SourceHOV Retail Business Process Services and Solutions
-
Upload
emmanuel-paul -
Category
Retail
-
view
233 -
download
1
description
Transcript of SourceHOV Retail Business Process Services and Solutions
Retail Services & Solutions
Business Transformation Driving Out Operational Cost
Results that Exceed Expectations
Retail is a challenging industry when it comes to managing fi nancial documents like invoices, vendor receipts
and customer bills. The industry success lies signifi cantly on the ability to eff ectively manage these functions and
focus on key areas like customer experience management, infrastructure, marketing and advertising, product/
service enhancement and competition in the market.
Our study suggests that about 80% of all fi nancial documents and vendor invoice activity is still paper-based in
many retail organizations. Finance and Accounting departments who rely on manual processes fi nd that adding
staff does not solve the inherent problem. Manual processes are not only expensive, ineffi cient and error-prone
but they also expose organizations to serious risks that can aff ect their credit rating and regulatory compliance
standing. F&A departments often suff er from paper overload, but are too close to the problem to see that there
is one. Admitting the problem exists is the fi rst step towards better F&A practice.
SourceHOV Technology Services and Solution for Retailers
Retailers globally count on SourceHOV to help them out with Financial Operations Outsourcing, Workfl ow
and BPM, Vendor and Supplier Self-Service Portals and Document Lifecycle Services. We effi ciently manage
complex business processes, time-critical and information-rich documents using our proven platforms, people
and processes. Some of our retail industry services are:
Retail Services& Solutions
Document Lifecycle
Management
Workfl owWorkfl ow& BPM& BPM
Vendor Self-Vendor Self-Service PortalService Portal
Finance &Finance &AccountingAccounting
Retail Services & Solutions
Retail companies around the world use SourceHOV for Finance & Accounting solutions. We provide solutions
that save your business both time and money by eliminating the need for you to maintain costly in-house
operations. As the pace of technology continues to speed up, in-house operations have become even more costly
as businesses spend money trying to keep up. We provide a consultative approach and comprehensive, end-to-
end solution for your Finance & Accounting needs that covers every major accounting function throughout the
accounting life cycle.
Business Challenges In Existing AP Process
� Key staff members of finance department being deployed to manage physical financial documents.
� Payments getting delayed to Vendors, Distributors, thereby affecting business
� Reimbursements to employees getting delayed, thereby affecting employee morale
� Dealing with huge piles of paper leading to traceability issues, missing documents and duplicate invoices
� Huge Storage requirement to store paper documents but still suffering difficulty in retrieving documents
SourceHOV AP solution eliminates these time consuming paper processing and non-core process of manually
entering invoice data, and automates the matching and validation process and facilitates secured movement of
invoice in a digital form through a robust workflow engine to handle exceptions
Data Extraction
Paper invoices are scanned and digitized. The data from the invoices are also extracted in an accurate manner
using multiple techniques like OCR (optical character recognition) technique, through databases, or through a
Double Key in Process.
Error free output to customer
Three way match approach is adopted to match and cross check data from purchase order, goods received note
and invoice to avoid discrepancies. Cleaned up data is then fed to the customers ERP system in a format that is
compatible to the ERP so that payment can be released to the vendors.
Secure Storage & Easy retrieval
The digitised invoices are stored in a centralized web based image repository called document DNA which the
customer can access from anywhere in the world through a secure login. Hardcopies of the invoices are secured
in boxes which are indexed with barcodes and stored in a secure location to ensure easy retrieval when required.
Finance & Accounting Services
Process Flow Diagram
Electronic Submissions
(Fax, Mail, EDI)
Documents Received in Mailroom (STRACK)
Batched and barcoded by
Crate, then Open, Prep & Sort
Online Image & Data Repository
AP Workflow, G/L Code Review, Approve
Upload Approved
Invoice Data to ERP
Workflow Upload
Scan and Assign DCN
Render to PDF where Applicable
Document Extraction
Pass 1 - Batch OCR
Document Extraction
Pass 2 - Key & Verify
123
123
Knowledge Process Management
Customer
SourceHOV’s AP solution allows the customer’s finance department to move straight from invoice receipt
through to invoice payment with very minimal manual intervention.
Document Management
Document DNA
The SourceHOV Vendor Portal provides a single point of entry to allow our clients’ suppliers to view document
status and allows them to participate in both the submission and correction processes. Vendors can self-register
within the system or if preferred, registration can be managed by our clients. Registration becomes a part of
an approval process and your vendors can provide payment-related information as part of their profile. Once
approved, a vendor can then submit invoices electronically through the portal. And individual document status
can be queried for any document.
