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Automation and Optimization of Financial Processes

Automation and Optimization of Financial Processes. Finance Professional’s Challenge. Reduce costs Increase throughput without additional resources Decrease cost per transaction Strengthen controls to minimize risk Comply with regulations (Sarbanes-Oxley)

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Automation and Optimization of Financial Processes

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  1. Automation and Optimization of Financial Processes

  2. Finance Professional’s Challenge • Reduce costs • Increase throughput without additional resources • Decrease cost per transaction • Strengthen controls to minimize risk • Comply with regulations (Sarbanes-Oxley) • Enforce consistent processes across the organization • Improve service to business units and suppliers • Increase speed, accuracy and visibility • Reduce burden on the line-of-business managers Do this all at the same time and make it pay for itself

  3. Barriers to Resolution • Over 80% of all transactions are still paper-based • “The paperless office is one of the worst predictions in the history of technology” – Forbes, May 2001 • ERP Systems are not designed to solve the problem • The “system of record”, but constructed for data not processes • Fails to enforce/implement “best practices” and compliance • Cannot address unstructured information that initiates most transactions • Traditional document management solutions aren’t architected for transaction processing • Multiple representations of the data and transactions • Designed for archival and retrieval • Customer-specific solutions delivered via custom code

  4. World Class Finance Performance • World Class Transaction Processing Companieshave achieved better cost results by • Streamlining and automating routine processes • Leveraging the functionality of technology to • Implement best practices to drive increased accuracy, integrity, and risk mitigation • Eliminate the paper • Automate workflow of electronic or imaged invoices • Utilize the Internet for increasing speed and availability • Mandating integration of their ERP applications in a unified platform • Build in integrity monitoring software ensures complianceand protection from fraud

  5. 170 MarkView Solution People Process Technology

  6. 170 MarkView Solution • Fixed Price Implementations • Depth of Experience • Global 2000 Customers • Domain Expertise • Best Practices • Business Processes • Shared services Imaging & Markup ERP Integration Workflow

  7. Aerospace/Defense Technology/Information Financial Services Education • Harvard • Ryerson University • San Diego State • Stanford • U. Pennsylvania • Ameriquest • Cigna • Citigroup • D&B • E-Trade • JP Morgan Chase • Marsh • MasterCard • TD Bank • Biogen Idec • Canon • Juniper Networks • NCR • Red Hat • Reuters • Sapient • SAS • Seagate • Yahoo • General Dynamics • Sandia National Labs Manufacturing/ Supply Public Sector/Government Communications • Arrow Electronics • GE • Toyota • NIH • NYC Housing • Scottish Legal Aid Board • TSA • US DOT • US FAA • US CDC • US Coast Guard • AT&T • BellSouth • British Telecomm • Equant • O2 • Verizon • Vodafone Energy • Atmos Energy • Kerr-McGee • Plains All American • Smith International • Williams Food/Beverage Travel/Entertainment • Schreiber Foods • J.M. Smucker • Cendant • Gaylord • Maritz • TUI Engineering/Construction ConsumerGoods • Carillion • Granite • Macerich • Michael Baker Corp. • M.A. Mortenson • Network Rail • Suffolk Healthcare • Electronic Arts • Mattel • Sony Retail • PacifiCare • Select Medical • University Hospitals • Nordstrom • Sportsmen’s Warehouse • Starbucks 170 Systems Customers are the World’s Leading Companies

  8. 170 MarkView Applications • 170 MarkView Financial Suite • Accounts Payable • Expense Management • Procurement • Accounts Receivable • General Ledger • Asset Management • Project Re-Billing • Human Resources

  9. The 170 Systems Solution for Accounts Payable

  10. Review/Resolve Capture Approvals Payment Audit Entry Coding Invoice lifecycle

  11. ERP Environment Scan/Fax ManualEntry Review/Resolve OCR Automated Entry Capture Approvals Payment Entry Coding 0011001 111 XML Supplier Network ImageAutomaticallyAttached MarkView Self Service Invoice Invoice Receipt, Capture and Entry

