Implementation of Account Payable Process

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Client Overview

GMMCO was established in 1967 as part of the illustrious CK Birla Group, an USD 2.4 billion conglomerate, and has its headquarters in Chennai. Since inception, we have been consistently pushing boundaries to become a leading player in the infrastructure, construction and mining sectors in the country with world-class engineering capability.

Services /Problem Statement:

Process handling between multiple departments is manual, as departments are interacting with each other over emails, calls. Physical document dependency for invoice approval and processing. Difficulty in tracking the existing documents/ invoices. Lack of Transparency across End-to-End Transactions. Lack of Control over Vendor handling at department level as these are currently handled over emails or calls. Delay in vendor payments due to paper movement/ leakage. Lack of centralized digital repository across all departments

Solution Offered
Newgen’s Accounts Payable solution is based on iBPS which ensures lower operating costs, better financial planning, improved vendor relationships and adherence to audit requirements. The solution can be integrated with existing SAP to provide optimized invoice processing and mapping it to an ERP payables transaction. The solution has been defined to effectively resolve invoice exceptions. The solution will be designed with a vision to create a system that would enable automated functioning of the multiple processes to enable improved efficiency and reduced duplication of work.
Impact

Enforcement of Standardization & Compliance with regulations. Complete process mapping and end-to-end process automation. Real time visibility, tracking and monitoring of the entire process. Allows new processes to be implemented more quickly and allows existing processes to be tweaked and customized more easily. Definition and measurement of turnaround time for SLA management. Flexibility in accommodating and deploying process changes. Auto work allocation / notifications / escalations / reminders. Exception handling and escalation management. Process flow based on business rules. Seamless process flow for approval. Lower operational cost

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