the performance of your supplier relations
Optimising Supplier Relations
Thanks to its digitalised process automation solutions, ITESOFT significantly improves supplier relations by reducing processing rates, increasing visibility throughout the process and reducing the risk of fraud. In addition, building on a digitalised purchase process simplifies the implementation of a reliable audit trail and facilitates the transition to electronic invoicing.
Reduced cost and time management
Compliance with legislation and auditability
Reduction of errors and risk of fraud
Supplier relations, a strategic challenge for your competitiveness
Over the past decade, cost reduction plans have put enormous pressure on suppliers, often leading to the long-term degradation of relationships. However this approach, based on domination, has reached its limits. Today, the most innovative organisations aim at building more balanced relations with their suppliers because they have understood that a win-win approach will create more value over time with a better management of risk. This collaboration is accomplished through improved communication with the establishment of a supplier portal. Supplier relations, a strategic challenge for your competitivity.
A relationship of trust with suppliers also depends on compliance with contractual conditions, in particular payment terms. According to a recent study by EULER HERMES, for those companies analysed, the average payment period is 72 days and 25% of companies are paid after 95 days. Exceeding payment deadlines is not only detrimental to customer-supplier relations but it can also generate financial penalties. Moreover, it is often symptomatic of poor control over invoice processing which may well attract the attention of HMRC.
In order to meet all these challenges, ITESOFT solutions for digitalisation and process automation are a must-have performance lever.
Automate the processing of your paper and electronic invoices
Whereas a few years ago invoices were mainly processed in paper format, recent developments have led to multiple different formats and modes of invoice exchange. How can you efficiently process invoices received in paper format, by email (a PDF attachment, for example), loaded on a portal or by EDI exchange?
ITESOFT Streamline for Invoices automates the processing of supplier invoices from capture to accounting in the ERP system through automated reading, reconciliation with orders and receipts, accounting and analytical allocation, and business approvals. Capitalising on several hundred projects carried out in a wide variety of contexts, ITESOFT chose to develop its new Streamline for Invoices solution on a BPM* base in order to be able to easily customise the process according to the context. Great flexibility in deployment is possible with the solution is available in the Cloud, on-premise or in a hybrid mode. Using the Capture module in its Cloud version (Capture as a Service) enables exceeding the limits of the current solutions by reaching automatic reading rates approaching 100%.
*BPM : Business Process Management
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Automate purchase requests
Most organisations that have industrialised their supplier invoice processing tend to require a purchase order number on their invoices. The benefits are numerous: An invoice with an order number can be processed automatically if it matches both the order and receipt. A formalised purchase process ensures that all orders are pre-approved and monitored internally, ensuring the purchase procedure is followed, and reducing unauthorised purchases at higher prices.
ITESOFT offers a formalised purchase requisition process using the same platform as the supplier invoice processing solution. All built on the latest-generation BPM base.
By enabling your internal buyer to use an online form, you are securing your purchase requisition process, gaining visibility and facilitating the processing of supplier invoices.
Modification / Creation of supplier data
Improperly managed, the creation of new suppliers or the modification of supplier data can constitute a severe security flaw. A common scenario is fraud in the change of a bank account statement (BIS). A fraudster sends an email to an employee of the accounting or treasury department of the company posing as a supplier and asks him to direct his payments to another bank account. In the mail to substantiate the bank change request, the fraudster may include an invoice that indicates a fraudulent bank identity. There are protection measures for this type of fraud scenario. First of all, it is of course necessary to confirm the identity of the person at the origin of the request for modifying the bank data.
Any changes to supplier details (in particular bank details) should be verified independently by the accounting department and confirmed with the supplier. A solution based on a supplier portal coupled with a BPM tool thus provides a pragmatic solution for structuring and securing the process of modifying the supplier data.
ITESOFT supports NetworkRail on finance automation solutions
With a huge amount of invoices going through Network Rail every day and a long processing cycle, Network Rail decided it was time to explore new finance solutions. Their main requirements were a more automated and integrated approach and a similar way of working to limit the impact on users. Their huge efforts during this challenging project have been extremely successful.
Invoice rejection has been decreasing over the last three years, thanks to the information we extract on the ITESOFT platform.