SmartERP and Canon Webinar - Leverage your ERP's Capabilities
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Make The Most Of The New Normal – Leverage Your ERP’s Capabilities In this webinar on-demand: Automation helps a company’s bottom-line through cost savings and efficiencies. In many cases, it allows workers to stay safe, as automation enables workers to reduce or avoid returning to the office to process manually-based workflows such as scanning and printing invoices, purchase orders, and even checks. Design a standardized global AP process that supports local requirements such as multi-language, multi-currency, and more Increase adoption of purchase orders for faster and more accurate processing Extend your ERP's functionality to invoice processes in a new way, and utilize the best features of both Canon’s Accounts Payable Automation solution and your existing ERP Maximize your HCM solution by leveraging Canon’s content repository
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SmartERP and Canon Webinar - Leverage your ERP's Capabilities
- 1. Make The Most Of The New Normal - Leverage Your ERP's Capabilities
- 4. Accounts Payable – the need for Automation Accounts Payable processes when conducted manually, expose Organizations to Error and Fraud: • Duplicate Payments – 2% of Payments are found to be duplicate • Consistent rounded amounts and/or payments made under approval limits – fraudsters display repeat behaviors to try and stay ‘under the radar’ • Vendors and Employees sharing address information etc, sounds obvious! • Abnormal Invoice Activity – is increased Invoice activity down to increased activity through fraud?
- 5. Source: United States Patent and Trademark Office NET SALES: $35.6 Billion NET INCOME: $2.3 Billion In the TOP FIVE U.S. Patents for 34 Consecutive Years
- 6. Transforming organizations through Intelligent Automation powered by our advanced digital technologies DOCUMENT CAPTURE WORKFLOW CONTENT MANAGEMENT ANALYTICS MOBILE CLOUD
- 7. The COVID-19 Pandemic and social distancing is making a major impact on decision-making Source: KORN FERRY People are in a more emotional state because they are uncertain, making them more risk-averse and hypervigilant, especially about the personal consequences of making decisions With uncertainty, many people retreat to a freeze state, where doing nothing feels like the right thing
- 8. Disruption in business operations is not new, but the pace is accelerating 93% Percentage of executives who say their company’s existence is jeopardized by operating models that can’t keep pace. Source: Accenture 75% Percentage of businesses that feel the pace of disruption has increased over the past three years.
- 9. AP Departments are Undergoing Radical Change 88% are working remotely Source: Accenture 26% are struggling to manage AP operations
- 10. Problems with manual and semi-automated finance process Key information is not captured Systems are badly integrated Data is poorly organized Decision makers can’t access data Information is not timely
- 11. Manual and semi-automated processes increase the risk of fraud FRAUD RISK Unsecure email routing No segregation of duties No chain of custody assurance No tracking of actions taken No ready access to audit info Weak document retention
- 12. How to improve the financial operations Develop more effective process-led capabilities Serve as a valuable conduit for more strategic activity Deliver intelligence-led insights
- 13. The Game Plan Solve tactical and manual-based issues Develop and build an “intelligent” function Engage more stakeholders, gain greater investment, support better business outcomes
- 14. Intelligent Automation in Accounts Payable
- 15. Intelligent Automation – Key Areas Intelligent Invoice Capture Content Management Workflow and Collaboration
- 16. Intelligent Invoice Capture Paper and Electronic Capture From mail, fax, email, attachments Automated Processing State-of-the-Art Data Extraction Free form OCR Line items Multi-lingual, Multi- currency Document Support Content / Context Verification
- 17. Content Management Search and Find Information Keyword, full text, combination search Controlled Access Role-based Retention rules Audits Fraud Prevention Award-winning Security and Compliance Database Lookup Capabilities
- 18. Workflow and Collaboration Workflow Management Flexible, customizable Ad-hoc tasks assignment Dynamic access rule Integration with Financial System Automatic routing PO matching ERP vouchers Access to invoice image from ERP Collaboration Mobile access Version control Centralized access Business Analytics Invoice status Configurable dashboards
- 19. Automated AP Invoice Process Flow Scan / Import Invoice Attach Invoice Attach Separation Business Rules e.g. 1pg Analyze Analyze/Extract Vendor ID Match Invoice Header Line Level Extract Create Voucher Create Voucher Link to Image Data Verify Company Invoice Header PO Line Match Store/Audit Store File Audit Log ERP Approval Hierarchy Submitter Level 1 Director Sr. Director Level 2 Manager
- 20. Benefits of Accounts Payable Automation Process Invoices Faster ¼ of the time used to process a single invoice Work Efficiently 11x as many invoices per FTE Improve Accuracy Avoid duplicate payments and errors Improve Cash Capture 7x more early payment discounts Business Analytics Transparent invoices, approvals, and payment status
- 21. HR Document Processing and Content Management
- 22. Electronic Records and Automation in HR Effective human resource management leads to higher personnel retention rates, a more productive workforce, and higher levels of employee engagement. But achieving these objectives requires surmounting a field of challenges. Benefits in human resource records and automation Common HR Challenges:
- 23. Transforming HR ENABLE management of information as an asset, automate and optimize processes, and gather key analytics, leading to greater efficiency, better compliance, and informed decision making.
