Cooper Cuts AP Processing Costs with Vendor eInvoicing

manufacturing_color

Cooper Industries, a leading worldwide manufacturer of electrical products, tools and hardware had automated its invoice capture and processing with Dolphin Process Tracking System for Accounts Payable. However, the high volume of invoices the company meant that the cost per invoice was still high as the company needed to to process the mail and capture the hardcopy invoice. It became clear that the company needed to look at increasing the percentage of electronic invoices received to further drive down processing costs and meet their operational goals. Solution Dolphin recommended our e-Invoicing solution to eliminate all paper and manual handling. Invoices wouldn't need to be validated, scanned,  indexed, or distributed. Instead, vendors would be able to transmit  the same information directly to the company over the Internet. The vendor invoice data and the image would be imported into SAP, starting the Dolphin Process Tracking system workflows, significantly reducing the time and effort required to process each invoice. A pilot was implemented first to standardize the process and integrate e-Invoicing with the exiting organizational structures. Involving the Procurement team at this time was essential to encouraging vendors to switch to eInvoicing. The Vendor ‘on-boarding’ proved to be fast and very efficient and the project was brought in on budget. Results Since implementing the solution, the company has realized the following results:

  • Reduced processing costs by 72%
  • Decreased processing time by 8 days
  • Offer vendors a variety of input methods, including email or virtual printing
  • Processes have become less complex
  • Fewer errors and exceptions
  • One-day processing earned vendor early pay cash discounts
  • Better audit trails
After seeing these results, the company also implemented a successful intra-company e-Invoicing project to simplify invoicing between business units. Download_PDF

Back to Resource Library

Cooper Cuts AP Processing Costs with Vendor eInvoicing

Cooper Industries, a leading worldwide manufacturer of electrical products, tools and hardware had automated its invoice capture and processing with Dolphin Process Tracking System for Accounts Payable. However, the high volume of invoices the company meant that the cost per invoice was still high as the company needed to to process the mail and capture the hardcopy invoice. It became clear that the company needed to look at increasing the percentage of electronic invoices received to further drive down processing costs and meet their operational goals.

Solution

Dolphin recommended our e-Invoicing solution to eliminate all paper and manual handling. Invoices wouldn’t need to be validated, scanned,  indexed, or distributed. Instead, vendors would be able to transmit  the same information directly to the company over the Internet. The vendor invoice data and the image would be imported into SAP, starting the Dolphin Process Tracking system workflows, significantly reducing the time and effort required to process each invoice.

A pilot was implemented first to standardize the process and integrate e-Invoicing with the exiting organizational structures. Involving the Procurement team at this time was essential to encouraging vendors to switch to eInvoicing. The Vendor ‘on-boarding’ proved to be fast and very efficient and the project was brought in on budget.

Results

Since implementing the solution, the company has realized the following results:

  • Reduced processing costs by 72%
  • Decreased processing time by 8 days
  • Offer vendors a variety of input methods, including email or virtual printing
  • Processes have become less complex
  • Fewer errors and exceptions
  • One-day processing earned vendor early pay cash discounts
  • Better audit trails

After seeing these results, the company also implemented a successful intra-company e-Invoicing project to simplify invoicing between business units.

Download_PDF