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82% reduction in manual tasks after Nordea streamlined procurement and invoice management with Proceedo

Nordea has automated large parts of its invoice processes

Øystein Engen is Head of Procurement Services at Nordea in Norway and is responsible for the entire purchase to pay process - from demand to payment. Nordea in Norway implemented Proceedo in 2008 (since 2006 in Sweden) and has managed to automate large parts of its invoice processes.

This is done by ensuring that a large proportion of invoices are sent as e-invoices and by matching incoming invoices to the orders created in the system. The functions in Proceedo streamline both procurement and invoice management.

Nordea's procurement policy describes the channels to be used when ordering the various services. Most orders are placed in Proceedo and all invoices are processed in the same system, allowing the invoice process to be highly automated.

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Increased efficiency

Order matching and subscription solution

Nordea has merged its procurement and invoice management departments. The aim is to get a better overview of the entire process, from purchasing to payment.

- With the order matching and subscription solution in Visma Proceedo, we have gained a more efficient management, says Engen.

Nordea monitors the invoice flow and produces reports every month, giving an overview of suppliers, scanned invoices and the number of e-invoices, among other things.

- When procurement and invoicing go hand in hand, both the process and the workflow improve. We get better control over the purchases, which are made in the purchasing system, and the invoices we receive, he emphasizes.

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Purchase-to-Pay Automation

Better control with purchase-to-pay automation

With Visma Proceedo's e-invoice and invoice subscription, Nordea's processing time has been significantly reduced. In addition, features such as order matching and subscription solutions have reduced the need for reviews and authorization.

- "We have managed to automate about 82% of the invoice processing thanks to the invoice subscription module in combination with the order matching and goods receipt in the purchasing module in Visma Proceedo," says Engen.

Constant development together with customers

Visma and Nordea have a good working relationship, and Visma has taken several of Nordea's views into account when updating the product.

- So far, the dialog has worked very well. Now we hope for further development of the order module in Visma Proceedo. The category tree was a good start to this," explains Engen.

- "We expect to be able to streamline the certification routines with the help of mobile applications," he says.

- For us, availability and stability are important. At the same time, it is important that the system is easy to use for our users, so that they can easily find what they are looking for," Engen concludes.

Summary

Customer case Nordea

Solution

  • Definition of common database and payment solution
  • Implement Visma Proceedo as ordering and invoicing system
  • Gradually implement the functionality of Proceedo such as e-invoicing, subscriptions, automatic approval, order matching enabling processes that streamline the management of orders and invoices

Outcome

  • Increased automation (82%) and efficiency
  • Managers and employees spend less time on the billing process and more time on core Nordea business
  • Saved millions by cutting costs