- 24. Day-forward Scan of Employee Files Human Resources (Folder) Key Index (Search) Values: Company Employee Name (Application) Legal Employee Name (Validated) Employee ID Document Classification Onboarding – “Employee File” Talent Acquisition Documents will be held with the Recruiter until Employee Arrives on Day 1 Payroll Day 1-5 (by EOW 1) Documents will be Scanned into Therefore Document Classifications Resume Application Background Check Email Acceptance Agreement (Canon Policy) Confidentiality Agreement Photo Release Signed Offer Letter State Tax Form Direct Deposit Form Voided Check I-9 with Form of ID Attachment eVerify Document (Visa) - OR - Documents will be Indexed in Therefore (using Document Classifications) Tax Form Direct Deposit Form Voided Check --- Application/Legal Name Validation Results Transition Category I-9 File Transfer of Documents Employee File Payroll File Background Check
- 25. The Benefits Easy document upload Comprehensive employee view Streamlined document handling High level of security
- 26. A. Just Smart Form I-9 (Free) B. Both Smart Form I-9 and E-Verify (Free) C. Smart Applications with Smart Onboarding ($) D. Full Suite with HR Integration ($) E. Full Suite with HR Integration plus other apps ($) F. Not Sure? Use the question feature in your Zoom application
Editor's Notes
- During this webinar attendees will learn about the key features for security and controls in PeopleSoft and how Accounts Payable automation addresses changing regulations, complex vendor networks, and fragmented business processes. SmartERP will guide attendees through the steps for best-practice techniques in securing their application, and the applications available to assist with this process. The session will also elaborate on how organizations can avoid serious errors, poor performance or in extreme cases fraudulent transactions. Key Takeaways: Improve Access Controls - Segregation of Duties and Access Reporting Create the optimal configuration of your application - Roles and Password Policies Achieve transparency - for easy information sharing and fast approvals; Improve accuracy of invoice processing with reduced manual steps; Increase compliance and information governance, provide clear audit trails; Consolidate suppliers to improve vendor relations, vendor compliance, and to enable cost savings
- Canon Information and Imaging Solutions, Inc. (CIIS), a wholly owned subsidiary of Canon U.S.A., Inc., brings together Canon’s world-class imaging technologies and information management expertise to assist organizations in achieving their digital transformation objectives. CIIS transforms organizations through Intelligent automation. Intelligent automation solutions from CIIS can remove friction across the process lifecycle and speed the delivery of information to downstream systems and decision-makers. Intelligent automation can eliminate errors that increase costs and impact customer service. It can control task execution in a configurable and efficient manner. Powered by our advanced digital technologies for information capture, management and analytics, intelligent automation from CIIS does more than automate core business processes. It makes them smarter.
