Industry: Manufacturing
Overview:
- Processed 80,000 invoices
- Facilitated payments exceeding ₹650 Crores
- Managed relationships with 8,000+ vendors
Challenges with Traditional Approach:
- Reliance on a mix of e-invoices, emailed invoices, and manual paper processing
- Time-consuming manual tasks, especially for high-volume customers
- Lack of streamlined GST compliance checks and vendor onboarding
Digital Transformation with IQInvoice:
- Introduction of customizable workflows based on Delegation of Authority (DoA)
- Implementation of ICR/OCR technology for email ingestion, automating invoice processing
- Streamlined workflow approvals, including GST compliance checks and vendor onboarding
Additional Modules and Their Impact:
- Purchase Module with Quotation Management:
- Streamlined procurement processes with a centralized system for managing purchase orders and quotations.
- Enhanced transparency in purchase transactions, reducing errors and improving decision-making.
- Quicker turnaround time for purchase approvals, leading to improved supplier relationships.
- Job Work Module:
- Efficient tracking and management of job work processes, ensuring timely completion and delivery.
- Real-time visibility into job work status, leading to better coordination and resource optimization.
- Reduction in delays and errors, contributing to overall operational efficiency.
- Asset Purchase Proposal and Creation:
- Simplified asset procurement with a structured proposal and creation process.
- Improved budget management with clear visibility into proposed asset purchases.
- Enhanced control over asset acquisitions, resulting in strategic and cost-effective decision-making.
Benefits Realized from Additional Modules:
- Purchase Module: Reduced procurement cycle times, improved supplier relationships, and increased transparency.
- Job Work Module: Enhanced coordination, reduced delays, and improved resource optimization.
- Asset Purchase Proposal and Creation: Streamlined asset procurement, improved budget management, and better control over acquisitions.
Seamless Integration with SAP HANA:
- Resolved challenges around SAP integration and licensing issues.
- Enabled a cohesive and efficient data exchange between IQInvoice and SAP HANA.
- Enhanced overall system performance, ensuring a smooth and integrated financial ecosystem.
Results: The integration of additional modules, coupled with seamless integration with SAP HANA, catapulted Paragon Footwear into a new era of financial efficiency. With optimized procurement, job work processes, and asset management, Paragon experienced significant improvements in operational efficiency, cost savings, and strategic decision-making. IQInvoice not only addressed their existing challenges but set the stage for a future-ready and integrated financial landscape.