79%

auto-match of

PO invoices

70%

reduction in invoice

processing times

100%

visibility and control

over AP process

“The SoftCo Procure-to-Pay system has delivered a clear return on investment. The system has allowed us to reduce invoice processing times by 70%, which has helped reduce costs and save hundreds of hours of staff time each year.”

Jessica Burns, Procurement Manager, Daisy Corporate Services

Challenge

Following a period of acquisition, Daisy Corporate Services experienced significant growth and as a result, their vendor base had grown substantially, with over 20,000 invoices being processed annually. This growth had led to a lack of visibility over central purchase orders and it was a labor-intensive process to match paper-based invoices as they arrived from vendors. Invoice approval was slow, as invoices had to be manually routed to approvers. Query invoices were growing in numbers and closing off month-end was a difficult process due to the lack of visibility over invoices. Daisy Corporate Services recognized they needed to implement a centralized purchase-to-pay solution.

Solution

As part of its implementation within the broader Daisy Group, SoftCo provides Daisy Corporate Services with an end-to-end Procure-to-Pay solution, incorporating all elements from eProcurement through to vendor invoice capture, matching, and approval ready for payment. SoftCo Procure-to-Pay allows all staff access to a standard catalog to purchase pre-approved goods and services from preferred vendors only. Requisitions are automatically routed for verification before a PO is then automatically generated and sent to the vendor. All vendor invoices are received electronically and captured automatically through SoftCo’s advanced Optical Character Recognition (OCR) technology. The auto-match function facilitates straight-through processing for 79% of Daisy Corporate Services’ PO invoices and reduces invoice processing times by up to 70%. Invoices that cannot be auto-matched are rerouted via dedicated workflows for exception handling. Fully automated and configurable approval workflows route invoices for approval to appropriate business users. SoftCo Procure-to-Pay fully integrates with Daisy Corporate Services’ Sage ERP system for payment posting. They also use SoftCo’s SÄHKE2 certified Compliant Archive to store and manage their vendor contracts. The solution’s Content Addressable Storage (CAS) capabilities, using fast magnetic media, index and categorize all contracts at the capture stage. Full lifecycle management also assists Daisy Corporate Services with contract storage, retrieval, auditing and renewals.

Results

With SoftCo Procure-to-Pay, Daisy Corporate Services now have full control over every stage of their procure-to-pay process, from procurement through to invoice capture, matching and approval. The solution has removed unproductive manual tasks and has completely eliminated paper from the accounts payable process. Procurement spend is now fully controlled, with purchasing from preferred vendors only and requisitions requiring verification. All stages of the AP process are handled more accurately and in a timelier manner. Queries and approvals, which were major roadblocks under the old manual process, are now automatically routed to designated approvers. Daisy Corporate Services have made significant savings from gaining control over their spend and automating their AP process. They have also achieved a significant decrease in vendor queries. With storage and lifecycle management of their contracts, Daisy Corporate Services have ensured full visibility over their contract spend, can view audit trails and are alerted to upcoming renewals.

Information
  • Industry:Internet and Telecommunications
  • Solution:Procure-to-Pay Automation
  • Region:United Kingdom
  • Employees:1,000+
  • Invoices:20,000+ per annum
  • ERP System:Sage 1000

As part of the Daisy Group of companies, the Daisy Corporate Services business is the UK’s leading provider of secure IT, communications and cloud services to corporate and large enterprises. Partnering with leading manufacturers to provide innovative technology solutions and services for more than 2,000 organizations across all sectors.

“SoftCo were able to identify our issues from the moment we engaged with them. We are delighted with the performance of the system and could not recommend SoftCo highly enough.”

Jessica Burns,
Procurement Manager, Daisy Corporate Services

 

Case Studies

Why choose SoftCo?

SoftCo’s Smart Automation solutions automate Procure-to-Pay, Accounts Payable, Vendor Management, eBilling and Contract Management processes. Reducing costs, increasing efficiencies and delivering an intuitive user experience across all devices. SoftCo Compliant Archive is SÄHKE2 and ISO 27001 certified, meets all compliance obligations and effectively manages all organization data.

Smart Automation

User Experience

Return on Investment

Security & Compliance