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Payables Accelarator Package

The Process Minery Payables Optimization Accelerator helps to improve your Oracle Accounts Payable Process. The accelerator provides out of the box analyses to improve your AP process in Oracle. The pre-built applications in our accelerator package help to address several Business Objectives for your Accounts Payables process and offers several improvement opportunities. It helps to improve your On Time Payment rate by reducing the number of Invoice Holds, eliminating rework and automate where possible. It also detects Duplicate Invoices and prevents you from paying invoices twice. It reduces the number of Maverick Invoices by detecting invoices that should have been matched to a Purchase Order. The Supplier Master Data Application provides detailed insight into the supplier master and IBAN data in Oracle and validates this data.

 

The Process Connectors in this package help to accelerate the data extraction and transformation for the Payables process in Oracle EBS and ERP-Cloud. 

 

Implementing the Accounts Payable Accelerator helps to improve the following:

1.
Improve On Time Payment Rate
2.
Correct Supplier Master Data
3.
Detects Duplicate Invoices
4.
Validate IBAN's

.

5.
Less Maverick Buying

Ontime Payment App

Improve On Time Payment Rate

Challenge

Ontime payment can be challenging for businesses. Late payments can impact cash flow, require significant administrative effort, strain supplier relationships and result in legal action.

Solution

The Ontime payment App provides insights into the payment process and identifies areas where delays may occur. Identify opportunities for improvement to reduce the likelihood of late payments.

Features & Capabilities:

  • Monitor Early, Ontime and Late Payments
  • Analyze and Reduce Invoice Holds
  • Improve relationship with suppliers

Maverick Buying App

Less Maverick Buying

Challenge

Maverick buying, the purchasing outside of established procurement processes, can result in financial losses, compliance issues and inefficiencies for businesses. It can also damage supplier relationships due to confusion and frustration.

 

Solution

The Maverick Buying App provides insights into the actual procurement process and identifies areas where non-compliant purchases are being made.

Features & Capabilities:

  • Analyze Procurement and Payables data
  • Identify the root causes of Maverick Buying
  • Monitor & increase compliance

Supplier Master Data App

Correct Supplier Master Data 

Challenge

Accurate and well-controlled Supplier Master Data is crucial for business operations to avoid costly mistakes from unregulated changes and incorrect payments. It’s important to audit the Bank Account Changes and validate the Supplier Purchasing and Paying activity.

 

Solution

The Supplier Master Data App provides detailed insight into the Supplier Master data and Bank Account changes in Oracle.

 

Features & Capabilities:

  • Full history of Bank Account Changes
  • Supplier Invoice Activity insight
  • Supplier Purchasing Activity insight
  • VAT Number validation
  • Action Flow to automate the online VAT Number Check (EU)

Duplicate Invoice Checker App

Detects Duplicate Invoices 

Challenge

Duplicate invoices can result in overpayment, accounting errors and are time-consuming to deal with for businesses. Additionally, they can strain vendor relationships and damage reputation. It is crucial for businesses to detect and prevent duplicate invoices from being paid.

 

Solution

The Duplicate Invoice Checker App helps to improve the accounts payable process by reducing the risk of duplicate payments. The App detects duplicate invoices and prevents paying an invoice twice.

 

Features & Capabilities:

  • Detecting duplicate invoices
  • Automatically Signals Potential Duplicates
  • Monitoring resolution
  • Prevents paying twice
  • Reduces Rework

IBAN Checker App

Validate IBAN’s 

Challenge

Having accurate and current bank account data is essential for any business’s payables process. Incorrect changes to this data can result in costly errors and incorrect payments.

Solution

Reduce these errors by using the IBAN Checker App, which automatically verifies IBANs online and send notifications if there are issues.

Features & Capabilities:

  • Full Visibility of IBAN registration and changes
  • Only pay to validated IBAN accounts
  • Ensure valid IBAN registration
  • Signals and notifies Name mismatches, Chamber of Commerce (KVK) mismatches and Invalid IBANs
  • Signals switched Bank Account holders

Payment Verification App

Verify Incoming Invoices

Challenge

This app automatically executes seven very common and important internal controls. Based on those results the incoming invoices are divided into three categories: High, Medium and Verified invoices.
With this view you can easily identify the possible risk invoices and act proactive before a wrong payment is made. It is also possible to automatically put those risk invoices on hold.

Solution

Clear overview of all the possible high or medium risk invoices. This overview gives the possibility to take the appropriate actions on the possible risk invoices, before a wrong payment is made.

Features & Capabilities:

  • Automatically view high risk invoices
  • Only pay validated invoices
  • Avoid wrong Payments
  • Checks all invoices instead of manually spot checking a small random selection of invoices
  • Automate internal controls

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