Imagination
April 2008 - Issue 02
NEWSBYTE
We're very proud that the system we've developed for Screwfix Direct resulted in the company being awarded the Retail Systems 'Back Office Solution of the Year' award last November. Our Procura solution has helped Screwfix to keep pace with massive growth in incoming invoices without the need for further recruitment.
Paul Roy, Head of Operational Finance at Screwfix Direct, explains: "When we first engaged with Image Integrators, we had ten staff in Accounts Payable. Since then, our business has doubled in size and we still have only ten people in that function."
The judging panel was looking for clear business benefits and was impressed by the degree to which Screwfix's system has increased staff productivity and efficiency. A high and continuing financial payback plus a clear return on investment beyond the company's expectations made its award submission stand head and shoulders above its competitors.
As Screwfix Direct has grown, so too has the volume of supplier invoices. This was resulting in misplaced documents, lengthy invoice approval and retrieval, plus a negative effect on employee morale within Finance. Rather than simply increasing staff to cope with the number of incoming invoices, Screwfix Direct opted for an outsourced Procura invoice processing and document management solution as the means to drive out paperwork and eliminate inefficiencies and costs.
Adds Paul Roy: "Despite invoice volumes growing substantially, we have managed not to the recruit the additional people we originally thought we would have to. This has saved us in the region of £70,000 per annum. With the efficiency and productivity improvements we now have, we are enjoying savings of over £100,000 per annum continuously."