METTEN Stein+Design transforms invoice processing with M-Files
METTEN Stein+Design Transforms Invoice Processing with M-Files: From Seven Days to One
Highlights
- Reduced Processing Time: The processing time for incoming invoices decreased closer to 90% from up to seven days to just one day.
- Improved Accessibility and Efficiency: Employees now have full access to all commercial documents via the M-Files desktop client or web client for Mac users.
- Digitalization: Transitioning from manual to digital document handling has led to substantial annual cost savings.
- Enhanced Accuracy: The automated data capture and integration with the existing ERP system have minimized incorrect entries and improved the accuracy of invoice processing.
Use Case
Invoice Processing
Quality Management
Industry
Production and Trade
Country
Germany
Company Introduction
METTEN Stein+Design GmbH & Co KG, a family-owned business and innovation leader in German concrete block manufacturing, has been a market presence for over 80 years. Founded in 1938 by two brothers in Bergisch Gladbach, METTEN has focused on developing and patenting special blocks. Today, their products are produced not only in Europe and the United States but also in South Korea, Saudi Arabia, Dubai, and Israel, thanks to a global network of licensees.
Key Challenges Before M-Files
METTEN Stein+Design faced several significant challenges in their document management processes. The company receives an average of 750 invoices per month, with 70% still in paper form. The manual process of viewing, stamping, and sending invoices to the relevant departments for approval could take up to seven days. This often resulted in missed discount periods and a lack of oversight into outstanding items. With the onset of the COVID-19 pandemic, the shift to remote work highlighted the need for electronic document processing. Initially, all incoming invoices had to be sent to accounting staff working from home, which was not feasible in the long term. The manual handling of invoices led to frequent issues with data entry errors and inefficiencies in tracking and processing documents.
“We realized that this approach was unsustainable, and we communicated this to our ERP system provider, OGS,” explains Ronny Hilden, who oversees HR, organization, and IT at METTEN Stein+Design.
The M-Files Solution
To address these challenges, METTEN Stein+Design implemented several solutions with the help of DMSFACTORY. The company introduced the M-Files Knowledge Work Automation system, integrated with their OGSiD ERP system. This was supplemented by DMSFACTORY ContextView for an optimal user experience and DMSFACTORY SmartCapturing for automated data capture. METTEN encouraged its suppliers to send invoices electronically, achieving a 95% compliance rate. This significantly reduced the reliance on paper-based processes. Using SmartCapturing, the data from invoices is regularly read out and subjected to Optical Character Recognition (OCR). If all relevant data is clearly recognizable, the invoice is automatically processed in M-Files. If any information is missing, it is added manually, and the supplier is recreated in OGSiD for future reference.
“Our partnership with DMSFACTORY was excellent. We maintained continuous communication for any necessary adjustments, and any issues were promptly resolved. The live installation ran smoothly and there have been no problems. This approach naturally boosted employee acceptance from the very beginning,” Ronny said.
The Results
Processing Time Reduced to One Day While Allowing Working from Anywhere
The implementation of M-Files brought numerous benefits to METTEN Stein+Design. The processing time for incoming invoices decreased from up to seven days to just one day. This improvement allowed the company to take advantage of discount periods and maintain a better oversight of outstanding items. Employees, including those working remotely, now have full access to all commercial documents via the M-Files desktop client or web client for Mac users. This has minimized search times and improved overall efficiency. The company no longer needs to shred and destroy old paper documents annually, resulting in significant cost savings. The automated data capture and integration with the ERP system have minimized incorrect entries and improved the accuracy of invoice processing. In addition to invoices, METTEN now stores incoming supplier bills, outgoing delivery bills, invoices, quotations, and order confirmations in M-Files. The comprehensive knowledge work automation system has streamlined operations across various departments.
“We’ve reduced the processing time for incoming invoices from as long as seven days to just one day,” states Anne Mathiak, Head of Accounting at METTEN Stein+Design.
Future Plans
METTEN Stein+Design continues to expand the use of M-Files. The team is working on keeping certain incoming email orders accessible long-term via M-Files, ensuring important orders remain available and traceable for years. Additionally, the company plans to process goods invoices with purchase order references in the new system, further enhancing efficiency and accuracy.
“Our partnership with DMSFACTORY was excellent. We maintained continuous communication for any necessary adjustments, and any issues were promptly resolved. The live installation ran smoothly and there have been no problems. This approach naturally boosted employee acceptance from the very beginning.”
Ronny Hilden, METTEN Stein+Design
Why M-Files?
M-Files is the leading platform for automating intellectual work. With M-Files, professionals can find information faster, work smarter, and achieve more. M-Files features innovative metadata-driven architecture, built-in workflow, and advanced artificial intelligence. This enables customers to eliminate information chaos, improve process efficiency, and automate security and compliance.
For more information, visit https://litiko.com
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