A LEAN VENDOR INVOICE MANAGEMENT SOLUTION – CASSINI'S SIM
In our previous post on New Age Vendor Invoice Management For SAP Powered by OCR, we spoke about the salient features of Cassini's Vendor Invoice Management accelerator called SIM.
One of the key features we mentioned is for the Invoice Management solutions to be lean. With the onset of the cloud platform and SaaS solutions, bulky IT products are a thing of the past. Organizations are interested in slicing & dicing products into something that just about fits the need.
SAP introduced Fiori in 2013 making its intentions of moving towards simpler, faster and consumer-centric solutions very clear. Consumer-centric solutions revolve around gathering specific business requirements from the customer / end user to ensure that the product / solution is functionally complete yet clutter free. Such customized Fiori applications built on specific customer requirements help make the job for the end-user as simple as possible.
Cassinis Smart Invoice Management (SIM) is one such lean accelerator. It uses an OCR engine to scan the incoming vendor invoice. The ML and AI enabled OCR ensures that data is extracted from an invoice in less than 3 seconds.
The OCR is well equipped to read data from an email, a webservice, a folder or a database. The processed data can be exported to a third-party system, a database, ERPs or any other formats as required.
This processed data after passing through a layer of custom build validations within SAP is made available for approval by the QC, buyer or the Finance team using workflows. These workflows could be built within SAP or we could leverage JAVA to trigger the workflows.
SIM is an accelerator that helps shorten the deployment time since the OCR engine is already integrated with SAP. The UI can be designed, built and deployed either as a standalone application or as a UI5 application based on custom requirements while the workflows are already developed and fully customizable based on the levels of approvals required.
As per a study done by Bloomberg, as many as 27.5% invoices entered manually are in error. This not has massive impacts on the companys revenue, but also hampers relationships with vendors. More details on this Bloomberg study may be found here : https://www.accountingweb.com/aa/auditing/human-errors-the-top-corporate-tax-and-accounting-mistakes
Businesses are therefore looking for an Invoice Management solution that can be rapidly deployed without the need to design templates for every vendor invoice format. A solution that can read line item with the same accuracy as header level data. Last but not the least a solution that is customizable and easy to use, just like Facebook or Amazon.
For more details on SIM, please click here
You may also drop us an email on support@cassinitech.com or call us on +91-915-6738-110 for more details.
