Tyne Metropolitan (TyneMet) College is to increase purchasing efficiency and financial control by implementing software from Advanced Business Solutions (ABS) comprising electronic procurement, document management and business intelligence functionality. These solutions, which will be seamlessly integrated into the College’s existing ABS financial management system, will be rolled-out in a phased approach from the end of March 2011.
TyneMet required an integrated system to streamline its manually intensive and paper-based procurement processes which are currently involved when selecting, processing, and ordering goods. The College also needed a highly functional system with advanced reporting capabilities to be able to quickly analyse its expenditure in greater detail to leverage better purchasing value.
Andrew Carr, Financial Controller at Tyne Metropolitan College, explains, “We wanted to reduce paper-based processes and the amount of manual data entry that was occupying so much of the finance department’s time. Having enjoyed a seamless transition when upgrading to the latest version of ABS’ finance system, we were reassured that ABS understood our business needs and that its systems would not become obsolete in two years time.”
Carr continues, “Implementing ABS’ additional software systems will improve procurement efficiency and assist us to maintain tighter control over our costs to support the College’s long-term growth and development.”
ABS’ eProcurement system will enable the automation of a range of procure-to-pay processes and eliminate time-consuming administration such as data entry, freeing up the finance team to concentrate on more value-adding activities. Budget holders will also have more control over the purchasing process and orders and invoices will be authorised more swiftly.
Carr comments, “ABS’ system will significantly streamline our procurement processes and enable us to devote more time towards analysing how and where our money is being spent. This will help us to achieve greater purchasing uniformity and economies of scale to negotiate better contracts with our suppliers. It will also minimise unconventional spending which will ultimately lead to cost savings across the College.”
To support TyneMet’s goal towards becoming a paper-light organisation, the 50,000 purchase invoices it processes each year will be scanned, electronically stored (using Version One’s technology) and then matched against the order using the electronic procurement functionality to further streamline purchase-to-pay efficiency. In addition, financial documents such as purchase orders, remittances and statements will be electronically created and delivered, cutting pre-printed stationery costs.
Furthermore, using the integrated business intelligence solution, SAP BusinessObjects, TyneMet will be able to interrogate data in real-time within its financial management system and easily extract and report on this information.
Carr adds, “The system’s advanced reporting functionality will provide us with more detailed spend analysis and bring any potential issues to our attention much sooner. With more accurate information to hand, we can make better purchasing decisions to drive down our costs which is vital in an unpredictable economic climate.”
About Tyne Metropolitan College www.tynemet.ac.uk
Tyne Metropolitan College was formed on 1 March 2005 by the merger of Tynemouth College and North Tyneside College. TyneMet offers students an independent learning environment and an exciting range of courses. The College is committed to providing an engaging and inspiring learning experience for all, ranging from part time courses to indulge a hobby, all the way up to degree level qualification to help students to embark on their dream career.
About Advanced Business Solutions www.advancedcomputersoftware.com/abs
Advanced Business Solutions (ABS) provides leading integrated business applications and services that enable public, private and third sector organisations to retain control, improve visibility and gain efficiencies whilst continually improving corporate performance. ABS prides itself on getting close to its customers by understanding their businesses and responding to their evolving needs.
ABS's software systems comprise core accounting/financial management, procurement, human resource and payroll systems, integrated with a range of collaborative, document management and business intelligence solutions to extend the value and effectiveness of the finance, human resource and payroll departments, which can also be delivered as a managed or bureau service option.
Customers come from both public and private sectors and include Companies House, Newcastle City Council, WH Smith, Royal Bank of Scotland, Aer Lingus, National Express Group, DFS, RSPB and Great Ormond Street Hospital for Children NHS Trust.
Advanced Business Solutions is a division of Advanced Computer Software Group plc, a leading supplier of software and IT services to the health, care and business services sectors.
Ben Carey and Tim Palmer, Advanced Computer Software Group
This press release was distributed by ResponseSource Press Release Wire on behalf of Advanced Computer Software Group LTD in the following categories: Business & Finance, Education & Human Resources, Public Sector, Third Sector & Legal, for more information visit https://pressreleasewire.responsesource.com/about.