OpenText Vendor Invoice Management for SAP® Solutions refines accounts payable operations, boosting efficiency, accuracy and simplicity
WATERLOO, Ontario, Oct. 24, 2013 /CNW/ - OpenText™ (NASDAQ: OTEX, TSX: OTC), the global leader in Enterprise Information Management (EIM), today announced that Deloitte, the leading audit and consulting network in Belgium, and member of Deloitte Touche Tohmatsu Limited (DTTL), has selected OpenText Vendor Invoice Management for SAP® Solutions (VIM) to manage and monitor its demanding accounts payable (AP) processes.
Deloitte's business expansion presented a new set of challenges: increased volume coupled with dispersed AP efforts made it difficult to process approvals and requests in a timely and economical manner. Deloitte scoured the market for a solution that would provide end-to-end content lifecycle management along with advanced information governance capabilities.
As a key component of OpenText's EIM strategy, OpenText Enterprise Content Management (ECM) facilitates a cost-effective, secure and transparent approach to information governance and records management, utilizing advanced technology to handle everything from information capture to archiving and disposition.
Based on fit and functionality, Deloitte in Belgium selected OpenText Vendor Invoice Management for SAP Solutions for the following reasons:
- Compatibility – a solution that would fit the business without redesigning it while seamlessly integrating with its existing systems, primarily SAP
- Quick and easy invoice approval – a uniform, streamlined solution fully integrated in SAP's Portal environment, helped Deloitte meet its goals of speeding review time and reducing AP expenses overall
- Insight into liabilities – the internal compliance requirements are now more efficiently managed with auditable approval processes that provide immediate access to accurate and up-to-date overviews on pending requests, also helping to cut costly tracking delays
- User & eco-friendly – the simplistic user interface helps drive user adoption and the electronic system capable of archiving digital assets promotes a paperless approach, reducing the environmental impact
"OpenText Vendor Invoice Management for SAP Solutions gave our Central Finance Department a state of the art tool to manage the AP process in full transparency. It delivered a portal based solution for our client service staff to see the process as it happens and to approve their invoices anywhere, anytime," said Sven Wylock, director ECM services, Deloitte Consulting. "Our success with this solution has also opened the door to other initiatives such as outsourcing of invoice indexing activities and the setup of e-invoicing for AP invoices which will further improve efficiency and provide additional cost-savings."
"AP departments have historically been plagued with the pitfalls of manual effort. Human error, physical routing, and monitoring and reporting are just some of the things that can lead to wasted time and money," said Patrick Barnert, senior vice president, strategic alliances & ecosystem, OpenText. "Our goal is to help businesses run better by removing barriers to productivity. With OpenText Vendor Invoice Management for SAP Solutions, we've engineered a system that can easily optimize AP processes."
For more on Deloitte's OpenText experience and the successful implementation of OpenText Vendor Invoice Management for SAP Solutions, please view the case study.
OpenText Vendor Invoice Management for SAP Solutions (also sold by SAP as the SAP Invoice Management application by OpenText) is a popular product within the OpenText ECM Suite for SAP Solutions. OpenText Enterprise Content Management (ECM) is one of the five foundational pillars of OpenText's Enterprise Information Management (EIM) strategy, which helps organizations manage and exploit their information to drive innovation, create competitive advantage, accelerate business process, and make better business decisions without compromising information governance and security needs.
Learn more about EIM:
OpenText provides Enterprise Information Management software that helps companies of all sizes and industries to manage, secure and leverage their unstructured business information, either in their data center or in the cloud. Over 50,000 companies already use OpenText solutions to unleash the power of their information. To learn more about OpenText (NASDAQ: OTEX; TSX: OTC), please visit: www.opentext.com.
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE: Open Text Corporation
For further information:
Peter Gorman, OpenText, +1 617-669-4329, PublicRelations@OpenText.com; Jessica Mott, OpenText, +1 289-684-1756, PublicRelations@OpenText.com