The Hidden Benefits of Electronic Invoicing

For virtually any business, invoicing is a fact of life. The advantages of quick, cost-effective invoicing practices can spell the difference between turning a profit and merely breaking even. The advantages of electronic invoicing (e-invoicing) are well-known, including lower average processing cost per invoice, shorter invoice processing cycle time, and improved processing accuracy. However, there are several less obvious reasons why switching to an invoice management system can produce significant rewards.
It’s clear that e-invoicing leads to improved margins, since it eliminates the need stationery and shipping costs, reduces manual labor, and helps fewer workers process more invoices in a day. These savings from process efficiency are dwarfed by the amount most businesses capture in the form of soft savings. For every $1,000 that a business saves from processing efficiency, they can look forward to saving an additional $2,000 in early payment discounts, $3,000 in working capital, and prevent a whopping $4,000 in contract leakage. In other words, the overall monetary benefit of using invoice management solutions is ten times what you might expect.
Of course, not all benefits are measured directly in dollars. Businesses that adopt e-invoicing also reduce the risk of noncompliance, whether that takes the form of late payments, incorrectly calculating taxes, line item mismatches, or using the wrong accounting codes. Invoice automation solutions bring these mistakes down from 30 percent to under 2 percent.
Finally, another underreported advantage of using an invoice processing system arises from operating entirely in the digital realm. When an organization’s invoicing is performed digitally, it becomes extremely easy to compile detailed analytics on each line item in each invoice. This simplifies cash flow forecasting and improves visibility of your expenditures. You can also improve accountability and information security, since digital systems are much easier for organizations to monitor and audit.
So if you’re thinking about moving your business over to a vendor invoice management system, you can rest assured that these subtle advantages, combined with more obvious cost savings, offer tremendous return on investment. To learn more about our invoice management solution, please contact Visionet Systems.

AtClose extends platform with e-closing capabilities

October 23, 2017, Denver, CO – Visionet Systems, Inc. announces the addition of e-closing capabilities to its AtClose Title, Settlement and Appraisal platform at the Mortgage Bankers Association’s Annual Convention & Expo 2017 being held in Denver, CO. The new e-closing functionality is being included in AtClose as a seamless, secure, and fully compliant module.

E-signatures simplify the closing process for lenders, settlement providers, and borrowers. Executed documents flow back into AtClose effortlessly, reducing the need for paper documents and giving parties additional time to review each loan package. AtClose is highly configurable, allowing agents to selectively enable e-closing for specific lenders or geographic areas to meet local recording requirements and individual lender or investor needs. AtClose gives settlement agents complete control over which documents will be pushed for e-signatures, and when they should be made available to the respective individual(s).

“The biggest advantages that AtClose offers settlement agents are a significant reduction in notary fees and the elimination of post-closing errors,” explained Arshad Masood, CEO, Visionet Systems, Inc. “Our sophisticated platform saves them the time and trouble involved in re-doing the signing process. With the CFPB and other regulatory bodies encouraging e-closing, it is time for Title & Settlement firms to begin closing all loans electronically."

AtClose is a cloud-based vendor and workflow management solution that provides a comprehensive and intuitive platform for the Appraisal, Title & Settlement industry. AtClose provides advanced security and high availability by leveraging core AWS cloud services, and improves operational efficiency by offering fully customizable workflows and numerous vendor integrations. Please visit www.atclose.com to learn more.

About Visionet Systems Inc.

Visionet Systems, Inc. is a full-service technology consulting and business process outsourcing company that delivers software solutions, services, and technology-led BPO products built on a best-of-breed philosophy to help its customers increase business agility, drive down costs, and reduce risk. With deep ties to the mortgage industry, Visionet has spent the last decade working with the top mortgage companies in the country, building various mortgage industry-specific products and solutions.  In addition to AtClose, Visionet products include production lead management, product recommendation engines, channel and broker profitability, post-close compliance automation, loan boarding and special loan setup, escrow float and shortage management, prepayment risk modeling, default risk analysis, loss estimation and tracking, and REO.

Can Robotic Process Automation (RPA) really help your organization? Here is a perfect example of how

Can Robotic Process Automation (RPA) really help your organization? Yes! Here’s a current, real-world example. Just this week, I was in a conversation with an executive who had an immediate need to identify the square footage of a parcel of land to help with pricing and vendor assignment.

This individual stated they had 2 immediate solutions available to them: 

1. Option 1 - go back to their client and request the lot size. While this reduced the workload on the organization, it simply made the overall process more complex and would impact service level agreements.  Not to mention, the cost of the client communications would eat further into margins.
2. Option 2 - obtain the information themselves from a public source. While this eliminated the back and forth with the client, it increased the amount of time it took them to process an order, which also reduced their profitability.  

