LSUK to Make Annual Savings of Over £100,000 by Electronically Processing One Million Documents
Leading UK supplier of automotive parts and technical expertise – will be electronically storing and processing over one million business documents with Version One’s portfolio of document management and imaging solutions. Version One is V1 Document Management's UK based sister company selling the same award winning document management technology.
With these solutions tightly integrated into LSUK’s Infor ERP system, all inbound and outbound documents will be electronically processed, stored, retrieved, delivered and authoriz
ed, making cost savings in excess of £100,000 each year. LSUK is implementing Version One’s software in a two-phased approach beginning October 2007.
LSUK’s current processes for handling and managing documents are mainly manual and paper-based. 20,000 vendor invoices arriving into the organization every month are manually entered onto the ERP system and then manually checked against the corresponding goods received notes (GRNs). These invoices, together with a range of other business documents, are posted and faxed between head office and the 55 branches for authorization and information purposes. All paper documents are then archived for up to six years at LSUK’s head office and in storage areas at each of the branches.
Jessica Kemp, Systems and Procedures Manager from LSUK says, “The decision to eliminate paper and automate our business processes will save us over £100,000 per year. Over one million business documents, from invoices and statements through to credit notes and proof-of-deliveries, will be electronically processed, delivered and stored, improving organization-wide efficiency and customer service whilst freeing-up storage space.”
The decision to eliminate paper and automate our business processes will save us over £100,000 per year
- Jessica Kemp, LSUK
With Version One’s systems in place, vendor invoices will be scanned-in and the invoice information will be automatically captured and verified against the Infor system. The imaged invoices will then be automatically stored in the electronic archive and linked with the corresponding GRNs to help invoice matching. These and other documents will be quickly and easily retrievable by drilling down through Infor or by using a web browser. Invoice authorization and document delivery will also be automated, eliminating the need to post and fax invoices and other documents between sites. In addition, LSUK will use Version One’s electronic form production system for all outbound documents, eliminating pre-printed stationery.
Kemp adds, “Time spent manually processing invoices, filing and retrieving documents and sending out copy documents will be freed-up, enabling staff to get involved in more value-adding activities. As authorized staff at the head office and all 55 branches will have instant access to business documents, staff will be able to respond quickly to queries. With faster invoice query resolution, we’ll also be able to collect cash quicker, dramatically improving cash flow.”
