Yanfeng’s success story
Flowis integrated Yanfeng’s Purchase to Pay (PTP) cycle.
Yanfeng is a world leader as an automotive supplier of interior parts. The company has a centralized Finance Shared Service Center for 60+ different ledgers in Europe, South Africa, and North America processing approximately 30,000 supplier invoices per month.
Historically, different applications were used for supplier invoice Scanning and OCR, for supplier invoice routing and approval, and for approval of non-standard payments and out-of-cycle payments. The remaining activities in the PTP team were done manually via email and excel.
With Flowis it was possible to implement a full end-to-end PTP process:
Invoice scanning and OCR
Invoice routing and approval
Internal and external helpdesk
AP cash-flow forecasting
Flowis at Yanfeng
significant process efficiencies were achieved, which led to faster invoice processing and exception handling. Manual workarounds and activities were eliminated leading to additional productivity of accounting staff.
Increased compliance with full audit history and various invoice checks resulted in faster audits and lower audit fees.
Significant cost savings from the different license fees paid to multiple providers were realized.
One integrated system reduces the number of interfaces and IT resources that need to monitor them.
One system means also only one support contract, one MSA, and one knowledge base.