AP Automation Case Study: The Boston Globe
AP Automation Case Study
The Boston Globe improves the bottom line with EchoVera Accounts Payable, Purchasing and Contract Management Automation
- The Boston Globe now automatically processes 18,000 invoices per year
- The Globe achieves significant and measurable cost savings & efficiencies
- The strong ROI on the initial deployment allowed the Globe to automate more of the P2P process with Purchasing Automation and Contract Management modules
“EchoVera AP Automation has enabled us to enhance our invoicing processes and efficiencies without the need for a larger finance team, and at a highly competitive price point compared to other solutions. — Diane Stack – Manager, General Ledger & Accounts Payable – The Boston Globe
Key Outcomes Achieved with the Deployment of EchoVera’s AP Automation and Intelligent OCR
- 18,000 invoices automatically processed each year
- Full integration with the Globe’s existing NetSuite OneWorld ERP
- Reduction in time spent by AP team members on administrative tasks
- Accounts payable team is now able to focus more on financial analysis and management
- Greater control over accounts payable operations
- Greater visibility across the organization
- Streamlined and more efficient invoice processing and purchase order matchingg
Organizational changes at the Boston Globe resulted in a mandated migration from PeopleSoft to NetSuite OneWorld. It was at this time that management decided to move to a paperless approach for Accounts Payable.
Cost control was the main focus, with an emphasis on increased efficiency, and creating a smaller environmental footprint.
After reviewing the Boston Globe’s goals, EchoVera implemented their cloud-based EchoVera AP Automation solution and the industry leading capture solution, EchoVera Intelligent OCR with Artificial Intelligence.
The Boston Globe is using AP Automation to ensure that the 18,000 invoices received annually at one central location are processed, approved and scheduled for payment quickly and efficiently. The Boston Globe chose EchoVera’s AP Automation due to its high level of functionality, its ability to meet technical demands and because it was the “most user-friendly system” of those that it tested.
“EchoVera’s AP Automation has provided greater transparency over accounts payable activity across the entire organisation, enabling us to have a much tighter control over operations, more closely monitor KPIs, track payments and have a greater ability to manage volumes of work. We now have much better reporting that enables us to ensure that all invoices are paid in a timely, fully automated manner, significantly reducing the resource required to manage invoice processing.” – Diane Stack, AP Manager for The Boston Globe
Buyer and Contract Management
The success of the initial EchoVera implementation has led the Boston Globe to automate more of its Purchase-to-Pay and Accounts Payable processes. The Globe has added Purchasing Automation and Contract Management modules. Purchasing Automation went live in Q3 of 2016.
“The invoice module deployment has delivered a strong return on investment, proving the value that EchoVera’s solutions have to offer. As a result of this success we are currently adding the Purchase Automation module which we anticipate will greatly improve our cost and spend control across the business, tightening spend approval processes and creating an enhanced audit trail for all purchases.” – Diane Stack, AP Manager for The Boston Globe
EchoVera Inc. provides cloud-based and “in-house” Electronic Invoicing, Intelligent OCR Scanning, and AP Purchase to Pay solutions to companies and organizations looking to reduce costs and increase the efficiency of their accounts payable operations. EchoVera works to help customers gain complete visibility and control of their P2P process by linking purchases, invoices and contracts.
About AP Automation for NetSuite: EchoVera’s AP Automation
EchoVera’s AP Automation helps businesses large and small to streamline and automate their entire Purchase-to-Pay process. It helps you efficiently manage supplier invoices, contracts, purchase orders and employee expenses.
About OCR Scanning with EchoVera’s Intelligent OCR
EchoVera’s Intelligent OCR is a cost-effective OCR scanning software that has everything more expensive solutions have at a reasonable price. It’s used to efficiently scan paper or emailed invoices and turn the information into data.