Superior Analytics Improve Productivity and Visibility
170 MarkView® Insight supports the world-class organization's quest for continuous financial process improvement with real-time monitoring of business processes. This "process intelligence" is a natural complement to the business intelligence solutions implemented by many companies, enabling finance managers to monitor, sense, and respond to the daily events and activities that occur in Accounting.
170 MarkView Insight gives finance managers the ability to clearly identify operational inefficiencies or bottlenecks, potential fraud, and impending cash flow problems. It also gives them data they can use to improve departmental productivity and performance. Benefiting from 170 MarkView's ERP integration, 170 MarkView Insight provides comprehensive information about any given transaction and where it stands in the process flow so that managers can access all relevant details, including the original invoice image and all backup information, as well as 170 MarkView MarkUps.
Direct Access to Key Metrics on Operational Performance
By providing a detailed window into finance processes, 170 MarkView Insight equips finance managers with the metrics they need to improve their organizations' performance. 170 MarkView Insight provides a simple web-based form that lets users select the criteria for a query or report: the process steps involved, the user or group of users, etc. The results are delivered in an intuitive browser-based interface that gives users the flexibility to view the data in the manner that is most useful to them.
The 170 MarkView Insight Monitor includes both bar-chart and list views of results so that users have both graphical and granular presentations of the data. Filters can be used to screen high value invoices, high priority invoices, or invoices for particular divisions. Because 170 MarkView Insight Monitor uses role-based security, access is provided only to those authorized to view that level of information.
IQs-170 MarkView Insight's Interactive Queries- enable finance managers to determine throughput by user, workflow or queue. For example, how does processing cycle time for PO based invoices compare to non-PO based invoices? Where should management reallocate resources to improve throughput? Once an IQ has been run, the results can be exported to a file, such as a Microsoft Excel spreadsheet, for further analysis or inclusion in a presentation or written report.
Productivity-related Insight IQs:
User Input by Queue - provides performance metrics for an individual user such as the number of items processed, minimum, maximum, and average times. Finance managers can also compare the performance of multiple workers.
User Working Folder - enables a finance manager to view the contents of a user's folder and determine progress against the backlog of tasks. The user can be either an AP processor or a line-of-business manager involved in the AP process.
Workflow Time to Complete - for a given type of invoice, shows the number of items processed as well as the minimum, maximum, and average times. Managers can determine trends and compare workflows to determine what needs to be improved.
Financial Accounting
The Unprocessed Invoice Liability IQ gives finance managers a high-level overview of outstanding invoices with full access to the underlying data. Users can drill down to the actual invoice data to get additional information such as each individual outstanding invoice's amount. The user can also view the data in many ways: PO vs. non-PO invoices, by organization unit, etc. The Unprocessed Invoice Liability IQ gives finance managers the visibility into unprocessed invoices that they need when managing cash.
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Stronger Compliance and Controls
170 MarkView enables finance managers to strengthen controls through the use of capabilities, e.g., requiring segregation of duties for each transaction. 170 MarkView Insight IQs check for instances where a user may be fulfilling two roles that should be kept separate. Managers review the instances, drill down to transaction details, and determine the transaction's status. 170 MarkView also ensures that standard procedures are followed, such as detecting when an ERP record lacks a required attachment. Examples of compliance related IQs:
Invoice Creation Fraud- shows instances where a user has both entered an invoice and either created the supplier or updated the supplier record.
Invoice Approval Fraud- shows instances where a user has entered and approved an invoice.
Invoices without Attachment- shows the invoices that do not have attachments.
Suppliers without Attachment- shows suppliers that do not have mandatory backup documentation such as a W-9 form.
Benefits of 170 MarkView Insight
Improved Visibility-170 MarkView Insight provides more visibility into financial processes than is found with the native ERP system. By incorporating process and ERP data, Insight delivers information that would not typically be available to finance managers. The metrics tracked by 170 MarkView Insight are very useful for finance organizations moving to a shared service center, off-shoring, or outsourcing.
Earlier Visibility-ERP systems are only aware of invoices that have already been processed. 170 MarkView records invoices upon receipt and Insight gives finance managers visibility into those invoices immediately - in most cases far earlier than after approval.
Improved Productivity-170 MarkView Insight enables finance managers to identify productivity issues and workflow bottlenecks and take appropriate action, e.g., enhanced training, to improve performance.
Improved Cash Flow-With 170 MarkView Insight providing information on large invoices delayed in the AP process, finance managers can take corrective action and move invoices through the system faster, leading to increased discount capture.
Strengthened Internal Controls-170 MarkView Insight provides a "second line of defense" to the controls inherent in the 170 MarkView Financial Suite.
