Solution with Process Mining
Process Mining maps your entire invoicing process, providing unprecedented 100% transparency into every invoice. With this visualization, you can easily:
- identify bottlenecks and find out where invoicing is delayed.
- discover the root cause of invoicing discrepancies.
- see where invoices “ping pong” between departments, costing time and money .
Not only can you can identify and monitor invoices paid too late but also invoices potentially paid too early. You can spot compliance issues, identifying which types of invoices are the most likely to fall out of compliance, and prevent auditing errors with potential results fines and penalties assessments.
With Process Mining, you can answer questions such as:
- Where can we reduce manual intervention on invoices?
- How can we increase automation?
- How often are invoices not created on time?
- What are the primary root causes of document changes?
Using Celonis Process Mining, clients have been able to:
- Reduce the rate of overall outstanding receivables and the amount of days they are overdue.
- Improve cash flow by reducing Days Sales Outstanding.
- Quantify the impact of cancelled invoices, identify root causes, and reduce the overall number of those invoices.
- Reduce manual intervention of invoices by improving the quality of the Master Data Management process.
Real World Results
After implementing Celonis, a company with an average annual invoice count of 238,000 with a volume of $1.13B will typically see a savings of more than $1.75M:
- $977K from decreasing Days Sales Outstanding
- $297K from reduction in overdue invoices
- $193K from reduction of rework activities
- $152K from reduction in delayed billing
- $90K from reduction in manual changes
- $67K from increasing the number of “touchless invoices”
Decreasing costs, increasing revenue, improving compliance, enhancing customer and supplier relationships: sound too good to be true?
It really is possible, and easier than you imagine! Contact Digital Symplexity to arrange a demo and learn how Process Mining can optimize your business.
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