OpenText’s Vendor Invoice Management (VIM) has always streamlined accounts payable operations. With their recent key updates, businesses can now leverage VIM to create fully automated digital processes beyond its traditional finance function. In effect, OpenText has transformed VIM into a powerful document automation platform that they refer to as VIM Beyond Finance. It is now a flexible solution able to process invoices, order confirmations, delivery notes, sales orders, remittance advices, HR documents, and more.
VIM Beyond Finance Use Cases
In a large organization, two business functions usually get the most attention:
- Procure-to-Pay – Managing your spending
- Order-to-Cash – Managing your revenue
These are the areas where the VIM solution has historically focused and delivers substantial ROI by increasing accuracy, increasing capacity per team member, and reducing the quantity of issues and exceptions that must be manually resolved. With a properly configured VIM environment, a small team can process a much larger volume of invoices in the same amount of time, increasing the touchless rate, and reducing the amount of time spent per invoice by 70% or more.
The general procure-to-pay flow has several steps with a variety of document types and formats. VIM is capable of managing the majority of these with established SAP workflows that capture, process, and store the documents for ease of use and access.
Specific VIM use cases in this function include:
- Order Confirmation
- Goods Receipts
On the revenue side of the house, there are two use cases supported by VIM:
- Sales Orders
- Remittance Advice
Additional Use Cases
Outside of the two main areas above, there are other use cases that have tangible benefits for intelligent businesses. These are ready to implement out-of-the-box and take advantage of SAPs established workflows. They include:
- HR Documents
- Vendor Onboarding Processes
- Student Grades Submission
Discover how your company can achieve integrated business practices through digitization, automation, and more in the whitepaper “The Benefits of VIM Beyond Finance,” and contact us to discuss getting these advantages in your environment.