  12. Corporate Data • Organizations • Sets of Books • Hierarchies • Vendor Supplier Lists • Chart of Account Information • Business Rules • Materiality Limits • Etc. Review/Resolve Approvals Payment Entry Coding Optimize your ERP ERP Environment Leveraging your investment in ERP, Data and Resources with no Duplication

  13. ERP Environment Scan/Fax ManualEntry 170 Systems Context Sensitive Workflows Review/Resolve OCR Automated Entry • PO Based • Non-PO Based • Pre-Approved • Self Service • Supplier Maintenance Capture Approvals Payment Entry Coding 0011001 111 XML Supplier Network ImageAutomaticallyAttached MarkView Self Service Invoice Extensive Workflow Options

  14. ERP Environment Scan/Fax ManualEntry Review/Resolve OCR Automated Entry Capture Approvals Payment Entry Coding 0011001 111 XML Supplier Network ImageAutomaticallyAttached MarkView Self Service Invoice Metrics, Analytics and Reporting Metrics, Analytics and Reporting 170 Systems Context Sensitive Workflows • PO Based • Non-PO Based • Pre-Approved • Self Service • Supplier Maintenance User Interface

  15. Case Study — Juniper Networks • 2005 Annual Net Revenue @ $2B • Global workforce of 4,600 employees • Finance located in four key theaters • Sunnyvale, Dublin, Hong Kong, Bangalore • Time-consuming and expensive process • Receive paper invoice • Look up authorizer on purchase order • Email invoice details to authorizer to approve invoice via email • File invoice waiting for approval in file drawer • Wait for approval via email • Follow up for approval if no response • Too Slow — Cycle time on average 8 to 9 days • Could Not Scale Globally • Receive approval • Pull invoice from file drawer • Key invoice in ERP system • File invoice in AP file storage • Execute payment • Pull invoice from file when inquiries received

  16. Global Juniper Accounts Payable Metrics WW Historical 2003 (Pre SSC) WW Current 2006 # of AP Employees # of Invoices Processed % of Manual Invoice/PO Monthly Trans per FTE Length of Backlog Minutes/Invoice Cost/Invoice % of Process Automated 5 62,000 45% 1000 8 to 9 days 9.2 min $4.72 48% 12 416,817 75% 3000 2 to 3 days 3.4 min $1.78 89%

  17. Benefits of Automation…and 170 Systems’ Solution • Reduced Costs • Optimize cash management: Capture all discounts, eliminate penalties, introduce dynamic discounts • Improve productivity for Finance, Line of Business managers, employees • Reduce operating costs: eliminate costs of copying, filing and transporting all related documents • Strengthened Internal Controls • Increase control and visibility • Automate segregation of duties • Smoother audits due to on-line access to audit trails and backup • Improved Service Levels and Visibility • Self service for Line of Business managers, employees, suppliers, customers • Reduce cycle times to less than 5 days • Reduce process errors • Performance metrics and monitoring Gantry Group Study: 7.4 month payback and 300% ROI

  18. MarkView for Oracle Accounts Payable Demonstration

  19. Maritz Inc. The world’s largest source of integrated performance improvement, travel, and market research services Problem: Cost control • 250,000 invoices per year with expected growth of 100,000 • Redeployed Staff — 7.5 FTE’s ($360,000/year) • Reduced total processing time by 20,000 person-hours • Increased AP productivity from 50 invoices/person/day to over 200 • Realized over $1.5M annually in additional early payment discounts due to reduced processing time Source: OAUG Whitepaper 2004

