V1, a leading provider of business automation solutions, has announced the latest version of its integrated document management software, V1 DM 3.6. The new system has significantly enhanced functionality including KPI reporting to enable businesses to identify inefficiencies and streamline purchase-to-pay processes (P2P).
The upgraded solution includes the option of a visual dashboard which simplifies management reporting by displaying Key Performance Indicators (KPIs) in a single web-based system. The dashboards leverage the latest web technology to present staff with at a glance KPIs coupled with the ability to drill into detail via one click sub reports, Excel export and document display.
Reports can be generated to provide insight into accounts payable, approver and optical character recognition performance. In turn this will help customers to improve financial visibility and identify discount opportunities and cost savings.
V1’s document management software enables the creation, capture, storage, authorisation and delivery of business documents. The technology allows businesses to replace paper-based processes with electronic procedures, eliminating the printing, posting and manual filing of paper documents.
With the upgraded V1 DM 3.6, users will be able to quickly and easily see information about how the document management system is being used, such as how many documents are being scanned, by whom and when. Information like this will enable better management of workloads, allow changes to be made where necessary and improve decision making.
The reporting features will also enable users to see how quickly suppliers are being paid and the accrued value of invoices awaiting final approval. With greater control of P2P processes, businesses can negotiate favourable terms with suppliers to benefit from early payment discounts, and improve cash flow management.
Janette Martin, Managing Director of V1, said: “Organisations are increasingly under pressure to be more accountable for the way they operate and to have measurable controls in place to ensure they are working efficiently. The latest version of our technology provides instant access to key performance indicators to enable businesses to gain the insight they need to make informed decisions in a timelier manner.
“With easy access to financial information, businesses can quickly identify where efficiencies can be made and increase productivity through streamlined processes.”
Other functionality within V1 DM 3.6 includes improved, secure PDF handling, BACS updates, environment updates and full document audit history.