- The COVID-19 Pandemic and social distancing is making a major impact on decision-making People are in a more emotional state because they are uncertain, making them more risk-averse and hyper-vigilant, especially about the personal consequences of making decisions Emotions bring on the mindset of fight, flight, or freeze With uncertainty, many people retreat to a freeze state, where doing nothing feels like the right thing Social Distancing has put new constraints on the workplace, including work at home, expanded use and dependence on virtual meetings, but for the essential workers who have to go into the office, the old challenges in terms of various systems and processes and the need for automation, are exacerbated. Both Canon and SmartERP have been successful in spite of the Pandemic, serving our clients remotely as well as practicing social distancing.
- Even before the advent of COVID-19, disruption proved a constant threat to most businesses. Accenture research shows most executives feel the pace of disruption has increased over the past three years. And a full 93 percent say their company’s very existence is jeopardized by operating models that can’t keep pace. What’s more, the pace of disruption has been accelerating! 75% of businesses feel that the pace of disruption has increased over the past three years. Unfortunately, at most businesses, back-office systems have not kept pace. Whether the threat is a novel coronavirus or a nimble digital born competitor, companies cannot afford outdated business processes.
- AP departments are now undergoing a radical change. 88% of AP departments are working remotely as a result of the COVID situation, and 26% are struggling to manage their AP departments To stay competitive traditional enterprises need to automate every process that could be automated
- Companies stuck in the COVID-related situation, strenuous for the business and challenging for the day to day work-from-home operations are now painfully aware of the problems of manual financial processes: Invoices sitting in the office in paper format that need to be routed to home-based employees, Lost paper documents such as hand-signed versions of contracts Increased risk of fraud, Lack of traceability of process and accountability of the employees,… These are just some of the results of neglecting to fully automate the financial process.
- Manual and semi-automated invoice approval processes raise the level of risk: E-mail routing is not secure No segregation of duties No chain of custody assurance No tracking of actions taken No ready access to audit information Document images can be deleted ahead of deadlines
- By developing standardized process and automating them resources will be freed up for more strategic activities in particular the ability to Deliver insights based on analytics.
- If, like many companies, you are currently struggling to manage the challenging business environment, and are unsure of how to start, my advice is to start with an assessment. Analyzing your current financial processes with a help of an expert consultant, is a good way to set the stage for future process transformation that will help make your company poised for growth and ready to fight the competition. CIIS offers business consulting expertise and we will help you navigate through the game plan to automate.
- There are three key areas to address with Intelligent Automation in Accounts Payable, and they are: Intelligent Document Capture Content Management and Workflow, Collaboration and Integration I will now explore each of these in greater depth
- Intelligent Capture Paper and electronic capture: Digitize invoices received via mail, fax, email and email attachment State-of-the-art data extraction: Free form extraction; no templates required Best in class OCR Line item extraction and matching to valid purchase order information Automated Processing Automatic, configurable invoice indexing Metadata creation - for archiving and search Trained to continuously improve performance Multi-lingual, Multi currency document suppers Local languages, currency, and date formats Content / Context verification Individual fields of the invoice and their context.
- The Content Management component of the solution, also has five key capabilities: Search and Find Information Using, Keyword, full text search with a combination of keyword criteria Controlled Access being important for system security Incorporating, Role-based access rules Access controls and permissions Retention rules and retention period management Audit capabilities for traceability and compliance Fraud Prevention Incorporating Fraud detection and prevention measures Award winning Security and Compliance features Supporting security and compliance management With easy configuration based upon your policies Database Lookup Capabilities Matching invoice data with master data reference, with many means of obtaining desired seach outcome
- Workflow and Collaboration Workflow Management Flexible, customizable workflows, with drag and drop user interface Ad-hoc tasks assignment Dynamic access rule Approval workflow and policy creation Collaboration Mobile access to information anytime, anywhere Document highlight and comments Version control Centralized access to information Integration with Financial System Automatic routing of invoice data to financial system PO matching with financial system ERP vouchers automatically created Dynamic URL access to invoice image from ERP Business Analytics Access to status of your invoice processes Business intelligence with configurable dashboards
