor could demonstrate a stronger or more flexible control over the entire requisition to payment process. Starting with the implementation of Basware Invoice Processing and Basware Contract Matching, Oticon has, in a reasonably short period of time, built a structure where invoices are not lost, suppliers are proactively contacted, late payments are not incurred and early payment discounts are captured.
All purchase invoices are routed through Basware Invoice Processing very effi ciently with key people being involved when required. The ease of uptake with which both engineers and managers have adapted to handling an invoice through the Basware System has been quick and painless. Those same key people are now in a position to better understand items such as: budgets, cost centers and posting. With
Basware Contract Matching in place, Oticon automatically processes recurring invoices such as employee phone bills and company cars. Basware Contract Matching allows a contract to be approved only once after which invoices are matched and paid automatically against a pre-approved payment schedule.
When Basware Purchase Management is brought online, Basware Order Matching will also come into play, enabling Oticon to automate
the entire purchase to pay process. Add to that the aim to increase the amount of e-invoices from 20 % to 50 % and finally 85 % of all invoices — the possibilities for full Invoice Automation is not only realistic but
near at hand.
Benefits
- AP has changed and is now much more dynamic
- Possibility to secure cost savings through early payment discounts and zero late payment fees
- No more lost invoices and when there is a problem, the right person is notified