BOSTON--(BUSINESS WIRE)--May. 14, 2012--
Iron
Mountain Incorporated (NYSE: IRM), the information management
company, today announced a new service for streamlining the way
organizations receive, process and manage their accounts payable (AP)
invoices. The Iron
Mountain Electronic Invoice solution digitizes paper invoices and
allows customers to manage these bills via an online tool that automates
basic AP tasks like matching invoices to purchase orders and routing
them for approval. By digitizing a traditionally paper-heavy process in
accounts payable, Iron Mountain’s invoice-processing offering frees up
AP departments to focus on higher-level activities and enables
organizations to run their AP process faster and with fewer mistakes.
Most companies still receive mostly paper invoices. With paper, accounts
payable teams must manually check invoices against purchase orders and
receipts, and they must manually seek payment approvals, passing
invoices from reviewer to reviewer. In this model, the process moves as
fast – or as slow – as the person who currently holds the invoice. This
wastes time, leads to errors and, worse, doesn’t allow the organization
a holistic view into its cash flow or spending levels. Moving to
electronic invoice receipt and automated workflow accelerates approvals,
improves accounts payable process visibility and increases customers’
ability to control spend and manage their cash flow.
“Waste Pro has grown rapidly since our creation in 2001, expanding both
organically and by acquisition throughout seven southeastern states,”
said
Don Phillips
, CFO of Waste
Pro USA, Inc. “That growth has greatly expanded our network of
suppliers and business partners and increased the volume of paper
flowing through our accounts payable department. Our processes were
becoming increasingly more complex, and we required enhanced ability to
work with suppliers and vendors, manage our payment cycle, and support
our next decade of growth. We required a solution that would help us
streamline electronic invoicing, remove paper from the process for
quicker reviews and approvals and ultimately enable faster payments.
Iron Mountain delivered on that need with the added benefit of making
the solution flexible enough to support a gradual rollout to the entire
company.”
The Iron Mountain Electronic Invoice solution is powered by Corcentric’s COR360™
cloud-based accounts payable workflow automation platform. The online
workflow tool makes it easier for organizations to access, identify and
share invoices that require further review. By automating this part of
the accounts payable workflow, organizations gain greater visibility to
better capture supplier discounts, drive cost savings and meet
compliance requirements for accounts payable. Organizations can further
speed invoice processing times by using their mobile devices to access
the solution. And, as a cloud-based offering, the solution integrates
into ERP and payment-processing solutions, and can scale throughout the
organization as needed.
“The sheer amount of information moving through accounts payable
departments – much of it on paper – is slowing down payments and
endangering supplier relationships,” said
Chris Churchill
, senior vice
president and general manager, Document
Management Solutions for Iron Mountain. “Because it is so
paper-intensive, accounts payable is an excellent example of a new wave
of information management focused on outsourcing and automating manual
processes for cost savings and improved compliance. Our expertise in
helping companies better manage paper and digital information, as well
as supporting the transitional period when an organization uses both,
made accounts payable a natural addition to our services, and we’re
thrilled to help our customers improve this vital business process.”
The four components of Iron Mountain’s Electronic Invoice include:
-
Virtual Shared-Service Center – Customers can set up a secure
P.O. box, managed by Iron Mountain, for their vendors and suppliers to
send paper invoices for digitization. Options for fax and email
transmittal are available as well. Organizations can also eliminate
paper invoices by having their suppliers submit electronic invoices
and purchase orders to Iron Mountain’s free self-service portal, in
any file format (XML, ASCII, etc.);
-
Cloud-Based Workflow Automation – This feature automatically
matches invoices to purchase orders, routes invoices for review and
approval, and streamlines the overall process before advancing to
payment;
-
Archiving and Destruction – Iron Mountain can store paper and
electronic invoices or securely dispose of them depending on the
organization’s business or compliance requirements;
-
Reporting & Dashboard Functionality – Reporting
capabilities, coupled with real-time dashboards, provide greater
visibility into spending and payment-cycle times, showing audit trails
and workflow history to monitor discounts, identify cost-savings
opportunities and support compliance requirements.
Iron Mountain will demonstrate the Iron Mountain Electronic Invoice
solution at the Fusion
2012 conference in booth #225. For more on the new solution, visit www.storeaccessmanage.com/content/accountspayable.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM)
provides information storage and management services that help
organizations lower the costs, risks and inefficiencies of managing
their physical and digital data. The Company’s solutions enable
customers to protect and better use their information so they can
optimize their business and ensure proper recovery, compliance and
discovery. Founded in 1951, Iron Mountain manages billions of
information assets, including business records, electronic files,
medical data and more for organizations around the world. Visit www.ironmountain.com
or follow the company on Twitter @IronMountain
for more information.
Source: Iron Mountain Incorporated
Iron Mountain
Christian T. Potts, 617-535-8721
christian.potts@ironmountain.com
or
Weber
Shandwick
Kristen Georgian, 617-520-7042
kgeorgian@webershandwick.com