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Accounts Payable Killer Application for SharePoint

Accounts Payable departments are making great strides in automating their operations by leveraging Microsoft software already available in your organization. According to IOMA, world-class Accounts Payable departments can process upwards of 80,000 invoices per person per year. This efficiency translates into a cost savings of more than $3 per invoice.

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Accounts Payable Killer Application for SharePoint

  1. 1. Accounts Payable - The Killer App for SharePoint<br />
  2. 2. Invoice Processing<br />Average cost to process an invoice around, $12 <br />Firms with high level of automation (imaging, EDI or e-invoicing, near paperless processing, etc.) have half the processing costs compared to non-automated firms with a median cost to process an invoice $6 going as low as $3<br />Therefore if you process just 1000 per month savings could reach over $70000 per year. <br />
  3. 3. Benefits of AP Automation<br />Capture - Scanning<br />Increased processing speed<br />Reduced labor – less data entry<br />Reduced paper handling<br />Decreased errors, Higher Accuracy<br />Feeds ERP (Great Plains, SAP, Oracle, Lawson, etc.) systems <br />
  4. 4. Benefits of AP Automation<br />Results of electronic paper<br />Faster retrieval time Easy access to invoices (electronic)<br />On-Time payments<br />More early payment discounts<br />Auditable business processes – greater visibility<br />Support compliance <br />No more misplaced/lost invoices<br />Storage costs reduced or eliminated <br />
  5. 5. Agenda for Today’s Webinar<br />Challenges facing Accounts Payable departments<br />What to look for in a solution <br />Benefits of automated invoice processing <br />Invoice capture process<br />Sample implementation<br />Why a Information Worker centric solution<br />Invoice capture demonstration<br />Product Overview<br />KnowledgeLake customer case studies<br />
  6. 6. Challenges and Key Issues for Accounts Departments <br />Found in majority of organizations<br />In fact any organization involved in buying or selling goods!<br />Need for process automation increases<br />70% of incoming mail is bills <br />96% of processing is manual keying of data from paper<br />
  7. 7. Things to consider when you review Your Process <br />Identify and document existing processes<br />What errors occur and what improvements can be made<br />Remove paper from the process early on, sooner the better<br />Store off-site if needed <br />Control access - secure storage<br />Have an accurate audit trail - record receipt<br />Track users productivity <br />
  8. 8. What to Look for in a Solution <br />Ease of use<br />‘Out of the box‘<br />No complex learning period<br />Requires little to no maintenance<br />No supplier-specific set-up or &apos;tuning&apos; required<br />Same level of performance when invoices change or are added <br />Improve your accounts payable process<br />Automatically prioritize invoices from suppliers with early-payment discounts<br />Route high-value invoices or problem invoices to exception handling - Workflow<br />Delivers maximum cost reduction, don’t pay for more than you need. Take advantage of existing software and hardware investment<br />
  9. 9. Benefits of Automated Invoice Processing Review<br />Improved Data Accuracy<br />Automation yields better data accuracy<br />Preventing errors less costly than correcting them<br />Human errors inevitable<br />Difficult to catch, expensive to reverse<br />
  10. 10. Reduce Invoice Processing Delays<br />Reduce the time delay between receipt of invoice and posting<br />Leverage early payment discounts<br />Avoid late payment penalties<br />Financial information available real-time <br />Quicker month, quarter and year end close<br />AP staff are knowledge workers, not data entry clerks<br />Separating data entry from accounts payable tasks saves money<br />Accounts payable staff use their expertise in a more productive manner <br />Negotiating discounts<br />Reduce Paper Handling<br />
  11. 11. Invoice Automation Process<br />
  12. 12. AP Automation Challenges <br />No such thing as a typical invoice <br />Invoices vary in format<br />Multiple pages<br />Too many different formats to template<br />
  13. 13. Classifies the document type<br />Invoice<br />Purchase order<br />Credit note<br />Packing Slips<br />
  14. 14. Data for Extraction<br />Date<br />Purchase Order Number<br />Invoice Number<br />Supplier Details<br />Total<br />Tax<br />Grand total<br />Information is extracted and validated by operators or through database look-ups<br />Matched to ERP system <br />
  15. 15. Backend System Integration<br />Best-of-breed solution<br />Open architecture platform - Compatibility with back-end systems<br />
  16. 16. Customer Examples<br />
  17. 17. “We now receive invoice approvals in hours versus weeks.”<br />“With KnowledgeLake and SharePoint, we got rid of faxing and emailing for approvals [and] we increased processing by 40%!”<br />Larry Bryant<br />AP Supervisor<br />Amdocs<br />Lewie Wake<br />CIO<br />Advantage Sales & Marketing<br />“The document capture solution from KnowledgeLake and Microsoft SharePoint has allowed Build-A-Bear associates to scan business critical documents from stores around the country and share them in SharePoint.”<br />Dave Finnegan<br />Chief Information Bear<br />Build-A-Bear Workshop, Inc.<br />Client Testimonials<br />
  18. 18. Why a Microsoft Centric Solution<br />
  19. 19. ECM Information Input Sources <br />Information Worker (IW) Capture<br />Ad hoc input: scanning, electronic files<br />Desktop driven content<br />Production Capture (paper to image)<br />Converting paper and working with digital images<br />Centralized and remote capture<br />High volume <br />Scan and index done by dedicated staff<br />
