OpenText Vendor Invoice Management (VIM) works on the management of the invoices that arrive in the system from the supplier/s. Due to the multiple casuistry that can be followed when an invoice is correctly finalized in a posting state, it can happen that the system, at the moment it starts the verification process of the invoice data to be posted, detects that there is some wrong data, and not only a data that is obtained directly from the invoice and that does not match the information stored in the system, but it is also able to verify if the data of the logistic processes, financial processes, data of the organizational structure, etc. are not yet finalized or, for example, if it is detected that the information you have is not sufficient.
To do this, VIM has a series of reports that facilitate this type of analysis. In previous posts, we have covered in detail other reports available in VIM, such as: Current Debt, or Lyfe Cycle report
Today, we are going to cover the VIM Analytics report.
VIM Analytics Report
VIM Analytics report is the most important report used in OpenText. VIM Analytics provides a very detailed view of all supplier invoices in all their statuses.
VIM Analytics synchronizes with different SAP objects such as: MIGO, MIRO, Orders, etc. This implies that for an invoice to be posted, several people may be involved, which leads to the possibility of human error.
Possible errors that can occur and delay payment of invoices to the vendor:
- Duplicate invoice
- Lost or misplaced physical invoice
- Loss of prompt payment benefits
- Excessive investment of time, resources in management and verification
- Security breach when approving invoice amounts
- Potential non-compliance with the “Three-way match” process
- High probability of human error in data
- Failure to pay on time
- And many more
Once we have located the different errors that can be made, thanks to VIM and its enormous management and control capacity, we can immediately see the following benefits and improvements:
- Physical paper savings
- Benefit of prompt payment
- Control of non-compliance with the “Three-way match” process
- Controlled access to information through security roles
- Approval of invoices only by designated users
- Archiving of invoices eliminating the possibility of loss of any invoice
- Immediate debt inquiry to supplier
- Registration of unpaid invoices
- Control of the users who must resolve the error in the invoice to be able to be posted
- Payment automation
- Human error is greatly reduced
- Saving of time of data verification by the user
- Saving of time of the user to enter data into the system.
- Etc.
All these benefits and improvements can be enhanced from VIM Analytics, since it offers us a whole list of invoices that we want to verify through many multi-selection fields based on some errors mentioned above or based on some of the improvements also mentioned above:
Without any problem, we are provided with the possibility to keep track of the workflow of each invoice that you have obtained with the previous filter.
It speeds up the task of obtaining information that we would carry out if we wanted to obtain information from each one of them by going to ask the users in charge of, for example, a company.
The system shows us and gives us the possibility to navigate to the different logistical and financial processes involved.
It should be emphasized that this transaction works as a report, it is not possible to work on the invoice directly from there.
As you can see, VIM Analytics is a very complete report. If you want to know more, or have any questions, please do not hesitate to contact us.
