Effective business process management (BPM), or more commonly known as workflow or workflow management, can improve business performance, decrease the amount of time it takes to complete a task and most importantly get actionable data into the hands of decision makers at all levels in real-time. Taking advantage of workflow technology and automation can increase the efficiency of AP automation processes including: invoice management; remote approval processing; invoice matching; customer invoice workflows; dynamic discounting; and payment disputes utilizing a vendor portal (supplier portal); and data capture. Workflows are also a major component of vendor onboarding (supplier onboarding) portals which require the review and approval of various types of documents and data in the onboarding and vendor compliance functions.
We take an individualized approach with our clients by optimizing financial back-office processes without overhauling your entire system.
If your financial back-office processes do not include any automated elements, you may be wasting valuable time and resources.
An efficient workflow management system should be:
- Easy to use
- Flexible to changing business conditions
- Tailored to the needs of your systems environment (ERP, CRM, ECM systems, etc.)
- Capable of collecting and maintaining complete audit information
- Significantly reduce man-hours by automating manual processes
One of the areas of greatest benefit for a robust workflow system is Accounts Payable. The video below will show you some of ICG’s workflow in action in an AP environment:
Successful workflow solutions should provide management reporting in the following areas:
- Financial Reporting
- Operational/Productivity Reporting
- Process Management Reporting
- Ad hoc Reporting for for industry or event specific metrics
Advanced reporting, auditing and control of workflow is crucial for providing managers the information necessary to make good financial and business decisions in real time. ICG’s workflows are built on top of a robust business rules engine which can meet the most demanding or basic requirements of your business. Our solutions allow users to:
- View a complete audit trail
- Annotate work items
- Archive an entire work item package (including data, audit log, history, notes, etc.)
- View a comprehensive report for each work item/invoice at any point in the transaction
- ICG’s process management solutions can integrate with back-office systems beyond AP in areas such as AR, vendor portals (supplier portals), vendor onboarding (supplier onboarding), PO dispatch & update, dynamic discounting and data capture applications such as OCR.