Ohio-based Hyland Software (news, site) which announced it was launching its SaaS enterprise content management system in Europe in July, has now announced that it has teamed up with Swedish document automation giant ReadSoft.
While the companies say that the partnership touches all kinds of documentation processes, this partnership appears to be focused primarily on integrating one of ReadSoft’s main solutions into Hyland’s OnBase ECM, notably invoice processing from end to end.
It's an interesting match in that earlier in the year when following Hyland’s takeover of Valco Data Systems, Hylands’ CEO A.J. Hyland, identified healthcare providers as its single biggest market.
But then, on second thought, healthcare provision and invoicing go together like cheese and crackers.
So without getting cheesy about it, Hyland Software’s OnBase ECM is an impressive integrated document management and workflow solution that enables you to manage and optimize complex business processes.
With the SaaS package you can also pick and choose which particular items you want to include in your set up.
By doing this users can align critical content with core processes and business applications, as well as track, expedite and interlink information streams throughout the enterprise.
OnBase supports advanced features such as alternate routing logic, automatic criteria calculation, simultaneous notification and load balancing. Its API functionality enables integration with core legacy systems.
And now it includes ReadSoft’s DOCUMENTS for Invoices -- their accounts payable automation solution -- which should appeal to bigger companies that produce many invoices – like healthcare companies for example.
According to ReadSoft an average invoice costs between US$ 20 to US$ 60 to process so assuming 20,000 invoices a year, with the reduction in processing costs associated with the automated process, you could save yourself up to US $100,000 annually.
What it does is:
- Capture paper based or electronic information from incoming invoices
- Classify and sort the invoices automatically
- Validate the captured data against your business system eg SAP or Oracle
- Approve invoices on-line in an electronic workflow
- Covers every step of your invoice processing, from capture to post
Novel Payment Option
Hyland announced only days ago that it had partnered with Grants Office, a for-profit research firm that helps organizations find and obtain grant funding to install Hyland’s OnBase ECM.
Grants Office, the story goes, will find grants that companies can apply for so they can install OnBase. If only money could always be that simple.