Glen Raven has three primary business units, which had maintained separate accounting systems. The three accounting departments each had a different enterprise resource planning (ERP) system to process invoices, as well as their own data and documents that were being stored at their division.
With three decentralized accounts payable departments, file cabinets were filling up and the company was running out of room to store documents. Another challenge Glen Raven faced was efficiently sharing the documents and data across the enterprise. Monitoring and tracking invoices was increasingly difficult.
Glen Raven wanted to create a centralized shared services environment so they could easily locate and track invoices for all three divisions.
“With such complex accounts payable operations, we decided to streamline our processes through document management,” said Anna Barbieri, finance system administrator at Glen Raven.
Glen Raven selected KeyMark, an award-winning document management solution provider, to implement a document management shared services solution to gain greater efficiencies and improve processes.
KeyMark delivered an advanced electronic workflow system and data extraction solution for invoice processing. The solution utilizes AnyDoc’s AnyApp, a Hyland Software solution, to capture both paper and electronic invoices, extract data from the invoices, match against purchase orders and identify questionable data.
Once the data have been captured, the invoices are imported into OnBase, Hyland Software’s enterprise content management software, where invoices are checked for duplicates. OnBase connects to the appropriate division’s ERP and does a three-way match to verify invoice, receipt, and purchase order information. From there, invoices are routed for approval or exception handling.
OnBase automatically uploads the invoice into the ERP for payment after an invoice has been approved.
The KeyMark shared services solution created centralized AP operations allowing each Glen Raven division access to its own documents making it much easier to retrieve data.
All invoices first come directly to the accounts payable department ensuring no invoices go missing. Users are able to have a real-time view on where documents are at all times, providing management with better visibility of its obligations and processes.
“OnBase gives us better visibility so our invoices are always accounted for,” said Barbieri. “We’re now able to track exactly where an invoice is in the approval process, creating more accountability within the company.” The company has been able to reduce storage of documents and decrease processing time.
“We can easily process 600 to 1,000 invoices a day now, but the biggest benefit has been how easily we are now able to retrieve documents from all divisions,” Barbieri said.
About Glen Raven Inc.
Founded in 1880 and headquartered in Glen Raven, NC, Glen Raven Inc. has grown from a small cotton mill into a global leader in performance-rich fabrics with locations throughout North America, Europe, Asia, Africa, Australia and South America.
Glen Raven is mostly known through its flagship brands, Sunbrella® and Dickson®, which manufacturer premium quality fabrics for commercial and residential awnings, marine exterior and interior fabrics, convertible car tops, and casual and residential furniture.
Beyond its two flagship brands, Glen Raven focuses on a range of performance fabric applications, including automotive headliners, protective work apparel, and fabrics for the military.