Improving visibility across the enterprise at Deltek Insight

Every year, the Deltek Insight conference brings customers, partners and industry experts together to share knowledge, ideas and tips to get the most value out of their Deltek investments. We’re excited to join this passionate community at this year’s conference, taking place November 18 – 21 in Orlando, Florida.

One of the key questions that will be on the minds of attendees and presenters alike is how to improve visibility across the enterprise. Real-time visibility is critical not only for the successful completion of projects (on time and within budget), it also produces valuable insights you can leverage in the future, including resource allocation, cost management and profitability.

To optimize working capital, your organization needs visibility into accruals, liabilities, receivables and cash on hand. However, a large number of organizations lack visibility into invoices and payables information, making it difficult to make smart decisions about their operations. Further compounding this problem are manual and paper-based accounting processes, as well as disparate systems and data sources, that result in errors and inefficiency.

Get visibility

With a powerful content services platform, you address these challenges. The right platform easily integrates with and extends the value of your Deltek Costpoint investment by transforming labor-intensive accounting processes and increasing visibility into those processes and your organization’s cash flow.

Here’s how:

1. Automate AP and purchase requisitions

With its heavy reliance on paper for supplier invoices and bills, accounts payable (AP) is historically a time-consuming and tedious process with a significant risk of error. Managing payables documents electronically removes the need for manual data entry. The right invoice automation solution allows Costpoint users to process invoices efficiently while reducing operational costs.

Look for a solution with an integration that allows users to access critical payment information directly from their Costpoint screens. Meanwhile, workflows will route invoices to the appropriate business units for approval — automatically notifying stakeholders along the way — minimizing the number of touches per transaction and increasing process efficiency.

Costpoint users should also have the ability to take advantage of a purchase requisition solution to create, route and track requisitions electronically, eliminating manual processing from purchase order (PO) creation and approval. This not only streamlines purchase requisitions for faster and more accurate procurement, it also provides complete visibility into your organization’s purchase requisition process.

The right integration with Costpoint will automatically validate the information your subcontractors enter against live data, ensuring that every invoice is correct before being sent for approval — which eliminates manual data entry and reduces the chance of error.

2. Accelerate data extraction with intelligent capture

Leveraging intelligent data capture technology takes things a step further by automatically extracting and validating payment information at the source — regardless of the format the invoice comes in — improving efficiency and reducing the overall touch points throughout processing.

By integrating with Costpoint, extracted data is validated against your existing database and any errors or inconsistencies are automatically flagged for review. This provides greater visibility by ensuring that data, processes and documents are in sync and updated in real time.

3. Centralize access to vendor management information

It’s one thing to improve your internal processes to run more efficiently, but for project-based organizations, tracking hundreds or even thousands of vendor relationships becomes a burden when vendor information is scattered across multiple systems.

Look for a vendor management solution that improves visibility by allowing accounting, procurement and other personnel to interact with vendor-specific information, compliance documents, contract details and correspondences from one central location.

By serving as a centralized portal for the vendor request and sourcing process, the solution should allow your organization to standardize processes and quickly identify any missing information. Staff also record feedback or incidents, complete vendor evaluations and track preferred vendors. Besides improving vendor governance, the added visibility improves the way you evaluate the quality of services or products provided by each vendor and make smarter purchase and financial decisions.

Make smarter decisions with real-time information

Eliminating paper dependency in procure-to-pay processes decreases manual work effort, reduces costs and improves efficiency. However, the ability to unlock actionable insights depends on having visibility to accurate and complete information.

Integrating your Costpoint solution with a content services platform connects disparate systems to give you a single source of data in a secure, central location.

For example, emergency response provider HEPACO transformed invoice processing, requisitions and billing by integrating Costpoint with content services — allowing the company greater visibility into its business and financial operations.

To hear more about how HEPACO realized its vision, join our session on November 20. And if you’re heading to Deltek Insight, be sure to drop by booth #18B and enter to win a Google Home Mini!

Danielle Simer

Danielle Simer

Danielle Simer is a marketing portfolio manager at Hyland. Her mission is to share best practices and evangelize the power of enterprise content management (ECM) as a tool to automate paper-based processes and improve operations across accounting and finance, human resources, and contract management. Danielle joined Hyland after more than six years with a research and advisory firm devoted to helping senior executives manage their departments and teams more effectively. She received her bachelor’s degree from The Ohio State University and her MBA from Georgetown University’s McDonough School of Business.

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