Glen Raven unites financial systems in OnBase for automated invoice capture, matching, routing, and posting – enabling over 1,000 processed invoices per day.
North Carolina-based performance-rich fabric producer Glen Raven has three primary business units operating across their global network, each with its own accounting system, and each system with a separate enterprise resource planning (ERP) solution to process invoices and store necessary data and documents.
In other words, prior to their project with Team KeyMark, Glen Raven had quite a few data silos for invoices and data, and quite a bit of untapped productivity potential.
Their problem: Disparate systems
Due to three decentralized accounts payable departments, filing cabinets at Glen Raven were filling up. The company was running out of room to store documents and faced the daily difficulty of efficiently sharing documents and data across the enterprise. Furthermore, monitoring and tracking invoices was becoming impossible.
Identifying the need for change, Glen Raven sought to create a centralized shared services environment to easily locate and track invoices across all three divisions.
Our solution: Intelligent invoice capture
After an initial discovery with Team KeyMark, a new partnership was created to implement a document management shared services solution and gain greater efficiencies to improve processes.
Intelligent capture and content services work hand-in-hand to rapidly digitize and transform documents and data, delivering it where it needs to go through automated workflow.
With extensive knowledge of both solutions, KeyMark created custom workflows that married Hyland software’s OnBase with intelligent capture capabilities to capture paper and electronic invoices, extract data from the invoices, match against purchase orders, and identify questionable data.
Here's how
- Intelligent capture technology captures invoice data with 99% accuracy. Exceptions are verified by Team KeyMark for the final 1%.
- Once captured, invoices data is imported into OnBase enterprise content management which automatically connects the freshly processed invoices to the appropriate division’s ERP.
- Once delivered, OnBase performs a three-way match to verify invoice, receipt, and purchase order information.
- Invoices are then routed for approval or exception handling.
- Following final approval, OnBase automatically uploads the invoice into the ERP for payment.
Results: United financial systems
The shared services solution created centralized AP operations granting each Glen Raven division significantly improved access to data. Any and all invoices come directly through accounts payable, ensuring no invoices go missing. Meanwhile, users are able to have a real-time view of their documents at all times.
As a result, the company has reduced storage of documents and increased the number of invoices processed in a day to over 1,000.
Let's find more successes for AP
ERPs are at their best when they can efficiently communicate with paperless AP processes to empower your financial teams with critical information.
Level-up the entire lifecycle of an invoice — from capture to disposition. Find your solutions with a KeyMark partnership.
