Print.IT - issue 47 - page 5

PRINT.IT
5
Business pays high price for ‘clunky’
payment processes
BULLETIN
bulletin
Easy capture
Lexmark is bringing out a series of smart capture solutions for
businesses and customers in the banking, insurance and retail
sectors. Accessed via the touchscreen of a Lexmark MFP, the
solutions simplify information capture, processing and validation
and streamline the integration of information and documents into
back-end systems. The new solutions include: Lexmark In-Store
Capture for Retail, Lexmark Smart Document Capture for Banking
and Lexmark Smart Document Capture for Insurance.
Clunky payment practices
are costing the average UK
business £88,725 per year, as
employees waste 6,500 man
hours chasing purchase order
numbers, processing paper
invoices and responding to
supplier enquiries.
New analysis by Tungsten
Network reveals that each
week UK businesses spend
an average of 55 hours
doing manual, paper-based
processes and checks;
39 hours chasing invoice
exceptions, discrepancies and
errors; 23 hours responding to
supplier enquiries; 5 hours on
compliance-related challenges,
such as handling international
taxes; and 3 hours tackling
invoice fraud.
According to Tungsten
Network’s inaugural Friction
Index report, the top five
sources of frustration are:
1
High proportion of paper
invoices received;
2
Too many non-PO based
invoices;
3
High volume of supplier
enquiries relating to invoice or
payment status;
4
Lack of automated
exceptions;
5
Lack of automated approval.
Rick Hurwitz, CEO of
Tungsten Network, said:
“Numerous processes in
the financial world remain
cumbersome and time
consuming when they needn’t
be. Technology means we can
do away with the tiresome
and menial tasks that clog
business work streams and
instead boost productivity
and efficiency. It is surprising
that in this tech-enabled day
and age businesses are still
spending so many hours per
week managing a process that
could be automated.”
He added: “If businesses
aren’t tied up chasing invoices
or receiving phone calls from
suppliers doing the same, they
have more time to explore
opportunities for growth with
existing customers and go
after new ones. If all the data
from past invoices is easily
accessible, opportunities to
identify variances that will
target inefficiencies are more
visible. The technology exists
to remove this supply chain
friction, which can cause stress,
waste time and ultimately
impact the wider economy,
and we want to challenge UK
businesses to seize the day,
embrace digitisation and begin
enjoying the benefits of a
frictionless back office.”
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articles-interviews/friction-in-
procure-to-pay-processes/
Free mono toner
OKI is offering free mono
printing for a year on select
colour LED printers and MFPs
bought before December 31,
2017.
The ‘Maximum colour, zero
mono cost’ promotion applies
to OKI C332dn, C500 Series
and C800 series printers and
OKI MC363dn, MC500 Series
and MC800 Series MFPs.
Tetsuya Kuri, Vice
President Marketing, OKI
Europe, said: “With free mono
printing for an entire year, this
limited time offer makes OKI’s
unbeatable range of function-
packed colour printers and
MFPs for the office even more
irresistible.”
okieurope.com/promotions
Complete security
Ringdale has announced that FollowMe Embedded for
Lexmark integrates directly into Lexmark’s latest A3
printers and MFPs, including the CS920 and CX920 series.
In addition to user authentication and secure print
release, the document output management solution provides
Data Loss Prevention (DLP) functionality for monitoring and
preventing the printing of confidential information.
Ringdale Executive Vice President Jan Bollmann said:
“As organizations look to address rising security risks
and prepare for the rollout of the General Data Protection
Regulation (GDPR), it is important for customers to ramp
up security with robust safeguards to prevent data loss.
The FollowMe Embedded client enables complete security
and regulatory compliance for even the most fast-paced
environments.”
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