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Wednesday, April 10, 2013

 Media Release
IT firm launches cutting-edge Accounts Payable system

MELBOURNE-based technology company Evolve IS is taking finance to the clouds launching a new mobile automated Accounts Payable system based on new recognition technology.

Named EIPS (Evolve Invoice Processing Solution), the system automates the manual entry of data from incoming invoices, the approval process, and can integrate with organisations’ existing systems to remove 80 per cent of the workload involved in Accounts Payable.

The cutting-edge cloud-based solution is also compatible with mobile devices and is the latest in ICR (Intelligent Character Recognition) technology replacing the need for templates of previous automated systems.

Evolve chief executive Bill Kennedy said EIPS had been developed to meet the growing mobile needs of companies.

“More and more companies are moving into cloud-based environments for their communication and sales tools, and are naturally demanding more of these solutions for other areas of their business,” said Mr Kennedy.

“In contrast to this, the Accounts Payable process is largely a manually driven operation in many organisations with reams of paper, manual data entry and approval processes.

“So we decided to develop a solution that provides greater efficiency and accuracy, is much more cost effective than old OCR technology, and enhances their mobile strategy.”

Previous Optical Character Recognition (OCR) technology relied on matching scans and document uploads with pre-defined templates that target specific areas to extract the data. This technology in invoice processing results in set up costs of designing numerous templates for different invoice formats.

With new ICR technology, after scanning or uploading the document, the reader automatically extracts the data without the need for templates and also recognises legible handwriting.

Mr Kennedy said the move to ICR was a ‘no-brainer’ for companies to future proof their financial operations.

“Many of our clients have more than 2,000 suppliers, and while some of them would use similar invoice layouts, if they had gone with OCR it would have meant hundreds of templates would have had to be built to automate their invoice processing.

“What ICR gives companies is the flexibility by eliminating modification-related costs that would arise from shopping around suppliers to get the best deal, or furthermore, when you expand your business and take on more suppliers.”

The system also features built-in automated invoice approval workflows, which is accessible from any web-enabled device including tablets, mobile phones and notebooks.

 

 

Mr Kennedy said the EIPS concept centered on improving efficiency and flexibility in financial operations.

“EIPS has a Software As A Service (SAAS) option, which means that medium-sized businesses can access automation technology that traditionally wouldn’t have been a financially viable option for them in the past.

Evolve IS is based in Collins Street, Melbourne, and has nine years’ experience in information systems focussing on business-outcome driven technology.

For further information contact Anthony Millican on 0402 805 188 or email anthony.millican@evolve-is.com.au

 

Wednesday, February 20, 2013

Media Release
Business Intelligence the smart investment, says Gartner

Investment in business intelligence systems is set to rise to $13.8 billion next year as new sectors adopt the technology, says Gartner Inc.

In its most recent report, Gartner has revealed that while chief information officer (CIO) consumption of business analytical systems within organisations has been high in the past, it expects several new sectors within businesses to start utilising the technology.

Gartner research vice president Kurt Schlegal said the shift towards new applications for BI technology would emerge in 2013.

“Although this is a mature market and has been a top CIO priority for years, there is still a lot of unmet demand,” said Mr Schlegal.

“Every company has numerous subject areas – such as HR, marketing, social and so on – that have yet to even start with BI and analytics.

“The descriptive analytics have largely been completed for most large companies in traditional subject areas, such as finance and sales, but there is still a lot of growth expected for diagnostic, predictive and prescriptive deployments.”

The research also revealed that the industry should expect consistent growth for years to come.

Melbourne-based information services company Evolve IS chief executive Bill Kennedy said demand was already high from the early adopters in new markets.

“Towards the end of last year and certainly the beginning of 2013, we are doing a number of projects that you could say are ‘unconventional’ and utilising data that is not only for improving business but improving their operations,” said Mr Kennedy.

“One of our real success stories at the moment is a school pulling together a number data sources to analyse student and teacher performance, and really delving into how they can improve their educational outcomes for their students.”

Mr Kennedy said many companies, and departments within them, didn’t realise the potential to analyse the data that they already have.

“The more you push into paperless, computer and mobile-based systems to carry out day to day duties, the more you are cultivating data,” he said.

“Business intelligence is how your transform perceived meaningless data into intelligence support for decision makers, that’s where the value is.”

Evolve IS is based in Collins Street, Melbourne, and has nine years experience in information systems focussing on business-outcome driven technology.

For further information contact Anthony Millican on 0402 805 188 or email anthony.millican@evolve-is.com.au