Case Study Snapshot
• High carbon footprint due to paper-based invoices
• No visibility over the billing process
• 22% cost savings in implementing this solution
• Faster invoice processing (from 9 working days to 3)
• Efficient invoice tracking and cashflow management
• User-friendly online dashboard for viewing invoices and making payment
• 99.9% adoption rate by customers
About Fuji Xerox Singapore
Fuji Xerox Singapore is a leading provider and trusted partner for quality document services and communications, enabling businesses to collaborate across multiple platforms seamlessly. Established in 1965 with a team of industry-leading professionals, Fuji Xerox Singapore drives a portfolio of document management technologies, transformational solutions, and customer communication services that include smart office multifunction devices, cloud and mobile solutions, multichannel marketing solutions, and business process management solutions.
Massive Invoice Volumes Key Driver for E-Invoicing
Invoicing is an indispensable business function that directly affects the cashflow of a business.
Fuji Xerox Singapore manages an average of 32,500 invoices each month, making billing and invoice-tracking tedious and time-consuming. Sending out invoices was a manual process that took up to 9 working days or more. This translated into high carbon footprint and cashflow issues for the business, as changes in clients’ addresses were not always updated and invoices wrongly addressed, resulting in late payments.
As a business championing technology, productivity and transformation, Fuji Xerox Singapore pursued an overhaul of its invoicing system to walk the talk as a digitally transformed business. This was a move that would reduce the business’ reliance on paper, and dovetail with its green corporate goals.
“We are in the business of transforming companies in a sustainable way and helping them compete in an increasingly digital environment. This is a business principle we uphold not just for our customers, but also within Fuji Xerox Singapore.”
- Mr Peter Wong, Chief Financial Officer, Fuji Xerox Singapore
Fuji Xerox Singapore’s digital transformation was inspired amidst the rise of e-invoicing due in part to the government’s Nationwide E-Invoicing Framework. Besides improving operational efficiency, Fuji Xerox Singapore aimed to realise its vision of being a sustainable-first and customer-centric business. This would improve both the customer experience and its cash cycle turnover, as well as conserve the environment.
An E-Invoicing Solution
The hassle of manual invoice processing at Fuji Xerox Singapore could only be eliminated with an intelligent system that could automatically format, deliver and archive invoices. Esker’s Accounts Receivable Solution addressed these needs with its built-in Artificial Intelligence-driven data capture, touchless processing and electronic workflow capabilities. It automatically made copies of invoices and credit notes available on its Customer Portal, a user-friendly online dashboard, which was accessible 24/7. This in turn helped Fuji Xerox Singapore track its invoices efficiently by flagging if a customer has viewed an invoice, or if an invoice was unsuccessfully sent. Besides keeping the business up-to-date on the payment status of its invoices, Fuji Xerox Singapore was further assured of fast payment through services such as autopay and discount management tools.
Esker’s Accounts Receivable Solution reduced the effort needed for Fuji Xerox Singapore to achieve strategic invoicing goals such as cost reduction, invoice visibility and improved cash management. With an integrated view of its accounts receivable data, Fuji Xerox Singapore was able to manage client data efficiently, safely archive invoices for five years, as well as store customer correspondences. This digitalisation has improved payment compliance outcomes for the business.
Implementing the Esker software was a breeze. Fuji Xerox Singapore’s customers were issued a personalised login ID and password for the Customer Portal, where they were able to set their invoice delivery preferences. Whenever an invoice was issued, customers would receive a notification email with a direct link to the invoice on the portal. This created a simple onboarding process for customers, streamlined the invoicing process and gave the business greater control over its invoices and payments.
‘Walking the Talk’ to Digitally Transform our Business
In the months following the implementation of Esker’s Accounts Receivable Solution, Fuji Xerox Singapore has transformed the way it manages cash flow and expedites money collection. With this digital transformation project – a cost-saving investment in a financial grant under the Nationwide E-Invoicing Framework, Fuji Xerox Singapore was able to reduce costs by 22% and enjoy faster payment cycles.
Digital invoices are centralised in a single platform, enabling Fuji Xerox Singapore to gain visibility over outstanding invoices, erroneous invoices, as well as invoices that were unsuccessfully delivered. This enabled the business to conveniently keep track of payments and actionable items and ensure that its clients are making timely payments.
In addition, the business was able to enjoy a high successful delivery rate of 93% for its digital invoices. By eliminating manual data entry and printing and digitising the invoicing process, Fuji Xerox Singapore has reduced the average time required to create and deliver an invoice from 9 working days to 3 working days. This reduced the administrative burden on staff, instead freeing them for high-value, client-fronting tasks.
With the Customer Portal, customers were now also able to access an overview of their account and invoices, make payment or enroll in automatic payment plans, and view outstanding invoices and past correspondences with Fuji Xerox Singapore. As these records are required to be stored for five years under the law, customers were able to reduce administrative costs while staying compliant with tax laws and regulations. Clients could also opt to receive digital invoices either by email or electronic data interchange (EDI), or seamlessly make urgent payments online.
“We have stayed true to our roots of introducing pragmatic and impactful digital solutions that would help businesses adjust to new global technological realities. E-invoicing is one such demonstrable aspect in which we are walking the talk, as we spur our clients on in embracing digital technology and keeping pace with changing customer expectations.”
- Mr Peter Wong, Chief Financial Officer, Fuji Xerox Singapore
Fuji Xerox Singapore Case Study
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