Moen wins award for automating their accounts payable processes with Hyland Software’s OnBase, saving them approximately $100,000 per year.
The Institute of Financial Operations presented Moen with the Huntington Bank Innovation Award, recognizing the creative use of advanced technologies, tools and processes in the areas of financial operations. Recipients of the award must demonstrate a creative business process redesign, an innovative technology or application of technology, an exceptional business performance, or a combination of these areas.
Moen won the award for automating their accounts payable processes with Hyland Software’s enterprise content management (ECM) solution, OnBase, saving them approximately $100,000 per year and reducing manual processing time, paper and storage costs.
Invoice visibility and processing speed is critical when processing over 300 invoices a day. Moen’s AP associates rely on SAP to process these invoices, so leaders wanted a tightly integrated solution. And that’s exactly what they got with OnBase.
If associates encountered a problem processing an invoice, hard copies of the invoice would be sent via inter-office mail, often adding weeks to the payment processing and made it difficult to track and monitor. Now, images of invoices and supporting documents are scanned and stored in OnBase. AP associates instantly view the documents while still working in SAP. If a problem arises, an email is automatically generated and sent to the person responsible. The process is easily tracked and monitored via a workflow in OnBase.
For more information about how banks are leveraging the OnBase ECM solution, go to Hyland.com/Commercial.
Congratulations to Hyland Software and Moen. To learn how your company can drive down AP processing cost, download PayStream’s Q2 Report titled, Imaging and Workflow Automation: Better, Faster, Stronger. This is a FREE research report available on the PayStream Advisors website. This report is a valuable first step in researching and selecting an invoice workflow automation solution. The report delivers an articulate overview of industry trends as well as solution providers.