AP Automation for Manufacturing – Detailed Case Study from Palettehttp://echovera.ca/wp-content/themes/corpus/images/empty/thumbnail.jpg 150 150 Tim Robertson Tim Robertson http://0.gravatar.com/avatar/6847ba38495b3996e0bdf3a15c015e0c?s=96&d=mm&r=g
This case study shows how procure to pay software boosts the performance of an auto manufacturer’s finance department using robotic process automation.
It shows how the company achieved a 70% drop in cycle times, a 43% reduction in invoice processing costs and a 20% increase in invoice volumes, without adding to the 18 people already in finance.
Some of the challenges the AP department had included:
- Invoices could get lost during the manual approval process between 11 plants
- Internal invoice communication was in Outlook (very inefficient and hard to track)
- No visibility to vendor contracts – which increased exposure to making payment on recurring contracts after the expiration date
- Organization made AP the corporate policy enforcers for approvals on invoices, PO’s and expense reports
And issues around indirect purchasing:
- No visibility to indirect spend
- Non-preferred vendors were being used without authorization
- Authorized signatures were not being verified
- PO’s were randomly getting lost on their way to corporate
See how Palette’s AP automation for manufacturing empowered the company’s employees with an approval workflow and a reduction in the manual handling of invoices, purchase orders, and expense receipts.
It covers important topics around purchase to pay, procurement, ap automation, and spend management.
Palette is a major component of EchoVera’s complete solution called ASAP.
Find out more here.