This vendor portal includes a ‘supplier snapshot’ dashboard displaying summary data and status for:
� Invoices presented as either via paper or EDI / ERS
� E-invoices
� Credit/Debit memos
� Payments scheduled and completed
� PO “flip to invoice,” eliminating the need for paper invoices
This allows your suppliers to validate document content and understand where invoices are in the AP process
and reduce our clients’ vendor support services costs. The Vendor Portal includes functionality for invoice
submissions, invoice status and client/vendor communications. Communications are stored in an audit log,
allowing better controls and auditability.
A unique feature of the SourceHOV Vendor Portal is that allows vendors to participate in the order presentment,
dispute management and exception management processes to allow invoices to be approved or resubmitted.
This reduces time and expense to the vendor in resolving exceptions and provides faster payment to the client.
Automated document lifecycle workflows reduce overhead, ensure privacy and increase accuracy by eliminating
any variances in the way individual employees handle processes. This minimizes risks and ensures compliance
with industry and government regulations. SourceHOV’s automated workflows speed Transaction Processing by
expediting and prioritizing business tasks electronically while identifying bottlenecks, enacting group routing
and distributing tasks. Automatic email notifications alert users on the status of their documents along with
multiple document search capabilities and advanced results sorting. We enable your organization to integrate
documents and data from multiple systems and sources—including mail, faxes, email, secure FTP, numerous EDI
protocols and your proprietary systems—to create a unified workflow with suppliers, partners, and customers.
This reduces information silos and ensures that key individuals know the status of important processes.
SourceHOV Vendor Self-Service Portal
Automated Workflow Solution
Cenvat Credit
Returns Filing
VAT Credit
Cenvat Credit
Duty Assessment
PO BasedService BillsOther Bills
Returns Filing
Forms Issue
Returns Filing
Returns Filingwith Vendor & Client
Duty Payment
Audit
Audit & Assessment
Forms Issue
Excise
TDS
Sales Tax
Service TaxQueryResuolution
Customs
Bill Booking
Accounting Function
ER PVarious Ledgers
& Raw Datae.g., RG23A,
RG23C, RG1, etc. Automation
Excise Returns Filinge.g., ER1, ER6, etc.
Sales TaxReturns Filing
Input forC- form Issue MIS Reports
Eliminatesmanual
verificationand
compilationof reports
SourceHOV Tax Automation Solution
SourceHOV’s Tax Automation solution has played a key role in helping a wide range of companies across multiple
verticals manage their tax compliance and reporting more effectively. Our solutions enable clients to improve
the speed and accuracy of tax reporting, manage tax risk, and deliver greater certainty in decision making, tax
processes and the numbers they generate.
Our tax automation solution automates ledger and raw data processing eliminating manual verification and
compilation of reports.
Automating accounts payable for the world’s largest food & beverages company leading to considerable cost
cutting & valuable accounts payable resources freed up to focus strategic activities.
Customer is an American multinational food and beverage corporation headquartered in New York. With the
distribution of diverse products across multiple locations in India obviously the company had to deal with and
handle thousands of paper invoice documents from a huge network of Vendors & Distributors across the country.
As a result of manual invoice handling and paper based processing customer faced the following issues:
� Payments were delayed to vendors, distributors, thereby affecting
business
� Reimbursements to employees were delayed, thereby affecting
employee morale
� Deal with huge piles of paper leading to traceability issues, missing
documents and duplicate invoices
� Huge storage requirement to store paper documents but still suffered
difficulty in retrieving documents
� Huge number of accounts payable staff had to be deployed to manage
physical paper processing
SourceHOV partnered with a global technology vendor to come up with an end-end AP solution for the customer.
SourceHOV played the key role of effectively digitizing all paper based records and building the technology
framework for the entire AP process. The solution delivered the following business benefits to the customer:
� The overall turnaround time for processing documents reduced from
several weeks to 5 days
� Complete traceability/visibility of the process was possible
� Reduced vendor & distributor calls to client
� In-house accounts payable resources freed up for strategic activities
� Expensive storage area released, easy retrieval of documents for audit
purposes
� Better cash flow management
A Finance & Accounting Success Story
Many retail businesses have evolved to a paperless environment for internal processes such as accounting,
inventory, customer service, human resources and marketing. While these systems create efficiencies, enable
faster communications and provide rich data to support business decisions, there is still a need to access physical
documents and information that were created before the electronic systems or that come from clients in paper
form. These hybrid physical and electronic environments create inefficiency and ultimately cost your business
more to maintain.
