In many posts and webinars published on our blog, you have been able to apreciate the utilities and advantages provided by Opentext Vendor Invoice Management for SAP Solutions (VIM), and how the new versions of the product offer new functionalities that provide the Accounts Payable department with greater agility in the management of the company’s purchase invoices, automating processes that are generally much more time-consuming and laborious.
Today we are going to talk about Smart Coding, a new VIM functionality to enhance the automation of data in non-ordering invoices.
What is Smart Coding?
Smart Coding is one of the new features released in the latest versions of VIM, and is focused on the coding of invoices without a purchase order, as is the Auto Coding function.
Previously, with the Auto Coding functionality we could predefine the G/L account and cost objects of an invoice for a supplier in a company code. This is a time-consuming manual task of constant analysis and maintenance.
Smart Coding goes one step further, making use of the technology Machine Learning, uses algorithms that automatically determine this coding, identifying similar invoices with the same supplier and for the same company, and proposing the values (G/L account, cost centre, tax code, etc.) according to confidence level percentages.
This streamlines the entire process of handling non-ordered invoices, increasing the productivity and efficiency of the team by eliminating the repetitive task of manually entering coding on these types of invoices..
The system allows you to set the confidence level from which a coding proposal is determined. So that, if an option reaches a pre-determined confidence rank, it is automatically proposed in the invoice, and sent directly to the approver.
Example with 100% confidence:
It should be noted that the Auto Coding and Smart Coding functions can coexist, with the Auto Coding function taking precedence over Smart Coding in the case of equal coding in both functions. That is to say, if we already have a coding defined in the system for a specific supplier (Auto Coding), the system will take these values into account and will not apply any proposal mechanism based on the invoice history (Smart Coding).
At Brait, we have been implementing VIM for many years, performing version upgrades and integrating all the new features of the product according to the specific needs of each client. If you are thinking of implementing this solution, or if you are considering a version upgrade to benefit from this and many other new features, please do not hesitate to contact us.
