100%

visibility and control of

procure-to-pay process

80%

straight-through

invoice processing

100%

compliant document

archiving

“We now have better access to data with full visibility and control at every stage of the payment cycle.”

Daragh Grennan, Finance Manager, Mediolanum

Challenge

Mediolanum European Funds HQ is responsible for the management of €42 billion of assets. The global workforce was growing on an annual basis by 22% and the organization’s growth accelerated the need for full visibility over their procure-to-pay process (P2P) and replacement of manual procurement and accounts payable processes. The finance department needed a more efficient way of handling vendor invoices and payment queries. The time taken to process an invoice was lengthy, affecting month-end close and accruals. The costs associated with storing invoices and supporting documents was significant while search and retrieval was time-consuming.

Solution

SoftCo provided Mediolanum with an end-to-end Procure-to-Pay solution, incorporating all elements from eProcurement through to invoice capture, matching, and approval of invoices, ready for payment. Auto-match handles the matching of invoices against purchase orders and goods receipt notes. Fully automated and configurable approval workflows route invoices for approval to appropriate business users, ensuring the invoice lifecycle is kept to a minimum. SoftCo Procure-to-Pay full integrates with Mediolanum’s Investpro ERP system for payment posting. Mediolanum operate in a highly regulated environment whereby archived documents must meet regulatory compliance obligations such as GDPR and AML. The SoftCo Compliant Archive is SÄHKE2 certified, ensuring the authenticity of the original unaltered document.  Mediolanum automatically archive their processed vendor invoices and supporting financial documents. The solution indexes and categorizes all documents at the time of capture, for fast search and retrieval process.

Results

Mediolanum have 100% visibility and control over every stage of the P2P process, from procurement through to invoice capture, matching and approval. SoftCo Procure-to-Pay has removed unproductive manual invoice processing tasks and delivered increased efficiencies across the finance department. Mediolanum have achieved 80% straight-through processing of invoices, without the need for intervention. Fully automated and configurable workflows have reduced invoice approval times, further expedited by ‘on-the-go’ approval via email, ensuring vendors are always paid on time. The AP team has full visibility and control over every stage of the invoice cycle. Mediolanum now handle invoice queries and settlements with vendors in a timelier manner.

Information
  • Industry:Financial Services
  • Solution:Procure-to-Pay
    & Compliant Archive
  • Region:Europe
  • Employees:1,000
  • Invoices:10,000 per annum
  • ERP System:SAP

Mediolanum Group is an international financial services conglomerate. Founded in Italy in 1982, the company has grown on an international level. The group operates a number of retail banks across Italy, Spain and Germany. In 2001, the group acquired GAMAX Management AG, headquartered in Luxembourg. Mediolanum European Funds HQ is based in Dublin, Ireland.  Today, through its European branches in Italy, Luxembourg, Ireland, Germany, and Spain, the Mediolanum Group is an international financial market leader with over 1.3 million customers and 74 billion assets under its administration.

“SoftCo’s solution has delivered real benefits and savings. We have completely removed all manual invoice processing tasks which has significantly reduced invoice lifecycles.”

Daragh Grennan,
Finance Manager, Mediolanum

Case Studies

Why choose SoftCo?

SoftCo’s Smart Automation solutions automate Procure-to-Pay, Accounts Payable, Vendor Management, eBilling and Contract Management processes. Reducing costs, increasing efficiencies and delivering an intuitive user experience across all devices. SoftCo Compliant Archive is SÄHKE2 and ISO 27001 certified, meets all compliance obligations and effectively manages all organization data.

Smart Automation

User Experience

Return on Investment

Security & Compliance