  20. 20. Information Worker (IW) ECM <br />Who are Information Workers<br />Senior management, middle management, staff, clerks from all departments<br />Busy people who don’t want new responsibilities unless the investment will make their job easier<br />Produce and Handle High Value Content $$$<br />
  21. 21. Information Worker ECM Challenge <br />Ease of Use, they don’t want:<br />Complicated save and index processes<br />Searching multiple repositories for related content<br />Inefficient search process (lack of metadata) <br />Desktop not tightly integrated with ECM so users don’t publish content to repository <br />Low user adoption defeats ECM investment<br />
  22. 22. Capture Demonstration<br />
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  24. 24. Separator Sheets<br />
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  38. 38. Enter SharePoint<br />
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  47. 47. Capture eDocs<br />
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  57. 57. LOB IntegrationGreat Plains<br />
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  62. 62. AP Just the On Ramp to a Document Management Environment<br />
  63. 63. Document Imaging Benefits<br />Reduce Environmental Impact <br />Improve Operational Efficiency<br />Enhance Customer Service<br />Eliminate Shipping and Faxing <br />Streamline Document Processing<br />Enable Regulatory Compliance<br />Decrease Operating Costs<br />Decrease Storage Space <br />Provide Disaster Recovery<br />
  64. 64. <ul><li> Capture E-documents From Desktop, Outlook And Also Drag-n-drop
  65. 65. Accurately Index Documents
  66. 66. Release Into SharePoint Libraries
  67. 67. Complete Process In Just 2-clicks!
  68. 68. Scan Paper Documents With Desktop, Departmental And Production Scanners
  69. 69. Index Documents
  70. 70. Release Into SharePoint Libraries</li></ul>Connect<br />Capture<br />SharePoint<br />KnowledgeLake extends the native capabilities of SharePoint to give you the freedom and flexibility to scan, index, store, retrieve and view large volumes of documents in a variety of ways<br />Server<br />Imaging<br /><ul><li> Database Lookup & Index Automation
  71. 71. Perform Exact Relevance Searches With Any Combination Of Index Values
  72. 72. Central Enterprise Indexing Schema
  73. 73. Zero-footprint Image Viewer
  74. 74. Capture From Office Copiers, Multi-function Devices, Fax Servers And Network Scanners
  75. 75. Index And Scan Via Web Browser
  76. 76. Automate PDF, OCR Conversion</li></li></ul><li>Total ECM with SharePoint<br />Centralized and remote paper capture<br />IW capture for electronic and paper content<br />Metadata driven pinpoint searches<br />Total ECM w/ SP: scan, index, search, view, manage<br />Leverage SharePoint: repository, workflow, document management, records management, web content management<br />Fast user adoption <br />
  77. 77. KnowledgeLake SharePoint Success<br />
  78. 78. High Value Documents<br />KnowledgeLake Customer Processes<br />
  79. 79. Sample KnowledgeLake Customers…<br />Financial<br />Scottrade <br />Bank of America<br />Axis Capitol<br />Western Union <br />Lutheran Church Extension Fund <br />Cambridge Investment Research<br />Circle Lending<br />Healthcare/Insurance<br />WellPoint <br />Carle Clinic<br />Good Shepherd Hospital<br />BJC Healthcare<br />AAA Auto Club<br />Retail/Mfg.<br />Pella Window<br />Build-A-Bear<br />Save-A-Lot<br />Valero Oil<br />Delta Gas<br />Advantage Sales/Marketing<br />Government/Education<br />Unified Government<br />Adams County<br />State of Illinois<br />Washington University<br />Winona State University<br />Notables. . .<br />Scalability<br />Scottrade – 20M Documents, 275 Capture Locations<br />Accosta – 285 capture locations<br />Advantage Sales/Marketing – 5,000 Users<br />Integration <br />Amdocs – Oracle Financials<br />Valero Oil – SAP<br />Build-A-Bear – Lawson<br />Legacy Migrations<br />Washington University – Optika/Stellent<br />LCMS– FileNet<br />Tricor Braun – Documentum<br />House Hold Names<br />Bank of America<br />WellPoint<br />Chevron<br />
  80. 80. Company<br />Marketplace<br />Experience<br />Microsoft<br />Document Imaging & Capture for Microsoft SharePoint<br />Regional offices throughout North America<br />Partners throughout the world<br />Years of experience with legacy ECM products<br />First mover in SharePoint ECM since 2003<br />100’s of successful customers using SharePoint for ECM<br />Founded in 1999<br />Headquartered in St. Louis<br />Privately held by KnowledgeLake executives and Fujitsu<br />Managed Gold Certified ISV<br />Member Technology Adoption Program<br />Member Partner Advisory Council<br />Member Developer Advisory Council<br />About KnowledgeLake…<br />
  81. 81. ROI with KnowledgeLake<br />94% of imaging projects pay for themselves in less than 1 year*<br />KnowledgeLake drives user adoption <br />KnowledgeLake drives Hard Costs Savings<br />Savings of 43 hours per year per employee (save, index, search 10 docs/day)<br />$1,000 per desktop user (SAVINGS POTENTIAL $$$)<br />Save $20 in labor to file a document<br />Save $120 in labor to find a misfiled document<br />Save $220 in labor to reproduce a lost document<br />KnowledgeLake helps leverage Microsoft Investment<br />
  82. 82. Resources<br />KnowledgeLake White Papers<br />Product Demonstrations<br />Streaming Presentations<br />Webinars<br />ROI Calculators and Assessments<br />
  83. 83. Contact Information<br />Sales at KnowledgeLake<br /><br />KnowledgeLake, Inc.3 City Place Drive, Suite 700 Saint Louis, Missouri 63141<br />Phone: 314.898.0500Fax: 314.898.0501Toll Free: 888.898.0555 <br />