In recent years, the world of business management has made significant strides. This is how, thanks to technology, efficient tools have been developed to achieve total control over all the tasks required for a company’s operations.
One of these tools is SAP VIM, the perfect solution for invoice management, allowing for meticulous control over them. If you’re not familiar with it yet, now is the best time.
What is SAP VIM?
SAP VIM (Vendor Invoice Management) is an invoice management solution developed by OpenText for SAP, a leading provider of document management. It is built on SAP’s invoice management module and is used to streamline and automate the invoice management process in companies and organizations.
Its primary goal is to expedite and simplify invoice entry, approval, processing, and payment. By centralising all the steps involved in invoice management, it enables companies to maintain control in a straightforward and efficient manner, especially when dealing with a substantial volume of invoices from suppliers.
Key Features of SAP VIM
Automated Data Capture
SAP VIM employs Optical Character Recognition (OCR) technology to automatically extract relevant data from incoming invoices and upload them into the system, thereby eliminating the need for manual data entry.
Validation and Verification
The system verifies the consistency and accuracy of the data extracted from invoices through predefined rules and comparisons with all information stored in the SAP system.
Workflow and Approval
Another advantage is that it allows for the creation of customized workflows for invoice approval and processing. Each user can define approval levels and automated notifications to streamline the process according to their specific needs and work style.
Integration with SAP System
SAP VIM is part of SAP and seamlessly integrates with other SAP modules and components, facilitating data transfer.
Archiving and Querying
The system is designed to provide centralized and secure storage capacity. This way, searching for invoices and related documents is made simpler and more efficient.
Tips and Techniques to Improve Invoice Management Efficiency Using SAP VIM
To make the most of the benefits and features offered by this innovative system, it’s important to consider the following points:
- crucial to configure the system to suit your company’s specific needs. This includes configuring workflows, validation rules, user roles, and profiles, among others.
- To facilitate automated processing and quick information retrieval, you should have digitalization tools in place that can convert paper or PDF invoices into digital format.
- reduce manual data entry time and minimize errors, make use of automatic data extraction functionality to capture key invoice information such as date, document number, amount, supplier details, etc.
- Automatic validation is another essential tool. Configure the necessary rules to verify data automatically and accurately, enabling seamless and unattended operation.
- Design workflows that reflect your invoice approval and accounting processes. Use routing and notification capabilities to ensure invoices are sent to the right people at the right time.
- For comprehensive management, connect SAP VIM with other SAP modules related to financial management and procurement.
- advantage of monitoring and reporting features to gain a complete overview of the invoice management process. This is vital for measuring performance and making data-driven decisions.
- Keep in mind that technological solutions evolve over time. Regularly apply updates and patches to ensure your system runs smoothly and continuously improves.
In summary, SAP VIM Opentext is an invoice management solution that enables companies to automate and optimize the invoice handling process, from reception to payment. This reduces errors and streamlines workflows. However, remember that successful implementation requires a comprehensive approach, including proper configuration aligned with your needs, user training, and ongoing improvement.
At ImagineRight, we specialize in SAP VIM. Need more information? Get in touch with us!