Manufacturing Industry
Manufacturing Industry

Focus on core business processes by automating invoice management

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Manufacturing

 

Focus on core business processes by automating invoice management

The global manufacturing industry, comprising diverse segments, looks to grow at an encouraging pace. Emerging out of the financial meltdown of 2008, manufacturers are now leveraging technology to reimagine processes, plants and systems, and establish competitive advantage. Achieving operational excellence, enabling faster speed to market at lower costs, is the biggest imperative facing the industry today.

 

Key focus areas

  • Embrace the latest technologies, including 3D printing, IoT, robotics, and augmented reality, to enhance plant productivity, deliver quality, and ensure customer loyalty
  • Gain comprehensive understanding of emerging markets
  • Harness Big Data and analytics to respond to change
  • Leverage IoT to create a connected and intelligent supply chain network
  • Grab increased market share through differentiation, and new business and pricing models
  • Drive global interoperability

 

Process innovation is key to the success of a manufacturer in a highly competitive environment. This is true not just for core manufacturing processes, but also for workflows in support functions such as invoice management.

Key challenges in manufacturing

 

In a highly volatile business landscape, improved cash flow becomes critical for the survival of manufacturers and suppliers. This hinges upon faster speed to payment, which requires effective automation of processes. However, many manufacturers are still burdened with time-consuming manual, paper-based invoicing processes that rob them of optimal productivity and cost effectiveness.

 

Industry-specific pricing and invoicing situations

  • Unprecedented volumes of invoices generated annually, including a large number of non-PO invoices
  • Invoices received in multiple formats from a large number of suppliers spread across the world
  • Complex VAT assessment requirements, and late payment laws
  • Many countries mandating the use of eInvoicing as a condition for business transactions

Key challenges

  • MFG_Industry
    Errors in quantity or quality shipped or the price of the goods
  • MFG_Industry
    Invoice disputes due to inaccurate credits and payments
  • MFG_Industry
    Need for integrating the invoice management platform with other systems such as procurement management, treasury and information management systems
  • MFG_Industry
    Large number of invoice exceptions

Stay financially organized by partnering with Invocus

 

Invocus allows you to manage your entire accounts payables cycle in an efficient and hassle-free manner. Our eInvoicing solution suite, comprising smooth workflows and robust analytics, helps you reduce the complexities in invoice processing, eliminate cash leakage and fraud, generating ample cost saving opportunities. With our solution, you can now manage a global business and a geographically diverse supplier network with greater ease.

 

An E-Invoicing solution can eliminate inefficiencies, drive transparent communications with suppliers and partners, and above all add strategic value to manufacturers.

 

What you gain

 
  • Well streamlined and accelerated payment processes
  • Access to accurate data to easily reconcile invoices with materials and services received
  • Reduced churn and improved customer satisfaction
  • Ability to scale up the global business
  • Accurate tax calculations, and clear audit trails
  • Ability to negotiate better for trade discounts and rebates
  • More effective capital management and cash flow control

BENEFITS OF INVOCUS PORTAL BASED TOUCHLESS E-INVOICING SUITE

 

SUPPLIER INFORMATION MANAGEMENT

  • Compliant onboarding via supplier portal for self-registration
  • Effective data management via centralized repository, hassle-free document tracking, and audit trail management
  • Supplier risk management through data enrichment, risk alerts and risk scores

SUPPLIER SELF-SERVICE E-INVOICING

  • Easy payment tracking along with status updates, and configurable alerts on pending requests
  • Any format invoicing, with ICR to extract invoices from images
  • Early payment discounts with automatic calculation of discount due dates and amount

TOUCHLESS INVOICE PROCESSING

  • Automated 2-way and 3-way matching, along with easy exception handling
  • Customizable and condition-based approval workflows
  • Downloadable pre-canned reports, with easyconversion to charts and graphs

DYNAMIC DISCOUNTING

  • Customization of your dynamic discounting program based on savings targets
  • Easy collaboration with suppliers on program roll-out, payment dates and discount values
  • Centralized tracking of program savings and supplier acceptance

See E-Invoicing In Action
 
Our Solution Consultants will show you the power of AP Automation, discuss use-cases, and help your business transform payables into strategic assets.