- So let’s review a typical automated AP invoice process flow …. As many companies today, the ultimate objective is to reduce the need for scanning invoices for processing through the digital automation. Engaging vendors to send invoices via email, creates what is called a decentralized capture process; minimizing internal efforts with traditionally scanning invoices into the automation process. Functions within the solution that allow the monitoring of a designated email inbox has evolved the automation capabilities; eliminating the need for manually saving email attachments into the system for processing. Or even more enticing, eliminating what many companies today are doing with emailed invoices …printing them for processing !!! This tremendously the reduces the time and effort to “get invoices” into the system and reduces manually scanning efforts. While not all manual efforts can be eliminated the goal is to minimize them as much as possible. Understanding how vendors will submit will allow further automation in identifying how to process the invoice through the solution. The desired end goal is to create as much of a “touch less” process as possible; integrating the power of the AP Automation Solution intelligence for such things as: automatically identifying the invoice is a single invoice or multiple invoices based on vendor identification, key words, or other identifiable information; identifying the applicable location; region by designated email inboxes and automatically setting key data for processing, such as legal entity where applicable; leveraging the core technology functions, automatically identify the specific vendor site based on supplier master and use this to set business rules to enhance the data extraction from the invoice; Perform purchase order line extraction and matching to validate the individual lines of the invoice apply to available funds on the purchase order; … and as previously discussed, incorporating the ability to associate valid coding values to the invoice to process to the ERP. The overall design of the automation is to provide intelligent recognition and matching of data from the invoice to data available within the organization so that traditional OCR can be enhanced and optimized. This action leverages artificial intelligence, machine learning and other logic methods to increase the accuracy while employing specific business rules.
- So the question is: how can we leverage emerging technologies to extend the value of our cloud-based HCM investments? The answer is to deploy other cloud-based systems or apps that integrate seamlessly into their HCM using APIs. That’s what CIIS is doing now! Cloud-based employee onboarding solutions are one example of these types of solutions. Onboarding new employees is a tedious process involving a lot of people and resources. For just one candidate, an entire host of small tasks have to be completed as part of the employee onboarding checklist. In many companies – even those with a cloud-based HCM solution – new employee onboarding is a manual, paper-based process. We all know that managing employee onboarding in a manual, paper-based way is expensive. But it also very risky. … HR might lose some employee forms and have to repeat the entire process again. … It’s highly likely that some of the new recruits will give wrong inputs than what was asked of them, or the HR person might type them wrong when they manually transcribe it in the computer. … Manual, paper-based processes also increase the chances that new hires will grow impatient with the back and forth onboarding process, giving them a negative perception of your company, before they have even gotten to work! This is especially true of millennials. Onboarding new employees doesn’t have to be a groan-inducing process. Cloud-based employee solutions can improve new hire satisfaction, reduce the possibility of compliance issues and increase the general efficiency of the department. Here’s how!
- HR processees commonly involve multiple documents and paperwork, leading to manual, paper-based operations. Processes such as onboarding new employees are tedious and involve a lot of people and resources. For just one candidate, an entire host of small tasks have to be completed as part of the employee onboarding checklist. In many companies – even those with HCM solution – such document based processes are still are manual and rely on paper. Managing these processes in in a manual, paper-based way is not only expensive, but also risky: … HR might lose some employee forms and have to repeat the entire process again. … It’s highly likely that some of the employees will give wrong inputs or the HR person might type them wrong when they manually transcribe it in the computer. … Manual, paper-based processes also increase the chances that new hires will grow impatient with the back and forth onboarding process, giving them a negative perception of your company, before they have even gotten to work! This is especially true of millennials. Automated solutions can improve employee satisfaction, reduce the possibility of compliance issues and increase the general efficiency of the HR department.
- Automated solutions combine technologies such as intelligent capture, digital routing, digital signatures, connectors to legacy systems and archive and retrieval to transform an otherwise tedious, error-prone and risky process.
- The process I just described also can automate the handling of so-called day-forward documents for an employee. Documents can be digitized, captured, classified, routed based on rules, integrated with your HCM, and stored. Information can be retrieved based on company, employee name, employee ID and other fields.
- That facilitates easier document uploads, a comprehensive employee view, streamlined document handling, and tighter information security. Automated employee document processing and content management solutions move an HR department closer to becoming a digital department.