- 4 February 2013 12:00
Korellus Launches Procure-to-Pay Automation for greater productivity and capital management
1st February, 2013
Korellus, the ERP division of ComOps Limited, has launched an innovative Procure-to-Pay (P2P) automation solution designed to streamline the complete procurement transaction lifecycle. This automation software encompasses the complete process from requisition and ordering, through to final invoice handling, enabling significant cost savings and productivity efficiencies as well as better cash flow forecasting and capital management.
Time savings from P2P automation are significant. No longer is it necessary for an employee to manually create a purchase request, physically seek approval(s), submit paper forms to various departments, and again manually perform the route in reverse once the product is delivered and the invoice received. The Korellus P2P automation solution negates the need for these manual processes with a scanning & capture component that interprets the invoice. Then smart business process management automates the entire approval and review workflow, allowing invoices to be automatically submitted for electronic approval, in any location. Employees can then be redeployed on more strategic and productive tasks.
Results in the U.K., where P2P automation is prevalent, have shown automation can reduce the time and cost to process an invoice by up to 50%, increase accuracy rates and reduce the AP overhead by 33-60%, thus lowering costs and increasing productivity.
By automating the P2P cycle, it provides greater control and clarity of capital management. Organisations can mitigate risk by maintaining real time visibility of committed spend from all offices, thus making cash flow forecasting easier and more accurate. It also enables improved vendor relationships, enabling discount negotiations centred on the ability to make prompt payment commitments. With today’s profit margins being more and more stretched, this can result in considerable cost savings, particularly within wholesale, distribution & manufacturing companies.
Hard to track paper trails can also be eliminated, reducing costs and creating an electronic document storage and retrieval solution. Documents are automatically sent to the correct departments and then stored electronically, making them available whenever required.
Integrated with any ERP/Finance system, Korellus P2P automation has secure mobile access from any mobile device, anywhere in the world, at any time. It can also be expanded to include Collaborative Planning & Budgeting; Employee Expenses; Timesheets; H.R. Forms; and automation of any other business process & workflow.
ComOps Limited has a 40-year history in the IT industry and listed on the ASXin 1999. The company develops sells, implements, hosts and supports Enterprise and Workforce Management software solutions under individual brands; Korellus ERP and ComOps Workforce Management Solutions. These solutions are used by a range of blue chip clients such as Toll Transport, Sensis, RACQ, Steinhoff Asia Pacific (Freedom Furniture), Australia Post, Toshiba, Dulux, Canon, Queensland Government, NSW Lotteries, DP World and Commonwealth Bank.
ComOps is a Microsoft Gold Partner, Progress Premier Partner, is ISO 9001:2008 Quality Accredited and Government Endorsed.
For more information, visit www.comops.com.au.
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Incident handling is a vast topic, but here are a few tips for you to consider in your incident response. I hope you never have to use them, but the odds are at some point you will and I hope being ready saves you pain (or your job!).
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