Leading retailer to speed up the processing of 300 thousand invoices per year with use of ITESOFT.FreeMind for Invoices
ITESOFT UK has supplied House of Fraser with its new document management solution, ITESOFT.FreeMind for Invoices, in a drive to speed up the processing of over 300,000 supplier invoices a year.
House of Fraser, Britain's leading retailer of designer brands with 49 stores nationwide, including; Rackhams, Binns, Cavendish House and Dickins & Jones has implemented ITESOFT.FreeMind for invoices in a bid to automate the processing and retrieving of all its supplier invoices, internal expenses and indexing of business critical data.
Ray Kavanagh, financial controller at House of Fraser, said, “ The purchase of ITESOFT.FreeMind for Invoices will replace our existing semi automatic invoice process as part of an initiative to leverage our existing IT investment in Oracle 11i / DIDOS and improve the efficiency of our supply chain management.
“We hope to significantly improve the efficiency and accuracy of data capture as well as improve access across the business."
Previously all invoices, along with any attachments, that relate to the supply of goods, expenses and ongoing refurbishment were manually keyed in, scanned and then stored for legal and audit purposes in a document management system that contains upwards of seven million pages.
In a move away from time-consuming data verification and retrieval, ITESOFT.FreeMind for Invoices will extract data from incoming invoices using OCR and shape recognition technologies. The data will be validated and then passed automatically to DIDOS for invoice matching or Oracle 11i for payment and consolidation with the group accounting system.
Specifically designed for the automatic processing of supplier invoices, ITESOFT.FreeMind for invoices part of the ITESOFT.FreeMind suite, captures data and is then able to identify, index, and recognise it automatically. It then stores the business critical information in an accessible electronic format that can be fed into the businesses workflow environment.
“Successful businesses operate to structured and specific business rules. ITESOFT.FreeMind operates exactly to these rules, ensuring strict adherence to corporate governance. The paperless office may still be a myth, but the ‘less –paper’ office is here to stay,” concluded Colin Dean, Managing Director of ITESOFT UK.
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Founded in 1984, ITESOFT is a French software company specialising in the development of automatic information flows processing solutions, with sites in Germany (FormsConsult Software GmbH, Hamburg), in the UK (ITESOFT UK Ltd, Farnham) and in France (Paris and Aimargues, head office).
Thanks to its unique know-how of shape and character recognition technologies, ITESOFT is a major player in Europe for document capture and processing.
Group pro-forma turnover, 2002: €15.4 million n 2002 Group Staff: 130.
ITESOFT solutions are used by more than 500 clients, 10000 workstations, with one thousand million documents processed each year using ITESOFT’s intelligent data capture products.
ITESOFT launched its new software suite for automatic document capture, processing and management in April 2003 in the UK : ITESOFT.FreeMind. ITESOFT.FreeMind features all the functions required for the automatic processing of all a company’s incoming documents including letters, forms (purchase orders, slips, etc.), invoices, payments (cheques, drafts, etc.). It captures them, identifies them (ADR), indexes them and recognises them automatically (ADP), then stores them so they are accessible in an electronic format.
Based on this generic software programme, ITESOFT creates customised solutions for specific sectors of activity or documents. This is the case for the ITESOFT.FreeMind for Invoices solution, dedicated to the processing of all supplier invoices.
ITESOFT’s mission is to “Develop the technologies and solutions for capturing, processing and managing information flows that offer the best levels of productivity and reliability”.
ITESOFT has been listed on the Nouveau Marché of Euronext Paris since February 2001
and is member of Next Economy segment.
Code ISIN : FR 0004026151 - mnémonique ITE - Reuters : ITFT.LN - Bloomberg : ITES FP
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