As we kick off a new year, energy companies are running leaner than ever. A major goal is to focus on minimizing the necessary cost or effort expended. If your company is trying to figure out how free up your staff’s time or just manage a heavy workload, the number one action we recommend is to implement touchless invoicing automation.
In this on-demand webinar, you’ll learn:
- How touchless invoicing helps increase your team’s overall efficiency.
- How to implement touchless invoicing.
- Hear from Discovery Natural Resources about how they reduced their invoice approvals by half with touchless invoicing and how this automation frees up more time to focus on the company’s future strategic initiatives.
Here’s a quick overview of what touchless invoicing is and why you should implement this workflow in 2021.
Automation is a proven way for energy companies looking to maximize their internal resources to:
- Increase cost savings-96% of our clients agreed that using AP automation with our solutions has led to significant cost savings for their business.
- Increase operating efficiency-83% of these organizations that reduce their invoice approval cycle by five to 15 days since using the various business automation solution.
What is Touchless Invoicing?
In OpenInvoice, a touchless invoice means when an invoice is submitted, the system automatically validates the coding and auto-approves the invoice based on controls put in place by the customer. Once the invoice is auto-approved it automatically posts to the customer’s ERP system for payment. You can read about this concept in more detail here.
How This Can Benefit Your Business
Every time you find a way to automate any of your process, it has a trickledown effect. For example, when you reallocate your time away from approving thousands of low value invoices, it opens up additional time for you to put more focus on the higher value-added invoices in other processes within the organization.
Like many companies, Discovery Natural Resources (featured in the video), reduced its staff at the start of the downturn. Even though their rigs stopped operating, the invoice volume hadn’t decreased. This reduction in staff increased the invoice processing burden. With the staff having to focus on this manual and repetitive work, the company’s larger strategic initiatives were threatened.
By automating 40% of its invoice approvals, the AP staff saves an average of 40-50 hours per month. With this time savings, Discovery is back on track with its strategic goals of increasing the number of its suppliers submitting on OpenTicket, building out more robust price book reporting, driving coding in price book through integration with WellView to better understand how many vendors are changing prices and the percentages of those price changes.
If you are ready to learn more about how touchless invoicing can save your company time and resources, contact us at [email protected] or call us at 1-800-242-4245 to set up your complimentary business review with our team of experts.
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