Enterprises in all sectors are gaining greater control over finance-related business processes and projects with electronic document management (EDM). As the capabilities of document imaging technologies become more sophisticated and advanced, benefits have expanded to generate greater time and cost savings as well as boost productivity
Image and Data Manager reported that Toyota Finance has deployed a digital solution with intelligent capture capabilities to speed up loan processing for its extensive and distributed dealer network. The solution uses imaging technology and a robust feeding mechanism to ensure that all information is effectively and accurately integrated into the new electronic system. The software was deployed to enhance business process automation and workflows to ensure that all asset and logistic services are accurate and timely. Toyota Finance decided to initiate its paperless project with a scanning solution that would capture all necessary unstructured finance documents and produce them in a digital format with optimal clarity.
According to the source, the solution was implemented late last year and is continuing to roll out for continual advantages. For example, previously, initial finance approval took days. Now, approval can be provided in mere hours because there is no need to wait for loan applications to arrive via mail. Waiting for loan documents to be received at the centralized processing facility meant that final settlement was often delayed. Further, many dealers were often late in sending paperwork, which caused processing bottlenecks at the end of the month.
More financial control
Shared Services Link reported that life insurance and pension provider Friends Life is another company that has utilized EDM for 30 percent efficiency savings. Additionally, with the centralized finance system, it costs the company up to five times less to process an invoice. The company, which services over five million customers, decided to standardize supplier invoices using document imaging technology, which replaced labor-intensive AP solutions. Will James, head of finance systems at Friends Life, commented on the decision to deploy EDM.
"We recognized that if Friends Life was to operate effectively and efficiently, it was key for us to be using a common finance system and to adopt the same processes," he told the news source.
With the integrated document management solution, 15,000 invoices are scanned and verified into the electronic AP system, eliminating manual data entry.
Electronic management of AP documentation enabled automatic circulation for faster authorization. Furthermore, these technologies cut the possibility of lost or delayed invoices or information as well as allowed for enhanced visibility into every step of processing for better management of spending.
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