14 Nov Israel Aerospace Industries (IAI) automates its entire procure-to-pay process
Israel Aerospace Industries (IAI) has revealed it is now managing its entire procurement and financial activities with its suppliers in a paperless and automated environment.
Over 3,000 suppliers exchange over 20,000 documents each month – from RFPs through purchase orders and invoices to payment confirmations – creating an efficient and environmentally-friendly process with saving of up to 50% in operational resources compared to the manual procure-to-pay process previously in place.
This transformation is enabled by the Nipendo Supplier Cloud platform, which allows organizations to electronically collaborate with all of their trading partners while enabling seamless integration with their ERP systems. With over 3,000 IAI suppliers using the platform and more than 90% of invoices electronic, paperless process enables dramatic error reduction, savings of up to 50%
The Nipendo platform validates invoices in real-time, allowing suppliers to immediately correct any discrepancies and facilitating an errorless end-to-end process from the supplier to the IAI ERP system. Using the Nipendo platform, IAI suppliers realize significant benefits that include shorter time to payment and complete visibility to invoice and payment approval status.
Suppliers that connect to the Nipendo platform can immediately and simultaneously issue electronic invoices and exchange trading documents with any of the buyer organizations using Nipendo. As of today, over 15,000 suppliers utilize the Nipendo platform to exchange tens of thousands of electronic documents each month, facilitating over $5B in procurement a year.
In addition, suppliers have access to a wide-range of value-added benefits offered by Nipendo’s partners, including invoice factoring, business intelligence capabilities, access to online RFPs, and other related services.
“By electronically receiving and processing over 90% of our supplier invoices, IAI is putting to practice the idea of the paperless organization,” said Gabi Ben-Shlush, IAI Head of Accounting. “This is a true revolution which allows us to improve collaboration with our suppliers, establish efficient and cost-effective supply chain integration, and most importantly, dramatically reduce errors that were caused due to manual interactions along the supply chain.”
“I’d like to congratulate IAI on this remarkable achievement of transitioning into a paperless environment,” said Eyal Rosenberg, Nipendo’s Founder and CEO. “Even more impressive is the ability of IAI to put in place an efficient and error-free procure-to-pay process. With this implementation, IAI is demonstrating its role as a pioneer in fulfilling the vision of a paperless and errorless business universe, and we are proud of the role that Nipendo Supplier Cloud plays in their success.”
The implementation of Nipendo Supplier Cloud at IAI will be discussed as part of a webinar hosted by Dr. Michael Lamoureux, editor-in-chief of Sourcing Innovation. The webinar—How to Make Invoice Automation Pay Off— will take place Tuesday, November 19, 2013 at 11:00 am EST.
“Manual invoice processing is costing the economy billions of dollars each year. Large organizations that move to true invoice automation not only save millions of dollars, but create the foundations for better procurement and sustained cost reduction. IAI is a shining example of what invoice automation can do for such organizations,” commented Dr. Lamoureux.
Participation in the webinar is free of charge but space is limited. For more information and registration, see www.nipendo.com/webinars.