Challenges Faced In Paper Based Business Process
� Employees having to maintain and secure huge volumes of paper documents
� Paper based documents having to be preserved for years
� Physical storage of these documents consuming a lot of allocated space and creating a chaotic environment
� Retrieval of the records at the time of audits being time consuming
� Cases of missing documents, identified during the time of audit & hence resulting in non-conformances
� Different types of documents being jumbled making retrieval based on category/type difficult
� Movement & Tracking of physical documents within locations proving to be a difficult task
SourceHOV Document Lifecycle Management Solution Process Flow:
Receiving Paper Records
Paper records from customer
are received and clearly maintained with inventory of
receipt
Paper Records Scanning
Paper records are converted into Digital Images
Background Process
Scanned Image, Document Type
Identified & Index Fields Captured
are Mapped together & fed
into SHOV’s Image
Repository
Document Type Identification
Electronic document type Identification
Cloud Based Repository
Secured web based application to facilitate Click
of the button Retrieval of
Records
Document IndexingRequired
information for searching records will be captured & used for retrieval
purpose
Physical Storage of DocumentsAfter scanning, all the physical documents are stored in carton boxes with bar
code identification
for easy retrieval
TIFF TXT
Using SourceHOV’s Technology Platforms
Document Lifecycle Solutions from SourceHOV can remove the challenges of managing physical documents and
will provide a roadmap to a completely electronic environment—increasing the efficiency of your internal teams
and helping you provide greater service to your customers. SourceHOV has global experience helping our clients
manage the full lifecycle of physical documents, from intake and conversion to temporary and archival storage
and business communications.
Customer
Document Lifecycle Management Solution
Data Extraction
Document conversion at SourceHOV lays the foundation for your business to create robust databases of electronic
documents, rich with information. Keeping your documents, images and files in uniform digital formats has
become essential to keeping your operations streamlined and efficient. SourceHOV has a wealth of experience
and knowledge in converting large amounts of documents in retail industry and other industries too, specially
their HR and F&A documents.
Paper documents are scanned and digitized. The data from the invoices are also extracted in an accurate manner
using special techniques like OCR (optical character recognition) .
Web Based Storage
The digitised documents are stored in a centralized web based image repository called document DNA which
the customer can access from anywhere in the world through a secure login.
Physical Storage of Documents
Hardcopies of the documents are secured in carton boxes which are indexed with barcodes and stored in a
secure location to ensure east retrieval when required.
18,000 HR employee records and ongoing paper transaction volume of 100 employee files per month digitized
leading to considerable reduction in costs, increased productivity and minimal overheads.
Customer is a leading provider of end-to-end IT services and solutions for Global Companies with difficulties to
maintain and secure 18000 HR employee records and ongoing paper transaction volume of 100 employee files
per month.
SourceHOV worked closely with the customer with a consulting approach to identify key pain points and then
proposed a suitable Document Management System for their employee records. The solution delivered the
following business benefits to the customer:
� Client is able to access the employee records with a click of a mouse in a few seconds globally with utmost
security
� All HR employee records and transactions have been transformed from paper to digital. Missing documents
were identified & were replaced in the respective employee file
� Our solution has reduced costs by increasing productivity and lowering overheads
� Records storage space at the Client’s end has been eliminated
A Document Life Cycle Management Success Story
Results that Exceed Expectations©2014 SourceHOV LLC. ALL RIGHTS RESERVED. RETAPAC072014
sourcehov.com | +91 44 [email protected]
Our proprietary platforms allow context-driven workfl ows and apply routing and input rules for data integrity
and validation to content originated from digitized paper documents and electronic information from external
business partners. Our workfl ows also give you visibility into your processes, so you know exactly where things
are and can manage your organization based on real-time information. Our unique data analytics use patterns
to allow analysis of content and make forecasts and predictions based on various factors. We can even help
you detect fraud, waste and abuse. SourceHOV automated workfl ows can deliver information back into your
systems, facilitating business transactions and enabling you to make faster or more informed decisions.
About SourceHOVSourceHOV is a global provider of transaction processing solutions, strategic consulting and data analytics
services to a wide variety of industries including healthcare, fi nancial services, legal, government, publishing,
manufacturing, retail and other commercial entities—including more than half of the Fortune 100.
Through our consultative approach, clients achieve high-value business outcomes and experience improved
processes, streamlined workfl ows, reduced cycle times, increased cost effi ciencies and enhanced fi nancial
performance.
Retail Services & Solutions