Companies that have not yet implemented vendor invoice management automation face numerous challenges in their quest to achieve optimal accounts payable processes. Outdated invoicing practices can result in escalating costs, increased risks, and a lack of compliance and control. To overcome these obstacles, organizations must prioritize the implementation of a strategy that addresses these issues effectively. This is where Vendor Invoice Management (VIM) emerges as a crucial solution.
At its core, VIM offers a centralized platform and automated workflow that allows organizations to digitize, capture, and store vendor invoices in a secure and structured manner. Furthermore, VIM enables organizations to establish standardized approval processes and workflows for invoice validation and payment. By configuring rules and business logic, organizations can define approval hierarchies, set up exception handling, and enforce compliance with internal policies and regulatory requirements.
Organizations that want to modernize their account payable management systems, achieving the right balance of global scalability, real automation, user experience, and governance find that the answer is Native SAP. The best VIM outcomes and scale are realized within the SAP platform.
SAP Invoice Management
The SAP Invoice Management by OpenText solution is the foundational component. SAP Information Capture by OpenText is an add-on solution with advanced machine learning algorithms providing automated information extraction from supplier invoices and other business document types like sales orders, delivery notes, order confirmations, remittance advice, etc.
There are many compelling reasons to embrace SAP Invoice Management by OpenText (VIM), and take advantage of tremendous untapped features and capabilities:
- SAP Native: Leverages, extends, and accelerates SAP functionality.
- Pre-integrated Machine Reading and Learning: Advanced functionality.
- Built-in e-invoice adapter: Out of the box Ariba, e-invoice and eDocs Integration.
- Global: Solution supported by markets and locations across the globe.
- Holistic: Answers to most compliance needs. Aligned to SAP S/4HANA roadmap.
SAP Invoice Management Benefits
One of the standout features of SAP Invoice Management by OpenText is its ability to provide comprehensive support for multiple invoicing channels and formats. Whether it’s e-invoicing support, automated email ingestion, or even scanned paper invoices, this tool offers optimized solutions for differing vendor segments. This flexibility enables organizations to consolidate and streamline the management of invoices from various sources. It incorporates machine reading and learning capabilities for intelligent invoice recognition.
Moreover, the tool offers a holistic approach to address compliance needs, providing out-of-the-box answers to most compliance requirements. It enables organizations to enforce business rules, apply validation checks, and adhere to regulatory standards. It also aligns with the S/4 roadmap, making it a future-proof choice for organizations looking to keep pace with SAP’s evolving technology landscape. It enables organizations to leverage the latest advancements in SAP’s ERP system, ensuring compatibility and longevity of their AP processes.
Large organizations like Nvidia and Toro that run operations in SAP, are turning to OpenText Vendor Invoice Management (VIM) for end-to-end automation of their invoice process. These implementations have helped enhance performance by removing the need for manual processing by 325%, and achieving faster cycle times by 112 hours, all while ensuring adherence to over 145 global compliance regulations.
What Now?
Vendor Invoice Management (VIM) offers organizations a transformative solution that empowers them to take control and automate their accounts payable operations. By embracing VIM, companies can unlock the potential for cost savings, improved vendor relationships, and enhanced financial management. In today’s rapidly evolving business landscape, VIM proves to be a necessary tool for organizations looking to innovate, drive efficiency, and achieve excellence in their accounts payable operations.