At a volume of 5-10 orders a day and 2 minutes per transaction, this conversation is immaterial. It would take too long to recoup the investment in an automated solution given the fraction of an FTE you would need. However, at 500+ orders a day, that same 2 minute transaction could require multiple FTEs to meet daily demand, adding significant stress to the bottom line.

A system-to-system integration with the client’s system of record or the public source would provide a seamless way of obtaining the information in a high-volume environment. The drawback here is that it requires the organization to have access to the application code, or some type of middleware technology in place, to facilitate the integration. During our conversation, the executive commented he could look at building an integration to solve the problem, but with his current IT backlog this would be a 6+ month duration, and he needed to address this issue today, without adding FTE’s.

While RPA is the latest buzzword in the industry, most organizations are using it primarily for back office processes. This scenario is a perfect example of where RPA can provide lift to an organization quickly. Within hours, an RPA Bot was created that demonstrated the ability to obtain this information without waiting months or adding additional resources.

There are times when building a complete integration into an external system is required. But with the maturation of RPA technology, businesses can now solve problems more quickly and bring value to their clients and their organization sooner, without incurring such a significant investment in time and money. This was a perfect example of where an RPA Bot could be deployed that improves customer experience, reduces the burden on operations and solves a problem in days, not months. 

Over the next 12-24 months, we will begin to see a paradigm shift - from building direct integrations between systems, to simply deploying Bots for quick, efficient and less costly solutions. We will also see these Bots move from simply automating mundane back office processes to really improving the customer’s experience by impacting up-front, value added work steams. The applications for RPA are virtually endless - and its low investment, quick deployment and minimal risk mean all organizations can realize the benefits.

For more details regarding our services please visit: https://www.visionetsystems.com/services/robotic-process-automation

Staying Competitive in an Ever-Changing Market

While chatting with a friend who works at one of the top tech companies in the US, I discovered that he has not received a raise in the last 6 years despite several promotions and relocations. As the discussion unfolded, I realized that the mass exodus of talent from midsize companies to the better-known brands isn’t due to the prospect of jumping salary brackets but rather the work culture that is associated with the brand name.

Top tech companies are fortunate enough to be able to draw from an endless pool of resources, all clambering over each other to be the next chosen one. Mid-size organizations continue to lose their brightest talent to the allure of working for the big names. It is time for midsize companies to step in to the ring and don fighting gloves to retain their talent. While midsize companies can’t offer the prestige associated with the bigger names, with each swing they must remember the bottom line - people work for people not names. The key to staying competitive then lies in ensuring that that resources remain engaged.

Mid-size organizations, that have previously considered work culture to be a privilege, need to invest in change. This change must come at the top management in the form of servant leadership. Rather than dictating each step, management is there to encourage and guide strategic thinking. Top management must today invest in a culture that empowers its employees and allows them to function autonomously. Independent thinking carves the path for employees taking ownership of their projects. When each successful execution is incentivized, resources will more readily align career paths with targets that contribute to the overall growth of the company. “Monkey see, monkey do” is not only applicable in the toddler classroom but is equally applicable to adults. Recognizing the hard work of an employee at a staff meeting goes a long way towards others seeking similar approval. Neither a pat on the back nor verbal praise will offset the bottom line, however small a company.

Cultivating a work environment that encourages a healthy lifestyle shows its employees that management is not just concerned with profitability but is also focused on the wellbeing of its employees. Providing subsidized access to fitness, arranging incentives for attendance, organizing team building activities that foster healthy competition, all contribute to a more holistic approach to employee satisfaction. In 2016 more than half the US workforce only consumed up to 54% of their permitted paid time off. When the message from the top management is encouraging employees to utilize their allocated paid vacation and have a healthy work life balance, staff will no longer feel threatened or worried that they will lose out if they are not available 24-7.

A healthy employee is a happy employee. A healthy body leads to a healthy mind. A healthy mind will thrive under servant leaders that provide their employees opportunities for self-discovery and allow resources to set common growth goals and objectives with those of the organization.

Source: https://www.visionetsystems.com/blog/staying-competitive-ever-changing-market

Building a digital partner ecosystem beyond traditional B2B/EDI communication

Perception of traditional B2B (business-to-business) electronic communication is all about batch oriented, point to point transactional document exchange with the business partners through EDI VAN or directly managed file transfers.  This involves exchanging transactional information using various industry standard EDI (Electronic Data Interchange) formats configured for each partner along with partner/document specific logic customization for line of business applications. In typical supply chain or retail context, these partners are vendors, customers, services providers like 3PL (Third Party Logistics Providers) and b2C ecommerce websites.

