Helping customers optimize their investments in ERP solutions and to better manage increasingly complex processes has emerged as a strategic focus for us
Chicago, IL (PRWEB) September 28, 2007
For most companies, enterprise resource planning (ERP) solutions from SAP and other vendors are in place and running smoothly. Increasingly, the focus is shifting to optimizing the document-centric processes that surround the flow of transactions managed by an ERP solution. For many companies, the fastest and easiest route to taking their ERP implementations to the next level is to deploy a packaged, composite content management solution such as Open Text Vendor Information Management (VIM) version 5.1 released this week. See separate release here: http://www.opentext.com/news/pr.html?id=1926.
According to Open Text™ Corporation (NASDAQ: OTEX, TSX: OTC), a worldwide leader in enterprise content management (ECM) software and a pioneer in process optimization for SAP solutions, one of the best examples is in the accounts payable (A/P) department. As detailed in a recently released white paper entitled Optimizing Accounts Payable*, companies can reduce costs from 30 to 50 percent by optimizing their invoice processes with imaging, workflow and optical character recognition technology.
The white paper points out that while vendor invoice processing may be fully functional, the process of receiving paper invoices, routing them for data entry, resolving problems, and reporting is often inefficient. One of the biggest flaws is that the process for managing problem invoices is often poorly designed. Although these invoices represent only a small percentage of the overall transaction volume, a majority of A/P time is spent in figuring out what went wrong and coming up with a resolution.
Eliminating these inefficiencies, results in significant benefits for the entire company, particularly for A/P, procurement, receiving, and all approvers and coders. Benefits like headcount cost reductions, better on-time payment performance, improved vendor relations, better negotiating leverage and reduced duplicate invoice payments are possible when this process is optimized. Additional A/P results include lower cost per invoice, more invoices processed per person, and reduced percentage of problem invoices. Open Text offers an application to optimize invoice handling called Livelink ECM -- Vendor Invoice Management for use with SAP(R) solutions (VIM), which integrates A/P, procurement, receiving, and all areas of the company. The latest version latest version was released this week. For more information go to: http://www.opentext.com/2/sol-products/sol-pro-extensions-sap/pro-ll-sap-vim.htm.
Additional Areas for Optimization
Beyond accounts payable, there are a number of other areas where companies are realizing significant efficiency gains through the use of composite applications tightly integrated into their ERP solutions. These include:
Customer Information Management -- Although information about customer transactions exists inside an ERP solution, supporting documentation and other interactions can be located on email servers, shared folders and individual workstations. Companies can gain efficiencies by connecting these two worlds and making them immediately accessible to sales and customer support personnel.
Contracts Management -- Doing business can be complicated when the order-to-delivery process is widely distributed across systems, geographies, and multiple roles within an organization. Further complexity arises when part of the delivery is outsourced to external organizations. An integrated contract management application provides the ability to store and access contract information in one place and delivers extensive contract search capability, as well as multiple views based on user roles.
"Helping customers optimize their investments in ERP solutions and to better manage increasingly complex processes has emerged as a strategic focus for us," said Patrick Barnert, Vice President for SAP Applications at Open Text. "Over the years we have captured a tremendous amount of expertise with SAP solutions that we are now building into complete, easy to implement content management applications such as Livelink ECM - Vendor Invoice Management, which customers can roll out swiftly to their user communities."
Other applications Open Text has introduced, according to Barnert, include software for customer information management and contract lifecycle management.
About Open Text
Open Text™ is the world's largest independent provider of Enterprise Content Management software. The company's solutions manage information for all types of business, compliance and industry requirements in the world's largest companies, government agencies and professional service firms. Open Text supports approximately 46,000 customers and millions of users in 114 countries and 12 languages. For more information about Open Text, visit http://www.opentext.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This news release may contain forward-looking statements relating to the success of any of the Company's strategic initiatives, the Company's growth and profitability prospects, the benefits of the Company's products to be realized by customers, the Company's position in the market and future opportunities therein, the deployment of Livelink and our other products by customers, and future performance of Open Text Corporation. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements in this release are not promises or guarantees and are subject to certain risks and uncertainties, and actual results may differ materially. The risks and uncertainties that may affect forward-looking statements include, among others, the failure to develop new products, risks involved in fluctuations in currency exchange rates, delays in purchasing decisions of customers, the completion and integration of acquisitions, the possibility of technical, logistical or planning issues in connection with deployments, the continuous commitment of the Company's customers, demand for the Company's products and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC), including the Form 10-K for year ended June 30, 2007. You should not place undue reliance upon any such forward-looking statements, which are based on management's beliefs and opinions at the time the statements are made, and the Company does not undertake any obligations to update forward-looking statements should circumstances or management's beliefs or opinions change.
Copyright © 2007 by Open Text Corporation. LIVELINK ECM and OPEN TEXT are trademarks or registered trademarks of Open Text Corporation in the United States of America, Canada, the European Union and/or other countries. This list of trademarks is not exhaustive. Other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text Corporation or other respective owners.