In the face of an increasingly tough, competitive environment, how can you quickly and efficiently digitally transform a legacy manual process? For one of Malaysia’s largest retail chains, the answer was to leverage the OpenText™ Suite for SAP®.
With 78 retail stores in Malaysia, Mydin Mohamed Holdings Berhad (MYDIN) is a household name. The company receives around 2,000 invoices per day and well over half a million per year. Invoices were previously processed by approximately 125 people that were tasked with entering the data and physically managing the paperwork.
Malik Murad Ali, IT Director at MYDIN, explains the challenges of their previous manual invoice processing, “With a reliance on human input and so many duplicate touchpoints, we understandably experienced a lot of errors despite the skilled and attentive nature of our finance professionals. Not to mention how mundane this work was for our skilled professionals and costly for our business.”
With MYDIN’s plans to keep growing, this problem was only going to increase ꟷ they would soon run out of office space with paper everywhere.
MYDIN sought to find a truly integrated solution that would transform the process from end-to-end. OpenText, a long-standing SAP partner, offered a combined and unique solution ꟷ OpenText Vendor Invoice Management (VIM) for SAP® and OpenText Invoice Capture Center (ICC).
After implementing the OpenText solutions, MYDIN has achieved a remarkable level of invoice processing automation. At least 95 percent of invoices received are auto-matched and do not require any human intervention. This in turn vastly reduces the chance for errors to occur in the process.
The company has also been able to redeploy headcount to other important tasks and requires far less staff for the invoice processing role. Even though the company is experiencing accelerated growth, no additional staff hiring was required.
“The number of staff required to manage invoice processing is 50% lower. It has even improved our staff retention unexpectedly – we now have trained accountants doing high value work instead of mundane administrative processing. It is a better use of their time, they are more engaged, staff churn is down while our productivity is going through the roof.”
– Malik Murad Ali, IT Director at MYDIN
MYDIN is a valued member of the OpenText Elite™ customer loyalty program and we had the pleasure of interviewing the team for a new Success Story. Check it out here!