Just the Facts - A Side-by-Side Comparison of the Latest AP Automation Solutions in the Market
-
Upload
corcentric -
Category
Technology
-
view
918 -
download
0
description
Transcript of Just the Facts - A Side-by-Side Comparison of the Latest AP Automation Solutions in the Market
Just the Facts: A Side-by-Side Comparison of the Latest AP Automation Solutions in the Market
Agenda
Is E‐invoicing Right for My Organization?In-house vs. Outsourced Scan and CaptureStrengths & Weaknesses of AP Automation SolutionsWhat is SaaS AutomationSummaryCOR360 DemoQ&A
IS E-INVOICING RIGHT FOR MY ORGANIZATION?
E-invoicing Benefits
Benefits of e-invoicing– Eliminate lost invoices– Same day receipt when supplier submits invoice– More accurate than manual data entry– Automated invoice validation– Line item data for spend analysis– Automated line item matching– Image rendering– Improved dispute resolution– Go “Green”
Supplier Networks
Supplier Networks provide a network for transmitting e-invoices– Suppliers can submit electronic invoices, view invoice
status, or payment information via a dedicated self-service portal
– Provides 24/7 customer service to your suppliersBenefits– Saves time– Eliminates cost of paper scanning and data capture– Less time spent responding to supplier inquiries and
internal departmental questions
Types of Models
MODEL SUPPLIER RESISTENCELEVEL
SUPPLIER % OF SPEND MODEL• Buyer pays implementation fee• Supplier pays a % of spend• Buyer pays a per invoice fee
HIGH
SUPPLIER FLAT FEE MODEL• Buyer pays implementation fee• Supplier pays flat monthly fee• Buyer pays a per invoice fee
MODERATE
SUPPLIER FREE MODEL• Buyers pays NO implementation fee• Supplier pays nothing• Buyer pays a per invoice fee
LOW
Tips for Supplier Onboarding
Number of Suppliers on Network– Success rate is not equal to the number of suppliers
listed on a network– The number of suppliers who have submitted invoices
in the past 12 months is more relevant to the success rate
– Reference calls to ask suppliers how easy/hard the integration process was is critical
– Having a supplier on a given network does not mean that supplier is easier to onboard for your specific company
Integration Methods– Specific format (i.e. XML, CXML, etc.)– Variable format
50
50
100%
0%
50%
25%
75%
1 Year 2 Year
E-invoicing
Paper Conversion
10
90
30
70
Paper to Electronic
E-invoicing
Paper Conversion
SCAN AND CAPTURE- INSOURCE VS. OUTSOURCE
Scan and Capture Overview
Intelligent Scanning
Data Extraction
Data Validation
Scan and PrepDocument sortingDocument classification
•Invoice•Backup•Expense report•Junk mail
Scan and PrepDocument sortingDocument classification
•Invoice•Backup•Expense report•Junk mail
Data CaptureInvoice: 12345Date: 12/20/2010Amount: $8,532.00Vendor: VerizonAttention: 1101PO #: 98765
Data CaptureInvoice: 12345Date: 12/20/2010Amount: $8,532.00Vendor: VerizonAttention: 1101PO #: 98765
Quality Assurance• Validate
discrepancies• Cleans data so you
do not have to
Quality Assurance• Validate
discrepancies• Cleans data so you
do not have to
Internal Scan and OCR SaaS Outsourcing
Investment in equipment required No investment in equipment
Maintenance costs No maintenance costs
Interruptions if equipment breaks No equipment interruptions
Training required No training required
Correct OCR exceptions No OCR Exceptions to validate
AP manages paper, not tasks; why manager paper to go paperless? NO PAPER TO MANAGE!
STRENGTHS & WEAKNESSES OF AP SOLUTIONS
Types of AP Automation Models
Hosted / ASP• 3rd party provider hosts and maintains your dedicated software
True SaaS• Delivered as a subscription service over the Internet
• Multi-tenant• Configurable Solution
In-house• Build your own• Install software and maintain with internal IT
Hybrid SaaS• Delivered as a subscription service over the Internet
• Single tenant• Packaged Solution
Banks & Financial Institutions
Typically have an existing relationship with Treasury or Finance
Tends to lack AP functionality
Goal is to expand banking relationship
In House Software Providers
Very customizable but at a cost
Large upfront and consulting costs. Long implementation time frame.
Keeps your IT department employed to support
Enterprise Content Management (ECM)
Offered as both SaaS and in house
Frequently leveraged for multi department document retention
Generic workflow capability not focused on AP
SaaS Automation
Pay as you go model provides low risk, low cost of ownership and fast ROI
Short implementation timeframe
Cloud hosting eliminates buying infrastructure and needing IT support
Internet
WHAT IS SaaS AUTOMATION?
SaaS in Our Personal Lives
SaaS vs. the Cloud
Software
Platform
Infrastructure
SaaS – business model Cloud – hosting option
SaaS
PaaS
IaaS
Internet
Mobile
Office
PDA / Smartphone
Home OfficeCloud Provider
SaaS MythsSaaS Myth SaaS Reality
SaaS is a trend SaaS in AP is growing at 40% per year vs. declining growth for in-house solutions.
SaaS offers skinnier pre-built versions of in-house solutions
True SaaS models allow for clients to customizesolutions as if they were in-house models.
SaaS is only for small and medium-sized businesses
SaaS offers the same features and functionality as in-house applications, and large enterprises are realizing that SaaS gives them the bigger ROI.
SaaS is less reliable and less secure
Disruptions with Google or Amazon get plenty of attention, but are more infrequent and do not last as long as in-house outages.
SaaS is opposed by IT professionals SaaS eliminates in-house maintenance and can help
IT streamline their own IT operations.
SUMMARY
Summary
E-invoicing is not futuristic anymore as suppliers are adoptingOutsourced Invoice Virtualization has cost advantages over purchasing OCRWith many AP Automation models to choose from, knowledge of the benefits of each will help in choosing the right modelIf your company is not using SaaS and cloud to save money……beware your competitors are
ABOUT CORCENTRIC
PO Requisition
Electronic Invoice Network
Invoice OCR Capture & Extraction
Approval Workflow
Invoice Matching
ERP Integration
Payment & Remittance Mgmt
Cloud-based AP automation solutions
Corcentric is a leading provider of financial process automation solutions, specializing in Accounts Payable automation.
Corcentric compliments existing systems, while providing cutting-edge workflow efficiencies
Corcentric helps you transform your AP from a cost center to a strategic asset
About Corcentric
COR360 PRODUCT DEMO
PORequisitions
Approval Workflow
Automated Invoice
Matching
StraightThrough
Processing
Dashboard Reporting
Document Archive
Platform
Convert any invoice format into electronic data at the
Invoice Virtualization Center.
AP / ERP System
Send and receive invoices with direct integration through the Corcentric supplier network.
HOW INVOICES ARE SENT TO CORCENTRIC
Invoicing Methods
Scan/Upload
E-invoices
MailE-Mail
Web Form
Fax
Intelligent Scanning
OCR Extract Data Validation
AP Workflow
Location Scanning
Online Indexing
Virtualization Options
Purchase Order Requestor
Attention Name or Department
Vendor Based
Invoice AmountsBalance Due: $992.53
SmartRouting
Invoice Notification
Approval-based Workflow
Approved Invoice / AP Review
Electronic Interface
ERP / AP System
First Level Approval
Higher Level Approval
Purchase Order
Three Way Matching
No Human Intervention
Straight Through
Processing
To see a live demo of COR360, visit corcentric.com or call 703.962.9474