This is how easily the focus can be shifted from punching to analysis

Fully automated invoice flow is both critical and important. At the same time, many CFOs also have a strong desire and need for data insights that make it easy to monitor the company's finances.

It is rare for a finance department to have more time than tasks.

However, once the SEMINE platform is implemented, the finance department typically gains openings in their daily routines to tackle tasks they have long wanted to address—often related to strategic and business-critical matters.

And this is precisely where the SEMINE platform excels: Traditional invoice capture systems only read invoice header-level information, typically providing around seven to eleven data points per invoice. SEMINE's AI solution, on the other hand, can extract over 150 data points from an invoice by capturing data at the line-item level. These data points are automatically assigned accounting codes, resulting in a fully classified dataset with significantly more granular data than before.

A sea of possibilities

This provides significantly more opportunities for a finance department looking to work more strategically: SEMINE ensures that the information read into the system is exactly the same as the actual text and the actual numbers stated on the invoice.

The result is a "single point of truth" for all small and large decisions, both strategic and tactical. It also provides a shorter path to exponentially greater value creation from the data, with minimal manual work involved.

Having more and better data points offers infinite ways to "see" the business by consolidating information into, for example, a comprehensive dashboard. Below is an example dashboard showing the status and trends in finance and procurement over the past 365 days.

Figure:  Above, you can see the total amount of purchases made, the number of suppliers used, and the number of invoices received, as well as the areas where the most purchases have been made per industry code.

Insight and value

A SEMINE installation means that the company suddenly has access to a data foundation that not only provides a wealth of information about price developments for raw materials, consumables, and other components that contribute to the overall picture of the company's costs and profitability but also allows for distribution based on department, location, purchaser, and many other factors.

Imagine starting your workday as a CFO or accounting manager with an updated, visual overview of the company's liquidity and financial performance: Graphs depict the future cash flow and liquidity, and you easily see the number of invoices awaiting approval and the number of days until approval per user. You can quickly send reminders directly from the system if there is a backlog, identifying who needs a gentle nudge with just a few keystrokes.

Figure: Here is an example that shows, among other things, the number of invoices awaiting approval per user, as well as the time it takes to approve invoices for each individual.

Together with the leaders of different business areas, you may have also defined a wide range of KPIs that the dashboard can now provide you with a complete overview and status of.

Figure: Above, you can see an example where you can, among other things, view the number of invoices requiring action, the credit period, and the amount due in the next period.

Perhaps you would like to monitor supplier debt 30 days ahead, distributed by business area and matched against the order system to identify any discrepancies? Maybe you want to ensure that framework agreements for purchases are being followed, both in terms of no one buying from the "wrong" supplier and ensuring that suppliers do not "forget" discounts or provide different prices?

Figure: Above, you can see an example of how you can effectively identify and track overdue invoices by supplier.

Further investigation

Not all aspects require regular follow-up, but having SEMINE in place will provide a dataset that allows for periodic scrutiny.

For example, it becomes easy to monitor any deviations and analyze what has happened. Does the invoice issuance date correspond to the actual receipt date of the products or services delivered? Does the invoicing align with the agreed-upon terms? Some suppliers, for instance, offer cashback or "cash discounts" for payment within 30 days. With traditional financial systems, it is labor-intensive to verify if the company truly receives such conditions.

Figure: Above, you can see an example of how you can track the price developments of goods and services purchased and compare them across different suppliers.

In all of this, significant savings can be found, which will have a significant impact on liquidity. At the very least, the data provided by the SEMINE platform can be used to compile information that offers a completely different starting point for price negotiations in future procurement. Data from the platform can be combined in ways that provide opportunities, such as combining the operating margin of your suppliers with your importance as a customer, as illustrated below.

Figure: Above, you can see the operating margin of a supplier combined with how important you are as a customer to this supplier.

And the organization gets to participate

To truly unlock the potential of data, it must be made accessible to the entire organization. Please note that "accessible" encompasses much more than simply sharing a spreadsheet with the right people. When data is gathered and presented in a dashboard format, it becomes effortless to comprehend what should be prioritized at any given moment—particularly when one understands the actionable insights and information crucial for generating value for the company.

Additionally, customized dashboards can be easily created for individual departments. Here, we have devised a dashboard that offers comprehensive insights into the status and progress of key parameters/KPIs specific to each department.

Figure: Here, you can see, among other things, purchases made in the last year distributed by account, supplier, and items. You can also observe the development of various KPIs, such as the number of suppliers, invoices, and purchases.

With such a shared "single point of truth," it is easier than ever to stay informed, address minor frustrations, and help the entire organization perform better!

This is one of the reasons why Semine, both independently and in collaboration with partners, works with customers to ensure they can fully utilize their data. In 2021, for example, we entered into a strategic partnership agreement with Ignite Procurement. When customers integrate our systems, they combine Semine's advanced invoice automation and unparalleled data collection with Ignite's unique methods for generating and presenting data-driven insights. This combination empowers and enhances the work of finance and procurement functions, providing an efficient way to make data accessible to the rest of the organization.

In summary, your data and actionable insights can now be easily made available. Many companies are already underway, but there are still many others with untapped potential. This is an opportunity to make a difference.