Financial shared service (FSS) is widely considered to be an inevitable trend among companies in various industries. Today one of the most effective ways of keeping the costs down, improving efficiency and remaining competitive is to move certain functions of a company’s branches to one central location.
Though FSS is not a new trend in China – one of the first FSS centres was established by Motorola back in 1999 – it is at the peak of popularity at the moment. According to ACCA and Deloitte joint research report, 2012, 21% of Chinese companies already enjoy the benefits of FSS, and 35% have a plan of introducing the system into their working process in the nearest future.
for a billing task
In spite of the system’s great potential, such a significant investment isn’t always justified in full. As it often happens, most of invoices and other documents are imported into FSSC as scans or images that cannot be searched and edited. Thus a big part of information is rendered locked and inaccessible for use, and the company still needs to engage a lot of personnel in manual data entry in order to make the data discoverable. As a result, the efficiency of this powerful solution declines significantly.
Docuvix is a company which knows how to set up a shared services centre for a large-scale automation and keep the costs down. Docuvix Bizoft-DocuNetix Group is Asia Pacific’s leading ECM and BPM solutions provider with over 10 years of experience in effective content management and enterprise information lifecycle optimization.
Docuvix X-Smart is a united platform for Financial Shared Service Center (FSSC) which provides capture, processing, analysis, storage, sharing and access to data and documents. Crucial data capture and processing, which make the data workable on further stages, were offered by ABBYY country partner in China – Digital Information Technology (DIT). Having deep knowledge of the technologies and vast experience in projects of different scales and industries, DIT thoroughly studied all the details and customer’s needs and set their expert opinion on ABBYY FlexiCapture Engine.
The flexible architecture of the solution allowed to implement 2 different scenarios for various clients: centralized scanning (when paper documents were collected from branch offices and delivered to FSSC for the entire cycle of processing) and remote scanning (when the scanning took place in branch offices, and FSSC received digital files).
With the help of predefined templates, ABBYY FlexiCapture easily and with high accuracy extracted data from all types of invoices – even those in Chinese language, which had been traditionally considered difficult to support. Thanks to extended processing settings, the scans were improved by aligning distortions and removing grain, color stamps, etc., which provided the highest possible level of recognition and visual neatness of invoices for the archive.
After that, the data became part of the general workflow: they were analyzed and exported to CRM/ERP/Financial/Logistics and other systems, giving the branch offices access to the information and allowing the data to be used in making reports and business decisions.
By integrating ABBYY data capture technology into the complete solution X-Smart, Ducuvix and eventually other enterprises got the biggest possible benefit from adopting the FSSC solution for the processing of invoices and other documents, and increased their ROI enormously.
Thanks to FSSC solution based on ABBYY OCR technology, companies reduced the average completion time of a single billing task by up to 45%, thus increasing the input speed by 3-10 times depending on specificity of a particular company.
Moreover, ABBYY offers one of the highest level of recognition quality for the Chinese scripts and 200 languages more, allowing companies to process multilingual documents and to get high quality results.
Standardization and simplification of paper invoice processing established fast communication among numerous branches of huge enterprises and instant client service, while saving time and cost by more than 50%.