Insights & Analytics dashboards for OpenText VIM
Track and monitor the KPIs for both your VIM and Accounts Payable (AP) process, leading to superior data-driven insights. Discover data visualization tool that offers an intuitive, seamless, and transparent method for extracting data.
White paper: Insights & Analytics for OpenText VIM®
Elevate your OpenText VIM with unparalleled visual reporting dashboards. Insights & Analytics for SAP VIM offers a wide range of intuitive, interactive and visual VIM Dashboards. Take advantage of decades of OpenText VIM know-how bundled into one solution.
Why Insights & Analytics for OpenText VIM?
To evaluate the performance of OpenText Vendor Invoice Management (VIM) for SAP Solutions, it's important for your Accounts Payable Team to have the ability to measure it.
Insights & Analytics Dashboards offer an intuitive cloud-based reporting solution for those seeking to understand and optimize their VIM performance. Relevant data is identified, collected, and updated by the solution, which is then visually displayed through interactive dashboards to measure a comprehensive set of Invoice Management KPIs.
This includes evaluating the performance of OCR (Optical Character Recognition for ICC, BCC, and IES products). Insights & Analytics for VIM is a web-based application (SaaS) that can be set up within a few days, allowing your AP team to focus immediately on analysis and quickly derive data-driven insights.
Explore how VIM dashboard works
Joacim Karmfalk, SAP Application Lead at Lundin Mining
“Insights & Analytics for VIM is very affordable and does the job well. Why spend time and money to build, test, and maintain our own solution? It made no sense to go for anything else.”
Before and after Insights & Analytics
VIM Analytics generates a substantial amount of valuable data, but navigating and extracting insights can be challenging due to its volume. Our solution simplifies this process by replacing lengthy KPIs with interactive dashboards, allowing you to focus on uncovering valuable insights.
Image source: Turnpikes
Elzbieta Mukowska, Continuous Improvement Manager SSC at Elopak
“Excellent tool! I use it mainly to improve processes in our Shared Service Center. The Turnpikes dashboards help me to analyze, find areas or vendors for improvement and to collaborate with colleagues from Accounts Payable, Master Data or Purchasing. And we all use it to look at whether changes have the expected impact on our KPI’s.”
Insights & Analytics for OpenText VIM™ is an OpenText Partner Technology product and includes 10 dashboards:
Vendor Invoice Overview, Invoice Payment Analysis, Date Analysis, Waste Analysis, Exception Analysis, Vendor Analysis, OCR Performance, AP Dashboard, Automation, PO & non-Productivity
The Accounts Payable
The Accounts Payable dashboard offers a concise visual representation of unposted or unsorted VIM (Vendor Invoice Management) documents based on the remaining days until payment. This dashboard enables users to observe the quantity of documents categorized under specific exceptions.
Moreover, it facilitates the ability to analyze and organize data by various factors such as Company codes, Vendors, input channels, and dates. Ultimately, the AP Manager gains valuable insights from this dashboard to optimize resource allocation and enhance operational efficiency.
Image source: Turnpikes
Productivity
The Non-PO and PO Productivity dashboards offer insights into invoice document cycle time, including DP processing, Approval processing, and Block resolution processing. By displaying the time spent per role and actions, these dashboards provide valuable insights for identifying and resolving obstacles in the invoice management process.
Image source: Turnpikes
Waste
Non-invoice documents, such as invoice duplicates or mistakenly posted invoices, can disrupt your AP process and have a negative impact. This dashboard highlights problem areas and facilitates targeted actions to address them, ultimately maximizing the positive impact on your AP process.
Image source: Turnpikes
OCR Performance
OCR Performance is crucial for accurately recognizing and extracting invoice data from scanned or PDF invoices. This dashboard assesses OCR performance, providing data-driven insights to enhance and optimize areas requiring fine-tuning or additional training.
Image source: Turnpikes
Automation
The Automation dashboard displays manual touches applied to incoming invoices, along with the reasons behind them. It offers valuable insights into the obstacles hindering your organization's progress towards achieving a touchless invoice processing experience.
Image source: Turnpikes
BENEFITS
Enhance your OpenText Vendor Invoice Management (VIM) solution with Insights & Analytics.
Insights & Analytics provides a comprehensive view of your invoice process, while Vendor Invoice Management by OpenText is more focused on individual invoices, providing detailed information. However, it lacks a high-level view, which is essential for obtaining information such as the largest vendor, which vendors are being paid late, and the percentage of invoices that are automated and touchless.
It is often discovered that the invoice process is not as automated as anticipated, despite the use of E-invoicing, due to the need for manual intervention. Identifying the problem areas is challenging when and where this manual intervention occurs, and rectifying the situation becomes difficult as a result.
Data can be visualized and analyzed through the tool's slice & dice capabilities.
The tool provides reliable and actionable information for data-driven insights
Pre-built VIM KPI dashboards enable instant analysis without requiring data exploration
As a cloud application, setting up the dashboards is quick and easy
The tool has undergone continuous improvement over the last 6 years, incorporating feedback from customers and OpenText partners
The tool is OpenText Technology certified, ensuring its contemporary and future-proof design
It is affordable, with an annual fee equivalent to the cost of developing 2-4 ABAP reports.
For whom is Insights & Analytics beneficial?
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CFO/Finance Manager
The CFO can reap several benefits from Insights & Analytics, including:
• Maximizing and monitoring early payment discounts to increase profits
• Avoiding late payment fees to save costs
• Reducing expensive waste entering the process to improve efficiency. -
Shared Services Center
The following are the benefits of Insights & Analytics to the organization:
• Improved control over SLAs (Service Level Agreements) with the business.
• Accurate measurement of productivity.
• Increased customer satisfaction.
• Support for business growth.
• Elimination of the need for time-consuming data collection. -
P2P Process Owner
The owners of the Procure-to-Pay and Accounts Payable process can benefit from the following:
• Top-of-the-line process monitoring
• Enhanced ability to share insights with other stakeholders
• Faster decision-making. -
Procurement/Buyer
The Buying and Procurement department can reap the following benefits from Insights & Analytics:
• Enhanced management of service level agreements with the business
• Measurable productivity
• Increased satisfaction of customers
• Elimination of data collection time.
Enhance your experience with I&A for VIM by subscribing to our monthly master class option
Join us for an immersive learning experience in a monthly master classes, where we will leverage our expert knowledge of OpenText VIM and VIM dashboards to generate valuable and actionable insights for your Accounts Payable Team. Through these regular monthly classes, we will dive deep into the data, analyze it meticulously, and extract key findings that will be presented and discussed with the Accounts Payable Team.
To ensure continuous improvement, we will also provide a comprehensive report on the monthly basis summarizing the essential points and recommended actions to be implemented and measured for success in the following month. Be a part of our monthly presentation and discussion sessions, where we unveil the insightful outcomes generated by the I&A Dashboards. Don't miss this opportunity to gain valuable insights and drive your team's success.
• Study and preparation of I&A Dashboards insights by consultant
• Presentation of insights uncovered by a VIM exeprt to your Accounts Payable Team
• Discussion and interactive I&A Dashboard sessions guiding your Accounts Payable Team through the dashboards
• Monthly VIM (visual) Analytics report including insights, recommendations, suggested actions and results of the previous month
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