Vendor Invoice Management (VIM)
It is time for a unique, digital approach that transforms manual invoice processing to streamlined invoice management. Running digital results in short approval cycles helps vendors get paid sooner, while collecting important statistics that help continuously optimize the process, identify bottlenecks and simplify operations. By processing vendor invoices quickly, accurately and efficiently, organizations can enhance worker’s productivity, cash flow and vendor relationship. OpenText™ Vendor Invoice Management for SAP® Solutions (VIM) optimizes and simplifies the process of receiving, managing, routing and monitoring invoices and related documentation process. Stakeholders involved in any invoice problem, quickly and efficiently access invoice information, such as relevant PO number, status of invoice payments and much more related activities. .
With Vendor Invoice Management for SAP Solutions, invoices are routed automatically to the right person for resolution, approval and payment. Managers can review and approve invoices using the modern ‘SAP Fiori’ user experience. Vendor Invoice Management for SAP Solutions also processes order confirmations and delivery notes to further prevent invoice problems, supporting any input channel, whether digital or analog. .
- Entering of documents from any source: Documents can be entered from any location, via all input channels and in any format directly into the ERP system.
- Automates invoice data extraction: It gets integrated with Intelligent Capture for SAP Solutions to cull header and line item details quickly, reliably and automatically, based on a knowledge base of thousands of invoice samples in combination with machine learning using all of the data and information.
- Optimizes the review and approval process: Intelligently identifies & enriches missing information, offers controlled and automated exception detection and handling, parallel approvals, escalations, invoice posting and reporting, resulting in a reduced cost per transaction.
- Leverages designated workflows: Provides predefined workflows with robust and extensible baseline functionality, shortening implementation time and reducing deployment costs.
- Automates invoice routing and sorting: Designated workflow steps sort and route exceptions based on user roles, authorization rules, priorities and predefined timelines to ensure actions are taken by individuals with both the applicable knowledge and security access.
- Generate reports: Uses built-in reports and data models based on company code, business unit, customer, supplier, exception type, liability and more to turn insights into action.
- Drills down into details: Accesses applications, content and history using intuitive, graphical dashboards with buttons that drill down into the original image, information and document flo
- Intelligent capture: Leverages machine learning algorithms for continuous, self-adapting information extraction.
- Efficient data completion – Accelerates data entry with single-click entry and automatic table recognition.
- Deep SAP integration– Provides configuration, orchestration and access through Vendor Invoice Management for SAP Solutions and Business Center for SAP Solutions
. What’s new? An innovative approach to capture OpenText Information Extraction Service for SAP® Solutions (IES) has an advanced approach to optical character recognition (OCR). The software recognizes the type of incoming document and intelligently captures the full information in the right business context to pass it to the correct process, allowing the maximum level of automation. Built on a powerful platform, incorporated with more than 30 years of experience, equipped with a sophisticated invoice knowledge base and machine learning technology, IES continuously adapts and learns with every document it processes. This innovative approach minimizes setup efforts while driving higher document recognition and automation rates. IES is our next generation of capturing products which will replace Invoice Capture Center (ICC)—a component of Vendor Invoice Management for SAP Solutions – and the capture component of OpenText Business Center for SAP Solutions (BCC).Whether the document is an incoming invoice, sales order, quotation, delivery note, order confirmation or even an HR document, IES for SAP Solutions automates them all. .
Advantages of Vendor Invoice Management, from which organizations can benefit, are:
- Accelerate order-to-pay operations across the enterprise through integration with SAP Business Suite and SAP S/4HANA.
- Enables superior recognition rates with machine learning technology.
- Boost productivity and revenue by automating routing, approval, and payment processes.
- Enhance vendor relations with better access to current, accurate vendor information.
- Ensure accurate, on-time financial reporting with automatic access to AP information.
- Improve cash flow by streamlining workflow, initiating reminders and shortening the payment cycle.
- Promote regulatory compliance with a well-managed process using preconfigured rules, roles and actions.
- Accelerates invoice and order processing through rapid data capture and automated routing.
- Increases ROI by reducing cycle times and eliminating late fees and deliveries Improved productivity through intelligent automation.
- Eliminates manual data entry.