Case Study: Digital Transformation in Accounts Payable

Viant Medical, a leading medical equipment manufacturing company, faced significant challenges in managing their invoice approval processes. Their extensive supplier network, diverse product portfolio, and intricate regulatory requirements made their manual invoice processing both time-consuming and error-prone. The absence of a standardized, automated system for invoice approvals resulted in payment delays, supplier dissatisfaction, and increased operational costs. Recognizing the urgency to enhance efficiency, Viant Medical sought a solution to streamline their invoice approval workflow.

Viant Medical implemented Docsvault, a Document Management Software (DMS) solution to automate and streamline their invoice approval process. Docsvault offers a variety of features that helped Viant overcome their challenges, including:

Electronic Document Capture

Invoices are scanned or electronically captured upon receipt via emails. Docsvault’s advanced capture solution can automatically extract the necessary information from invoices, even if they are in different formats or have different layouts.

Workflow Automation:

Docsvault’s workflow automation capabilities allow Viant Medical to define a customized approval process for invoices. Invoices are automatically routed to the appropriate approver based on predefined rules.

Real-Time Tracking

Docsvault provides real-time visibility into the status of invoices, enabling the finance department to track the progress of payments.

Audit Trail

Every action taken on an invoice is recorded in an audit trail, which helps Viant Medical to meet regulatory requirements and ensure compliance.

Integration

Docsvault can be integrated with Viant Medical’s existing accounting and ERP systems, which ensures data consistency and accuracy.

The implementation of the Document Management Software brought about several significant improvements for Viant Medical, including:

Streamlined Approval: The automated workflow has significantly reduced the time required for invoice approvals. Invoices were processed and approved faster.

Enhanced Accuracy: Manual data entry errors have been virtually eliminated, reducing discrepancies and the need for corrections.
Improved Transparency: Real-time tracking allows all stakeholders to monitor the status of invoices, leading to better communication with suppliers and fewer inquiries about payment timelines.

Cost Savings: The reduction in manual processing and errors resulted in cost savings for the company.

Compliance Assurance: Viant Medical is now better equipped to meet regulatory requirements, with a comprehensive audit trail and standardized documentation practices.

Supplier Satisfaction: Faster and more reliable payments have improved relationships with suppliers, reducing the risk of supply chain disruptions.

Conclusion:

The implementation of Docsvault, a robust document management software, has transformed Viant Medical’s invoice approval processes. The automation, improved accuracy, transparency, and compliance assurance have not only streamlined their workflow but also enhanced their relationships with suppliers. This case study illustrates the tangible benefits that organizations in highly regulated industries like manufacturers can achieve by embracing digital solutions to optimize their document management processes.