Save precious time with the new EIM
Since the release of version 2.46 of MONITOR G5, several major improvements have been made to our Electronic Invoice Management (EIM) option.
Electronic Invoice Management has been a great help to large numbers of companies ever since the option was first introduced more than 10 years ago. With the latest update of MONITOR G5, EIM’s functionality has been considerably enhanced, with the invoice flow now pretty much fully automated. Supplier invoices can be captured, with the data transferred to MONITOR without the need for manual input.
“The best way I can describe it is that EIM is now for real,” explains Stefan Hylenius, who has been leading the development team at Monitor tasked with creating the new functions.
The team behind EIM in MONITOR are constantly striving to improve its functionality by focusing on simplifying and streamlining the user’s day-to-day work.
“What is most noticeable, and what most customers will appreciate, is that we’ve made it possible for all EIM users to activate a fully integrated interpretation function which captures the data contained in incoming supplier invoices and enters it into the Register supplier invoice procedure in MONITOR – without the need for any manual input,” Stefan adds.
The invoice capture function also makes use of modern technology in the form of an AI learning function which enables the system to automatically recognize invoices and provide feedback to the “interpreter”, making the process of interpreting incoming invoices even more intelligent, speedy, and accurate.
To illustrate how much time can really be saved by using the automatic interpretation function, we carried out a test (watch video). With the specific invoices tested in this scenario, we saved just over six minutes for the 10 invoices.
“This is time that can be spent on more important things. You can either cut down on overtime or use the time freed up to focus on cost cutting measures or activities which directly generate profit,” says Stefan.
The best way I can describe it is that EIM is now for real.
Julia Sjödin works in finance at Monitor ERP System. Over the last year, she’s devoted a lot of time to digitalizing Monitor’s own inflow of supplier invoices. This has freed up a large amount of working time, as well as cutting costs for paper invoices, for example.
“We’re happy to share with our customers the experiences and lessons learned from our internal development work. The costs of capturing a supplier invoice are easy to recoup if you consider what you can do instead of manually transferring figures from one screen to another,” Julia adds.
And if you want to take digitalization one step further and automate full invoice capture functionality, the extended EIM Workflow option is available. With EIM Workflow, invoices are final recorded automatically when there is a complete match between an order and an invoice.
“This can truly transform the day-to-day work of those who handle large volumes of supplier invoices,” says Julia.
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Want to learn more about EIM and EIM Workflow? Read more here or contact us for further information.