The project of electronic approval and archiving of contracts helped to optimize the processes of preparing investment contracts and at the same time to reduce the time required for the preparation of each investment contract.
The system also offers added value in the sense of simple and clear archiving of contracts in a single central database, their easy retrieval, including a record of all changes made. The set-up of the system is user-friendly for every user who comes into contact with it, which leads to an increase in staff efficiency.
Baseline and project objectives
Costly and inefficient processing of incoming invoices was an additional financial burden. The risks associated with unsecured access to documents could put sensitive client information at risk. The possibility of document loss due to the absence of a filing system posed an additional threat to the reliable operation of company processes. Overall, prior to project implementation, the firm was exposed to a complex range of problems associated with manual document processing and lack of transparency in business processes.
- Significant reduction of manual work and acceleration of document processing and circulation
- Reduction of paper burden due to computerisation of invoice and contract circulation
- Real-time overview of investment documents
- Quick and easy access to all documents
- Reduced implementation time and data reading errors thanks to intelligent OCR
- Increased security of sensitive information
In another part of the project we addressed the introduction of a secure archive. All processed contracts and invoices, together with supporting documents and scanned signed originals, are systematically stored in a directory structure. This archiving is done securely and access to the documents is controlled according to specified user access rights.
The automation of the invoice processing process was achieved by implementing the OpenText Capture Center OCR system. This system enables automatic reading of header data from received invoices in paper and PDF form. Thanks to the use of machine learning technology, this system achieves a significantly higher success rate compared to other systems.
The integration of OpenText Content Suite Platform with SAP was a key element in speeding up the company's processes. This integration delivers instant invoice recording in SAP and provides users with an overview of invoice status. Each user can work with the system using its native application, which increases the efficiency of the accounting department and regular users in a web browser.
A detailed description of the implemented project is described here.
- OpenText Content Suite Platform
- OpenText Capture Center
- Invoice book
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