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OpenText™, a global leader in Enterprise Information Management (EIM), today announced that Bidco (bidcoafrica.com), a leading manufacturer and marketer of consumer products in Africa, has adopted OpenText Vendor Invoice Management for SAP Solutions to increase efficiency and audit capabilities for its Shared Service Center, which handles common business processes such as accounts receivable, payment approval and master data management.
The largest manufacturer and marketer of consumer products in the Eastern, Central and Southern regions of Africa, Bidco produces, markets and distributes a broad range of products to 350 million consumers over a wide range of countries. Bidco receives tens of thousands of paper invoices from its suppliers each year for a growing range of products. With OpenText Vendor Invoice Management, the company can automatically capture data from physical and digital invoices and process them in a fraction of the time required by manual processes.
"We've always had a drive to improve our processes, make ourselves more efficient and resolve any bottlenecks in our systems," said Alkane Patel, head of IT at Bidco Africa. "This was a key area for us. We handle so many physical invoices each year through our Shared Service Center that a lot of time was being lost managing that process. OpenText's technology has enabled us to automate this process."
With OpenText Vendor Invoice Management for SAP Solutions, Bidco can automatically scan and extract key data points and process invoices with three-way matching. If an invoice successfully matches to an order and passes automatic checks, it can be processed automatically without human intervention. After only four months in production, Bidco is already processing 55 percent of its invoices through the solution and has reduced processing time by 80 percent.
"The system takes care of much more than capturing and matching invoices; it also automatically routes approvals and handles exceptions, giving us instant visibility into our current liabilities and making it much easier to assemble reports. We have a complete audit trail that's automatically linked to SAP, even helping us fight fraud by highlighting when something isn't quite right," said Patel.
Visit the OpenText website to learn more about OpenText Vendor Invoice Management.
About OpenText
OpenText (opentext.com) enables the digital world, creating a better way for organizations to work with information, on premises or in the cloud.
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Copyright ©2016 Open Text. OpenText is a trademark or registered trademark of Open Text. The list of trademarks is not exhaustive of other trademarks. Registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text. All rights reserved.
Contact: Katie Carbone - Weber Shandwick
P: +1 617-520-7135 - E: kcarbone[.]webershandwick.com.
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