While finance teams are continuously discussing the benefits of accounts payable automation, specifically touchless invoice processing (often referred to as “TIP”) is the innovation organizations are looking for to increase departmental efficiency and innovations.
For the Terex team, the goal was to implement an accounts payable solution that could automate routine, repetitive processes and reduce manual intervention. This would allow their employees to shift focus from transactional tasks to more strategic and value-adding activities.
Terex’s journey to touchless invoicing
Terex Corporation is a global manufacturer of materials processing machinery and aerial work platforms. With multiple accounting shared service centers, their main challenge was simplifying invoice processing across many different ERP systems. Their AP shared service centers were either working in silos or unable to support each other, so they launched a finance transformation project with Basware focused on process consolidation and standardized ways of working. By leveraging touchless invoicing and automated processes, Terex streamlined workflows, reduced manual intervention, and accelerated invoice processing across its global operations.
Why is touchless invoice processing so important?
The more invoices you can process touchless, the less intervention is required, not just by the AP teams but also by other business units. Terex explained that even when COVID hit, they feel they likely weren’t as impacted as other companies that were still relying on paper invoices and functioning with disparate systems. Not to mention, if the AP team and other business units do not need to focus on invoice processing, they can reallocate time to drive process improvement, such as master data quality improvements and electronic payments—rather than manually entering invoices.
How Terex tackled their TIP journey
From Terex’s viewpoint, the departmental shift in mindset from an invoice processor to a problem solver, was an important prerequisite for improving their touchless invoice processing. A problem-solver role involves understanding why an invoice was touched, then fixing the problem.
To transition to this type of role they first needed to align with their suppliers and internal purchasing teams. Working closely with their suppliers to help them understand the benefits of electronic invoicing would be critical to gain trust and momentum throughout the project. Involving their internal purchasing teams early and leaning on their supplier relationships, substantially helped the collaboration between Terex and their suppliers.
Why Terex partnered with Basware
Basware's team of experts prides itself on helping customers overcome challenges on the road to touchless invoice processing and accelerated invoicing. We deliver a clear blueprint at the start of each engagement so all stakeholders understand the direction and how success will be achieved. We plan the roadmap together and support buy-in from both internal and external stakeholders to ensure successful project execution.
Once the solution is in place, we measure results. With Basware Insights, you have a Virtual Business Advisor that provides flexibility without the need to modify spreadsheets or other platforms to access the data you need. This actionable data helps AP teams improve processes and achieve a faster return on investment.
Speak to an expert today
To get in touch with a Basware touchless invoice processing expert, contact us to arrange a call.
