While automating vendor invoice management processes with OpenText™ Vendor Invoice Management for SAP can dramatically improve the efficiency of your AP team, monitoring and resolving inefficiency in processes can be difficult. Out-of-the-box, OpenText VIM provides minimal standard reports, although it does provide the ability to export complex, raw data, albeit with minimal insights and limited interpretive value. To overcome this challenge many companies have advanced data analysts spending significant time extracting, normalizing, organizing, and then finally analyzing data to answer essential questions:
- What is our overall Accounts Payable performance?
- Can we steadily and reliably measure our KPIs?
- Does our IDOC channel deliver a touchless process?
- Is our average cost of processing an invoice more than our peers?
- Do we pay our suppliers on time, and if not, why?
- Which vendor’s invoices need special attention? Why?
- Is our invoicing process transparent to all stakeholders?
- Do we know the fields your OCR structurally misses?
- Can we identify where we need to train our OCR?
This is a time-consuming, repetitive process. Additionally, most reports are built to compare specific values, not give an overview of system functionality. It is difficult to create flexible reports that reveal hidden issues within the system, making it even harder to identify process inefficiencies hidden in your AP processes. To be successful, AP specialists need to be able to focus their valuable time evaluating and analyzing their KPIs, not manipulating data in spreadsheets.
The Solution: Optima’s Insights and Analytics
To address this challenge, we offer an OpenText Certified expert analysis package that allows VIM users to focus 100 percent on data analysis without wasting time extracting and organizing complex data reports. Optima’s Insights and Analytics powered by Turnpikes delivers a set of pre-configured, interactive dashboards that provide detailed process overviews with extensive drill-down functionality for a granular understanding of your processes.
Optima’s Insights and Analytics package is a cost-effective way to easily extract the necessary data and assemble it into understandable, process-focused dashboards, reports and recommendations. This allows your team to focus on determining actionable insights instead of wasting time manipulating data tables.
Pre-Configured Dashboards and KPIs
Optima’s Executive Insights and Analytics presents a "helicopter view" of your vendor invoices throughout your AP processes. It can visually slice and dice endlessly into company codes, vendor account groups, types of invoices, document dates, channels and more.
Standard Dashboard Views
From day one, you get a complete view of the of the end-to-end invoice life cycle organized into specific areas to help you monitor your procure-to-pay processes and identify what is working well, as well as any issues or bottlenecks. The standard dashboards are:
- Vendor Invoice Overview
- Invoice Payment Analysis
- Date Analysis
- Waste Analysis
- Exception Analysis
- Vendor Analysis
- OCR Performance
In addition to standard dashboards, more detailed Extended Dashboards are available that provide deeper insight into your invoice processes. The four Extended Dashboards are:
- AP Dashboard
- NPO Productivity
- PO Productivity
These dashboards are a new addition to the ever-evolving Insights and Analytics package, and reveal time on tasks per user, time on tasks per role, unidentified user actions, and more.
Optima’s Executive Report with Recommendations
In addition to the easy-to-view dashboards, Optima’s Insights and Analytics package also provides you with a quarterly Executive Report produced by our invoice management and VIM experts. This report provides a comprehensive analysis of what is working well and what needs to be improved with your current processes. It also prescribes strategic recommendations to eliminate inefficiencies and bottlenecks in your system, and improve both short- and long-term ROI. Review this sample report for more details.
Improve the ROI of your VIM Environment
Optima’s Insights and Analytics powered by Turnpikes package allows you to analyze and understand mountains of invoice data quickly and efficiently. It will help you identify efficient processes, your most compliant vendors, and any problems that need to be addressed. You’ll be able to increase the overall ROI of your system, improve relationships with your vendors, and minimize the number of issues that drain revenue from your company.
Contact us today to learn more about how Optima’s Insights and Analytics package for VIM can eliminate tedious data manipulation, and give you the insights you need to achieve your business goals.