Olympus KeyMed (Olympus), a member of the global Olympus Group which manufactures specialist medical, industrial and imaging equipment, will improve efficiency and increase processing speed when it implements document management technology from V1 Ltd (V1). The company will go live with automated invoice capture solution, V1 Capture, and real time reporting module, V1 Dashboard, in August 2015.
Olympus KeyMed, which is based in the UK, employs over 1,000 staff. The company has benefited from V1’s electronic funds transfer solution V1 BACS for the last 11 years. The strong relationship between the two companies was key to V1 being chosen from five software providers to provide the invoice capture technology. V1 Capture’s ability to pull out purchase order numbers from multi-page invoices also played a central role in its selection.
Olympus’ 10-strong Accounts Payable team processes 55,000 invoices a year and currently manually inputs details into its ERP system, IFS, before storing the paper invoices in numerous filing cabinets.
With V1 Capture, invoices will be scanned in or automatically imported from email and stored online in the ERP system. This will save time by reducing data entry and increase the speed in which invoices are processed for payment. Any discrepancies will also be identified by the system. With Olympus’ current processes, these are not automatically flagged and rely on a team member spotting the error, and then manually deleting the invoice and re-entering the correct details.
Olympus will also implement V1 Dashboard which provides a graphical display of key performance indicators (KPI) relevant to the processing of invoices and related documents within V1 Capture. This gives real time, instant insight into the accounts payable processes.
Louise Little, General Manager Accounts, Olympus, says: “Our current system is very lengthy and manual, involving large amounts of data entry and paperwork. V1 Capture will speed up and modernise our processes, saving a great deal of time in reduced administrative work.
“With these solutions we will have a modern system that will ensure our invoice processing is efficient, timely and accurate – which is vital for supporting business growth.”