OpenText VIM (Vendor Invoice Management) is a comprehensive invoice processing solution that integrates with SAP systems. It helps organizations streamline their accounts payable processes by automating and digitizing invoice handling, validation, and approval workflows.
INVOICE CAPTURE AND DATA EXTRACTION
OpenText VIM captures invoice data from various sources, including paper invoices, email attachments, or electronic invoice formats such as EDI or XML. The solution uses optical character recognition (OCR) technology to extract relevant data from invoices, such as vendor information, invoice numbers, line item details, and more.
INVOICE VALIDATION AND EXCEPTION HANDLING
VIM provides intelligent validation checks to verify the accuracy and compliance of invoices against predefined rules and policies. Any discrepancies or exceptions can be flagged for review and resolution by designated personnel, ensuring that only accurate and valid invoices proceed through the approval process.
WORKFLOW AND APPROVAL AUTOMATION
VIM streamlines the invoice approval process by automating workflows based on predefined business rules. Approvers receive notifications and can review and approve invoices directly within the SAP environment or through a web-based interface. Approval status and audit trail are maintained for transparency and compliance.
INTEGRATION WITH SAP ERP
OpenText VIM seamlessly integrates with SAP ERP systems, leveraging SAP's core functionalities and master data. It integrates with SAP's financial modules, such as Accounts Payable (AP) and General Ledger (GL), ensuring data consistency and real-time updates. Integration with SAP workflow management ensures a unified and efficient invoice processing environment.
DOCUMENT MANAGEMENT AND ARCHIVING
VIM offers document management capabilities to store and manage invoice-related documents, such as attachments, correspondence, or supporting documents. It facilitates easy document retrieval, collaboration, and archival, ensuring secure storage and quick access to invoice-related information.
ANALYTICS AND REPORTING
OpenText VIM provides reporting and analytics capabilities to monitor invoice processing performance, track key metrics, and gain insights into accounts payable operations. It offers prebuilt dashboards and reports or the flexibility to create customized reports to meet specific business requirements.
OpenText VIM helps organizations reduce manual effort, improve accuracy, enhance process efficiency, and gain better control and visibility over their accounts payable processes. It is important to note that OpenText VIM is a third-party solution that integrates with SAP systems, so organizations interested in implementing VIM should consult with OpenText or their authorized partners to understand the specific features, licensing requirements, and implementation details associated with OpenText VIM.