Financial service provider Merrill Lynch is to roll out its highly successful Electronic Invoice Approval (eIA) system, designed and implemented by ICT specialist Getronics, to its Dublin office. This follows the system's successful delivery of significant annual savings and greater efficiencies in the company's London branch.
eIA is a content and process management system especially designed for the accounts payable department. With several thousand invoices being received by accounts each month, the efficient clearing of these was imperative for the smooth running of the company. The system allows key decision makers in the invoice approval chain to check and sign off invoices over a secure internal intranet and Merrill Lynch's experience has been so positive that the company has decided to expand its reach.
"Before we implemented eIA in London we had an army of 38 VDU operators processing our paper-based invoices, many of which went astray or data was inaccurately logged," says Kathy Gilbert, vice president of procure to pay at Merrill Lynch. "We now have just seven staff scanning and electronically managing our payment processes, which has had a positive effect on our budgets and the department's effectiveness.
"eIA provides email notification and reminders for payments due and invoice processing time has fallen from an average of 72 days to just under 30 since the deployment of the tool," Gilbert says. "It also protects the company against late payment charges that suppliers have recently been entitled to levy."
"In this tough economic climate, companies are investing in IT as a means to control and reduce operational costs in the long term," says Guita Blake, account director for Getronics UK. "Using technology to gain a tighter hold over process management is also sound business practice as well as an investment in a solid base for future growth. In an era where companies are increasingly looking at streamlining their business processes to save money Merrill Lynch is taking a lead."
For further information contact:
Glyn Davies / Chris Lee / Laura Lynne
Tel: 020 7592 3100