Even though EDI based implementation model has matured over decades of commercial use, the traditional approach lacks many inherent capabilities required for modern digital evolution. The chart below highlights some of the fundamental features and gaps between the traditional models versus the capabilities required to support the modern digital paradigm:

Traditional capability model for B2B communication	B2B capabilities required for modern Digital Evolution
Batch Oriented (EDI or proprietary managed file transfer)	Near real time interchange (via API’s) where partners can exchange transactions, status and 360 degree visibility with the process context: For example, ·         Rapid fulfillment of B2C Ecommerce order fulfilment ·         Near real time inventory information exchange for automation based accurate decision making
Point to Point Architecture - Single document exchange centric architecture	Business process driven architecture where single B2B system manages all process touch points through the value chain
Tight coupling with internal systems where business logic is spread across (EDI and internal LOB applications) for inbound and outbound communication. Implication -> Replacing internal systems typically requires throwing away entire EDI system which is tedious, expensive and risk prone..	Open architecture with self-contained, scalable services as strategic self-contained systems, independent of any specific LOB internal application.
Scalability limited by the nature of the EDI application.	Linearly scalable services with inherent architectural capability to driven by demand.
Reliability and degree of recoverability varies from application to application.	Well defined system with the ability to recovery features and proactive notifications for manual guaranteed recovery

Given the prevalence of EDI based integration for decades, this form of communication will continue in near future. However, it is imperative for both business and IT leaders to assess how their current B2B communication ability will affect their organizations through the journey of industry wide transformation. It is also critical for businesses to start viewing B2B communication platforms as strategic self-contained, standalone asset and not just a bolt on to their internal business application(s). The modern architecture for deploying a strategic B2B communication capability needs to incorporate the following:

• Complements existing batch-based electronic data interchange (EDI) with API enabled real-time B2B collaboration
• Centralized B2B partner onboarding and management
• Common workflow for all type of communication
• Decoupled solution with minimal dependency on internal applications (in terms of code logic)
• Single point of management for all B2B communication by the operational staff  

A modern B2B communication architecture to support digital growth

A well-guided investment in B2B integration will reduce organizational risk, improve processes and increase the partnership advantage through longer-lasting relationships. When done wrong, B2B integration becomes a limiting factor, which will burden staff, introduce inefficiencies and increase compliance risks leading to substantial loss of revenue and opportunities.

 Visionet Systems offers PartnerLink, an innovative, process-centric B2B integration solution that streamlines setup, onboarding, operational management of all forms of B2B interchange including EDI, real time API’s and file based/proprietary integrations. It encapsulates all partner setups, document exchange configurations, API support, and business rules into a single robust solution. It leverages Microsoft’s cutting-edge Azure cloud and server technology to handle very large transaction volume and provides native integration adapter for Microsoft Dynamics 365 for Operations (Azure Cloud based ERP platform). PartnerLink solution is a long-term strategic asset for the organizations for B2B interchange that is no longer dependent on any specific source or target ERP system. 

Source: https://www.visionetsystems.com/blog/building-digital-partner-ecosystem-beyond-traditional-b2b-edi-communication 

Visionet Systems delivers digital commerce platform for Vitamin World

Cranbury, NJ - September 14, 2017 - Visionet Systems announced today the successful design and deployment of a unified digital commerce platform for Vitamin World that provides a superior online shopping experience to Vitamin World’s customers.

Vitamin World wanted a streamlined, mobile-friendly customer experience for their e-commerce and a fully integrated omni-channel shopping experience.

Visionet deployed a redesigned e-commerce site using Salesforce Commerce Cloud and Microsoft Dynamics 365 in order to deliver a streamlined, omni-channel cloud experience in record time. Visionet completely redesigned the Vitamin World online customer experience on the web and mobile, from its look-and-feel and navigation to personalization and e-commerce capabilities, resulting in an engaging customer journey. Salesforce Commerce Cloud was implemented to enable an enhanced shopping experience. Microsoft Dynamics 365 ERP was implemented to streamline Vitamin World’s internal business processes. Salesforce Commerce Cloud was then integrated with Microsoft Dynamics 365 to unify transaction and customer data, supply chain management, merchandising, and customer service functionality across all sales channels, including their physical retail locations and call center. Visionet enabled the streamlined integration of these platforms by leveraging Commerce Cloud for the cross-channel unification of processes, creating a single view of Vitamin World’s business operations that allows them to run advanced analytics and discover valuable actionable opportunities.

The new website based on Salesforce Commerce Cloud provides Vitamin World’s customers with personalized experiences across web, mobile, social, and in-store channels. And now, utilizing the world’s #1 CRM platform – Salesforce – they can deliver completely unified experiences for customers that extend beyond commerce to include marketing, customer service and more.

