When Adient, the world’s largest global automotive seating supplier, was spun off as a separate company from Johnson Controls (JCI) in 2016, the company needed to ensure it could keep Accounts Payable operating at peak efficiency or jeopardize important vendor relationships. The company, which receives more than 3 million invoices each year across 230 facilities and 33 countries, wanted to find an invoice processing solution that could be installed as a single instance but used in its various regional shared services centers in North America, Europe and Asia. The solution would have to be able to accommodate the different languages, currencies, and invoice formats used across the company’s global supply chain and:
- Increase the efficiency, accuracy, and timeliness of invoice processing
- Enable consistent reporting against AP performance metrics, globally
- Enforce corporate controls and comply with local financial regulations
Solution: Process Tracking System for Accounts PayableThe centralized solution enabled Adient to standardize processing across the entire company. Key capabilities of the solution include:
- Automated capture of highly unstructured invoice information using Optical Character Recognition (OCR)
- Intelligent validation of invoices against Vendor and PO information in SAP
- Configurable business rules to automatically post or route invoices for tax approval or exception handling based on corporate, regional, and local requirements
- SAP workflows that integrate with other corporate processes in Global Procurement, Finance, and Treasury.
- Centralized, efficient storage of invoice images for global access.
- Real-time analytics and reporting on invoice processing metrics for productivity, cash flow, and status tracking
- 70% accuracy rate for paper-based invoices captured using OCR
- 40% of invoices autoposted based on defined business rules
- Support for more than 10 languages
- Faster processing with automated workflows for approvals and exceptions
- Greater Efficiency with improved collaboration between the AP, Procurement, Finance, and Treasury departments with reports and analytics that provide complete insight into invoice lifecycle and greater insight into working capital
- Reduced risk and greater transparency with standardized processes and centralized image storage for all three service centers: US, Europe, and Asia.
- Compliance with diverse statutory requirements in the US, EMEA, and APAC