“Eight of the nine largest global media and advertising companies have transformed their payables process with IPS.” said IPS Founder and CEO Greg Bartels.
SECAUCUS, N.J. (PRWEB) January 21, 2020
IPS, a leading provider of solutions that digitally transform the accounts payable process end-to-end, announced today that its Productivity Wrx℠ platform has transformed the payables process for one of the world’s largest privately held media services agencies.
Since deploying Productivity Wrx℠, the agency strengthened its media and supplier relationships, reallocated staff to higher-value tasks, eliminated data entry and streamlined access to invoice data.
The agency provides its clients with complete brand strategy, communications planning, and activation across all traditional and emerging channels, including digital, social and mobile. Its services include consumer insights, channel insights, creative media services, creative digital services, campaign measurement, dashboards and analytics, media research, competitive research, direct marketing, creative traffic services, and sports and entertainment marketing.
The tremendous amount of media that the agency places results in an enormous number of media vendor invoices each month. The company receives an average of 40,000 invoices per month. Until recently, the agency manually input the data from the paper and e-mailed invoices it receives into its media system for payment. Between 20 and 30 people spent days manually inputting the invoice data into the company’s media system. As the agency grew, it knew that it needed to modernize its payables process to ensure that its suppliers were paid as efficiently, accurately and on time.
The IPS solution aggregates paper, e-mailed and electronic invoices, captures the invoice data, matches invoices with data residing in a media system, and enables clearing of invoices for payment. In addition, any unmatched invoices are automatically routed to suppliers or buyers to complete the reconciliation process on the downstream media system. With a click of a mouse, the media services agency’s auditors can instantly access and select any payables documents to satisfy an audit.
The agency has achieved several benefits as a result of transforming its payables process with IPS:
- The agency’s staff has more time to focus on higher-value activities such as reconciliation, client billing and the year-end close.
- The agency pays more of the supplier invoices it receives on-time, strengthening its supplier relationships.
- The agency’s discrepancy resolution process has been greatly accelerated.
- Agency staff can instantly respond to supplier inquiries.
The media agency continues to achieve better results and a higher percentage of straight-through processing as IPS further drives automation and quality in processing its supplier invoices.
“When it comes to paying the bills, media and advertising companies have the most complicated process,” said IPS Founder and CEO Greg Bartels. “IPS Productivity Wrx℠ combines advanced digital technologies with IPS’ unmatched expertise and experience in business process automation to uniquely address the challenges that media and advertising companies face. That’s why eight of the nine largest global media and advertising companies have transformed their payables process with IPS. Today’s announcement is further proof of our leadership in the media and advertising space.”
Click here to read a case study on the media services agency’s experience with Productivity Wrx℠.
IPS provides digital solutions that transform business applications such as accounts payable, telecommunications expense management and business process automation. IPS’ flagship Productivity Wrx℠ platform makes digital transformation a reality for businesses by combining technologies such as intelligent data capture, robotic process automation, business analytics and mobile with IPS’ unmatched expertise and experience in business process automation. Each year, IPS processes more than $100 billion in AP spend and has created over 1 billion digital records over the past decade. IPS enables its clients to reduce costs, significantly accelerate cycle times, improve transparency and enhance customer service.