Comments on the News

• “Vitamin World engaged Visionet for CX/UX design, site build, Dynamics 365 customization and build, omni-channel integration between Dynamics 365 and Salesforce Commerce Cloud, call center operations, and customer service. By leveraging these services through Visionet, an enhanced customer journey was delivered smoothly to meet Vitamin World’s go-live objectives in record time.” – Rooban Soni, SVP Sales, Visionet Systems.
• “Visionet was the right technology partner for us. Salesforce Commerce Cloud gave us the performance and functionality to power our revamped online store, and Visionet’s vast experience with omni-channel e-commerce implementations produced a smooth and timely rollout.” – Venky Govind, CIO, Vitamin World.

Salesforce and others are trademarks of salesforce.com, inc.

Additional Resources

• Like Salesforce Commerce Cloud on Facebook: https://www.facebook.com/CommerceCloud/
• Follow Salesforce Commerce Cloud on Twitter: https://twitter.com/commercecloud
• Become a fan of Visionet Systems: https://www.facebook.com/VisionetSystemsInc
• Follow Visionet Systems on Twitter: https://twitter.com/VisionetSystems
  

About Visionet Systems

Headquartered in Cranbury, NJ, Visionet Systems, Inc. (visionetsystems.com) is a full-service technology consulting and BPO company that delivers software solutions and technology-led services built on a philosophy to help its customers increase business agility, drive down costs and reduce risk. Visionet has built deep competencies in the mortgage industry, and engineered high-performance, cost-effective solutions across industry verticals including banking, retail, insurance, distribution, and manufacturing, with a focus on delivering value and exceeding customer expectations. For more information, visit us online at www.visionetsystems.com.

About Vitamin World

At Vitamin World, we believe that nutrition starts at the source. We travel the world to find the freshest, purest, and potent health ingredients in order to craft the highest quality vitamins and supplements for our customers. And our high quality doesn't just apply to our products; it applies to our people. Our staff of trained and friendly Associates in our more than 380 stores nationwide can help guide you on your journey to becoming your best self. Whether you're a wellness novice or a health enthusiast, Vitamin World is committed to bringing quality ingredients, products and people, from the source to you.

Source: https://www.visionetsystems.com/news/visionet-systems-delivers-digital-commerce-platform-vitamin-world

Complete Omni-Channel Integration Solution for Ecommerce and Microsoft Dynamics 365 Operations

Microsoft Dynamics for Operations is an industry-leading ERP platform that offers reliability, security, a rich feature set, and excellent performance to keep your business operations running smoothly.

However, it isn’t designed to handle the unique requirements of operating and managing an online store.

On the other hand, while popular platforms like Magento, Salesforce Commerce Cloud, and Oracle ATG are specially designed to handle the demands of electronic commerce, they aren’t the right tools for enterprise resource planning.

In order to take full advantage of the unique strengths of both types of business technology, it is essential to unify their information.

Instead of relying on slow and error-prone manual processes to keep both platforms in-sync, leading retail brands around the world rely on CommerceLink by Visionet, an intelligent integration solution that automatically synchronizes your e-commerce and ERP data in near-real time.

Centralizing your entire multi-brand organization’s data on customers, products, transactions, and financials opens up new possibilities for analyzing customer preferences, forecasting product demand, supply chain optimization, and improving customer satisfaction.

With access to a single view of your entire operation, it becomes easier for decision makers to discover actionable insights and understand market trends.

Connecting each of your online stores and other sales channels to Microsoft Dynamics also enables true omni-channel order fulfilment.

A single view your entire inventory helps you centrally manage merchandizing, make better replenishment decisions, and avoid delays that negatively impact customer satisfaction.

Customers can have purchases delivered to their homes or to nearby retail locations for pickup, whether they are paid for online or in-store.

Maintaining a single product inventory across sales channels also means that no matter where products are purchased, customers are free to return them at the store of their choice.

CommerceLink helps retail businesses achieve all of these advantages without requiring expensive replacement or reconfiguration of their existing hardware or software.

By capitalizing on your existing ERP and e-commerce investments, CommerceLink allows you to implement unified commerce and omni-channel fulfilment capabilities quickly and securely, with both best-in-class technologies working together to provide maximum ROI.

Please contact Visionet Systems today to learn more about how CommerceLink can help you keep your information systems synchronized and unlock the full value of your e-commerce and ERP data.

Listen to the podcast to learn more about the complete omni-channel integration solution for Ecommerce and Microsoft Dynamics 365 Operations.

Source: https://www.visionetsystems.com/blog/complete-omni-channel-integration-solution-ecommerce-and-microsoft-dynamics-365-operations