ITESOFT UK has supplied House of Fraser with its new document management solution, ITESOFT.FreeMind for Invoices, in a drive to speed up the processing of over 300,000 supplier invoices a year.
House of Fraser, Britain's leading retailer of designer brands with 49 stores nationwide, including; Rackhams, Binns, Cavendish House and Dickins & Jones has implemented ITESOFT.FreeMind for invoices in a bid to automate the processing and retrieving of all its supplier invoices, internal expenses and indexing of business critical data.
Ray Kavanagh, financial controller at House of Fraser, said, " The purchase of ITESOFT.FreeMind for Invoices will replace our existing semi automatic invoice process as part of an initiative to leverage our existing IT investment in Oracle 11i / DIDOS and improve the efficiency of our supply chain management.
"We hope to significantly improve the efficiency and accuracy of data capture as well as improve access across the business."
Previously all invoices, along with any attachments, that relate to the supply of goods, expenses and ongoing refurbishment were manually keyed in, scanned and then stored for legal and audit purposes in a document management system that contains upwards of seven million pages.
In a move away from time-consuming data verification and retrieval, ITESOFT.FreeMind for Invoices will extract data from incoming invoices using OCR and shape recognition technologies. The data will be validated and then passed automatically to DIDOS for invoice matching or Oracle 11i for payment and consolidation with the group accounting system.
Specifically designed for the automatic processing of supplier invoices, ITESOFT.FreeMind for invoices part of the ITESOFT.FreeMind suite, captures data and is then able to identify, index, and recognise it automatically. It then stores the business critical information in an accessible electronic format that can be fed into the businesses workflow environment.
"Successful businesses operate to structured and specific business rules. ITESOFT.FreeMind operates exactly to these rules, ensuring strict adherence to corporate governance. The paperless office may still be a myth, but the âless âpaperâ office is here to stay," concluded Colin Dean, Managing Director of ITESOFT UK.
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