With these solutions tightly integrated into LSUK's Infor ERP system, all inbound and outbound documents will be electronically processed, stored, retrieved, delivered and authorised, making cost savings in excess of £100,000 each year. LSUK is implementing Version One's software in a two-phased approach beginning October 2007.
LSUK's current processes for handling and managing documents are mainly manual and paper-based. 20,000 purchase invoices arriving into the organisation every month are manually entered onto the ERP system and then manually checked against the corresponding goods received notes (GRNs). These invoices, together with a range of other business documents, are posted and faxed between head office and the 55 branches for authorisation and information purposes. All paper documents are then archived for up to six years at LSUK's head office and in storage areas at each of the branches.
Jessica Kemp, Systems and Procedures Manager from LSUK says, "The decision to eliminate paper and automate our business processes will save us over £100,000 per year. Over one million business documents, from invoices and statements through to credit notes and proof-of-deliveries, will be electronically processed, delivered and stored, improving organisation-wide efficiency and customer service whilst freeing-up storage space."
With Version One's systems in place, purchase invoices will be scanned-in and the invoice information will be automatically captured and verified against the Infor system. The imaged invoices will then be automatically stored in the electronic archive and linked with the corresponding GRNs to help invoice matching. These and other documents will be quickly and easily retrievable by drilling down through Infor or by using a web browser. Invoice authorisation and document delivery will also be automated, eliminating the need to post and fax invoices and other documents between sites. In addition, LSUK will use Version One's electronic form production system for all outbound documents, eliminating pre-printed stationery.
Kemp adds, "Time spent manually processing invoices, filing and retrieving documents and sending out copy documents will be freed-up, enabling staff to get involved in more value-adding activities. As authorised staff at the head office and all 55 branches will have instant access to business documents, staff will be able to respond quickly to queries. With faster invoice query resolution, we'll also be able to collect cash quicker, dramatically improving cash flow."
LSUK (lsuk.co.uk) is a supplier of parts and technical expertise into various sectors, including the automotive aftermarket, the commercial vehicle industry, the PSV aftermarket, the plant and construction industries and to other businesses that operate large vehicle fleets.
The company is based in Sheffield and operates a network of 55 independently-owned branches and workshops across the UK.
LSUK currently has more than 100 national account customers, a list which includes some of the biggest names in UK business: Stagecoach, Hewden Group, British Nuclear Fuels and Amey Fleet Services to name only a few.
All of the equipment and vehicle parts that are found on The AA's fleet of 2400 patrol vehicles are supplied by LSUK and its logistics service to the UK's largest breakdown organisation is still growing.
The LSUK business portfolio also includes four other businesses. These are: LSUK PSV (a supplier of parts to the bus and coach industry), LSUK Rewind (an expert in the remanufacture of rotating electrics), MI Diesel (a supplier of various diesel components) and Protech (a supplier of garage and MOT testing equipment).
About Version One
Version One Ltd (versionone.co.uk) is the author of electronic document management and imaging solutions. These solutions enable the electronic storage, retrieval, management, enhancement and delivery of business documents such as invoices, purchase orders and statements. This 'paperless office' technology is seamlessly integrated into all major ERP and accounting systems and with a typical ROI of less than six months, Version One's solutions are enabling thousands of organisations to cut paper consumption whilst saving dramatic amounts of time and money.