Not only has the velocity of items routing through our workflow processes improved by at least 48 hours, the elimination of duplicate data entry has greatly increased the accuracy of our posting process - Michael Borgna, CFO, Data2
St. Louis, MO (PRWEB) May 14, 2013
Data2 Corporation, a St. Louis based manufacturer of asset identification solutions in the form of RFID tags, bar code labels and plastic cards, has achieved new levels of efficiency and value in accounts payable from the implementation of KnowledgeLake Accounts Payable Solution for Microsoft SharePoint.
Officially introduced in March 2013, KnowledgeLake’s scalable Accounts Payable Solution accelerates deployment time, enabling organizations to quickly reduce invoice processing costs, improve operational productivity and achieve rapid ROI. KnowledgeLake’s invoice processing software can be easily configured to fit existing accounts payable approval workflow without disrupting an enterprise’s unique business processes.
“Customized to the needs of accounts payable professionals, we created this solution framework to heal the key pain points our accounts payable clients experience from purchase to payment, day in and day out,” said Jason Burian, director of customer excellence at KnowledgeLake. “KnowledgeLake extends the value of accounting and ERP software by automating critical, yet labor intensive processes."
Data2’s previous workflow solution failed to emulate the approval process needed, provided no pending action notification to users, generated frequent errors and had no integration with their ERP system, Microsoft Dynamics GP. KnowledgeLake’s ability to seamlessly integrate with Data2’s ERP software platform facilitated immediate access to all financial documents without navigating away from the Dynamics GP payables module. With KnowledgeLake’s enhancement of their already existing Microsoft infrastructure, Data2 is now able to access all original documentation in SharePoint associated with the transaction from the Dynamics GP inquiry window.
"As a result of the tight integration of KnowledgeLake's solution with Dynamics GP, we are garnering incremental efficiency improvements across our accounts payable processes that we would not have experienced with other types of stand-alone systems. Not only has the velocity of items routing through our workflow processes improved by at least 48 hours, the elimination of duplicate data entry has greatly increased the accuracy of our posting process,” said Michael Borgna, chief financial officer at Data2. “Besides having visibility of workflow processes at any stage that provides an enhanced audit trail, we truly have real-time visibility of our outstanding accounts payable liabilities from the moment we receive a supplier voucher."
With KnowledgeLake’s Accounts Payable Solution, Data2 has met a number of organizational objectives that include:
- Tight integration with current ERP system
- Flexibility for growth in accounts payable document processing needs without expanding staff requirements
- Enhanced structure around both routine and exception based processing issues (displays process control for auditors)
- Aids cash flow planning by providing near real-time view of outstanding accounts payable aging liabilities
- Robust dashboard metrics promotes ability to analyze time in workflow, average size of document queue, percentage of PO versus non PO based documents processed, etc.
- Assists department heads in managing department expense budget by being able to see GL posting account during approval process
- Supports full adoption of workflow process by accounts payable coordinators
Data2 provides innovative RFID and bar code identification product solutions in markets, such as retail jewelry, tire manufacturing, libraries, healthcare and electronics to companies around the world. Beyond the product itself, Data2's value added solutions encompass electronic data exchanges, simplified online ordering, automated manufacturing processes and dedicated customer service. As an industry leader in retail jewelry tagging, national retail chains consistently turn to Data2 for solutions to better manager point of sale and inventory processes.
KnowledgeLake transforms SharePoint into an easy-to-use, powerful and scalable Enterprise Content Management (ECM) solution that enables organizations to manage corporate content and collaborate more effectively and efficiently across the entire organization. Headquartered in St. Louis, Missouri, KnowledgeLake is a three-time Microsoft Partner of the year award winner and is recognized as the founder of the SharePoint document imaging marketplace in 2003. KnowledgeLake enables its customers to maximize and extend their already sound investments in proven Microsoft technologies, such as Microsoft Windows Server, Microsoft SQL Server, Microsoft SharePoint and Microsoft Office. Equity funded by PFU Ltd. (a wholly owned subsidiary of Fujitsu Ltd.,) KnowledgeLake is a strong, stable and global company with over two million licensed users in 35 countries.