While finance teams are continuously discussing the benefits of accounts payable automation, specifically touchless invoice processing (often referred to as “TIP”) is the innovation organisations are looking for to increase departmental efficiency and innovations. To address this topic, Basware partnered with EBG Network and Terex Corporation (a Basware customer) to host a webinar, How to Accelerate Time to Value with Touchless Invoice Processing, on accounts payable, invoicing, automation, and business control.
For the Terex team, their goal was to implement an accounts payable solution to automate routine and time-consuming, repetitive processes to reduce human intervention so that their talent could focus on more business-focused, rewarding elements. In fact, they believe if an invoice is touched, it’s not touchless. But let’s back up to see how they get there!
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 their invoice processing with many different ERP systems. Their AP shared service centers were either working in silos or couldn't support each other, so they decided to launch a finance transformation project with Basware focused on consolidation of processes and standardised ways of working.
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 pushing and entering invoices.
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.
To learn more about Terex’s journey and how they addressed common transformation questions and challenges, watch our on-demand webinar, How to Accelerate Time to Value with Touchless Invoice Processing. It covers:
Basware's team of experts pride themselves on helping our customers overcome challenges on the road to touchless invoice processing. We work to deliver a blueprint upon engagement, so everyone knows the direction we want to go and how we’re going to get there. We plan the roadmap and help with buy-in from all stakeholders (both external and internal) to ensure a successful project execution.
Once established, we measure. With Basware Insights you have a Virtual Business Advisor that gives you flexibility without having to modify a spreadsheet or another platform to get the data you need. This level of data helps AP teams improve their processes to identify quick return on investment.
To get in touch with a Basware touchless invoice processing expert, contact us to arrange a call.