  20. Select Medical The leading operator of long-term acute care hospitals in the US – 98 hospitals and 740 outpatient clinics Problem: Managing rapid growth through acquisition • 30,000 invoices / 3,500 expense reports per month • Document transport cost savings: $225K/year • Redeploy staff: 3 people ($150K/year) • Filing and onsite storage eliminated: $25K/year • Late fees, early payment discounts: est. $100K/year • Other tangible benefits • Web-based invoice query tool – reduced AP staff time • Ability to conduct audits and inquiries • 170 MarkView: AP, Expenses, Assets, General Ledger Source: OAUG Whitepaper 2003

  21. 170 Systems – Leading Provider of Solutions that Automate and Optimize Financial Processes • Depth of Experience and Domain Expertise • 16 years+ of Experience • Global 2000 customers in 40 countries • Extensive best practices • Advanced ERP Integration • Certified with • Oracle e-Business Suite • PeopleSoft Enterprise Applications • mySAP ERP Business Suite • Focus • Process automation product, not a platform • Configurable solution • Proven ROI

  22. 170 Systems Select Customers

  23. 170 Systems Leading Provider of Solutions that Automate and Optimize Financial Processes • Business Process Automation Focus • Advanced ERP Integration • Depth of Experience and Domain Expertise • Complete Product

  24. 170 Systems – Leading Provider of Solutions that Automate and Optimize Financial Processes • Business Process Automation Focus • Beyond document capture to focus on the entire process • Intelligent Mark-Ups that initiate workflow • 170 MarkView Express: better decisions faster forline-of-business managers • 170 MarkView Insight: Visibility into productivity, cash flow, and potential fraud for finance managers

  25. 170 Systems – Leading Provider of Solutions that Automate and Optimize Financial Processes • Business Process Automation Focus • Advanced ERP Integration • Certified with • Oracle e-Business Suite • PeopleSoft Enterprise Applications • mySAP ERP Business Suite • No duplication of ERP data • Integrated workflow and processes • User input validated against ERP in real time (GL account codes) • Leverage ERP user hierarchy and single sign-on

  26. 170 Systems and Oracle • Advanced integration with Oracle • Integrated user interface • No duplication of data • Leverage ERP's user hierarchy and security • Highest level Oracle partner (since 1990) • Oracle Certified Advantage Partner Program • Oracle Cooperative Applications Initiative (CAI) • Oracle Open Tools Initiative (OTI) • "As a Certified Advantage Partner, 170 Systems continues to bring great value to our mutual customers through 170 Systems’ integrated product offerings.” • - Doug Kennedy • Vice President, Worldwide Alliances, Oracle

  27. 170 Systems – Leading Provider of Solutions that Automate and Optimize Financial Processes • Business Process Automation Focus • Advanced ERP Integration • Depth of Experience and Domain Expertise • Demanding Global 2000 customers • Global experience: shared service centers, off-shoring, outsourcing • Top-tier ERP experience: SAP, Oracle, and PeopleSoft • Proven ROI: 7.4 months average payback • Best practices in Finance • Strengthening controls

  28. 170 Systems – Leading Provider of Solutions that Automate and Optimize Financial Processes • Business Process Automation Focus • Advanced ERP Integration • Depth of Experience and Domain Expertise • Complete Product • A true software product: certified, documented, upgradeable • More than AP – a full Financial Suite • End to end automation: imaging, OCR, e-invoice, workflows, exception processing, supplier portal, analytics • “Fixed price” implementation • Complete portal

  29. “Get Next” Auto Document Association Read / Write access to Chart of Accounts Use of ERP Hierarchy Hold released in ERP Paper & Scan Fax Header Information Final AP Review Electronically Forwarded and Recorded Code The Non-PO Invoice Process

  30. ERP Hierarchy Hold released in ERP Read / update access to Chart of Accounts Auto Document Association Header & Coding Information (by field) Fax Back-up Final AP Review(if desired) Record created in ERP Liability captured The Self Service Invoice Process

  31. Enter Expense Report Detail Automatic Association with Report Payables and Audit PrintBar-Coded Cover Sheet FaxReceipts Routing Potential Payment Request: Expense Processing Future State

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