Press Release Summary:
Designed to help Global 2000 organizations adopt e-invoicing, 170 MarkView e-Invoice seamlessly integrates e-invoices into established accounts payable processes. It incorporates 170 MarkView e-Invoice Supplier Service, which provides access to extensive global supplier network, and enables suppliers to send electronic invoices to their buyers, automatically transforming them from supplier's format to buyer's format.
Original Press Release:
170 Systems Announces 170 MarkView® e-Invoice
Only Complete Solution for Consistent, Best Practice Processing of Electronic and Paper Invoices in Global 2000 Finance Organizations
BEDFORD, Mass., March 27 / -- 170 Systems Inc., the proven leader in delivering software solutions that optimize and manage financial processes, today announced 170 MarkView e-Invoice, the latest addition to the 170 MarkView Financial Suite. With this offering, 170 Systems provides the only solution that manages electronic invoices (e-invoices) and paper invoices with the same consistent, best practice processes.
Designed to help Global 2000 organizations rapidly adopt e-invoicing, 170 MarkView e-Invoice seamlessly integrates e-invoices into established AP processes, which helps Finance organizations reduce operating and compliance costs while improving efficiency. To enable a business' suppliers to easily submit their invoices electronically, 170 MarkView e-Invoice will incorporate the 170 MarkView e-Invoice Supplier Service, powered by OB10, the leading global e-invoicing network. The 170 MarkView e-Invoice Supplier Service provides access to the extensive global supplier network, which enables suppliers to send electronic invoices to their buyers, automatically transforming them from the supplier's format to the buyer's format.
Receiving invoices electronically has been proven to offer many benefits. According to The Hackett Group, "the average cost to process an electronic invoice line item is about 15% of the cost of a paper-based invoice. For the median company the cost is $0.58 per line item electronically compared to $3.84 per line item for a paper-based invoice.(1)
Organizations typically find that e-invoicing reduces invoice processing time, increases discount capture, reduces errors, and eliminates delays associated with receiving, handling and data entry from paper invoices. The Aberdeen Group found that payables process improvements typically exceed 60% when e-invoicing, e-payments and other forms of automation are implemented.
"Despite its significant benefits, many organizations have hesitated to embrace e-invoice-only solutions because they realize they will continue to receive paper from many of their suppliers well into the future," said Dave Ellenberger, president and CEO of 170 Systems. "With the addition of 170 MarkView e-Invoice, Finance organizations can now adopt e-invoicing as a component of a single system that manages the complete procure-to-pay cycle with a single, unified process and standardized controls, rather than a separate, stand-alone system outside of the established process."
About 170 Systems
170 Systems is the proven leader in delivering software solutions that manage and optimize financial processes. With over 40 percent of its customers in the Global 2000, 170 Systems' software embeds best practices in the end-to-end automation of financial processes, including Accounts Payable, Expense Management, Procurement, Accounts Receivable, Asset Management and General Ledger. The result is an unmatched solution that ensures cost- effective and timely management of all transactions via a consistent process so that finance organizations can reduce operating costs, strengthen internal controls, improve service levels and maximize cash flow. 170 MarkView, the company's flagship product suite, is tightly integrated with ERP systems, including Oracle E-Business Suite, PeopleSoft Enterprise Applications, and mySAP ERP Financials, and is operational in more than 40 countries worldwide.
For more information about 170 Systems, please call 781.743.1900 (North America), +44 0208 610 6009 (other regions) or visit http://www.170systems.com/.
170 Systems and 170 MarkView are registered trademarks of 170 Systems, Inc. All other trademarks are the property of their respective owners.
(1) The Hackett Group: Hackett Perspective/Expanding E-Invoicing By Working Closely With Suppliers, Internal Stakeholders and Governments, September 21, 2005
CONTACT: Allison Parker, +1-781-743-1991, aparker@170Systems.com, or Allen Carney, +1-781-743-2182, firstname.lastname@example.org, both of 170 Systems,