New Look Profits From Scanning And e-invoicing

Major high street retailer, New Look, is using a new universal trading and document imaging solution that allows it to electronically exchange documents with its trading partners and suppliers. The system enables New Look to fully automate its document processing and will deliver immediate cost savings and improved efficiency.

The solution has been developed by P2D, a business services company that specialises in document systems that turn 'paper to data'. Using a KODAK i160 scanner as an integral component, P2D offers all the benefits of EDI (Electronic Data Interchange) at a fraction of the normal cost. Whereas EDI is traditionally the preserve of large corporates and is normally too expensive for small businesses, the P2D solution allows all suppliers to join at no cost to them.

The P2D solution with Kodak scanner provides a more efficient invoice processing system for New Look and its suppliers. As the company expands, it will mean operational costs associated with the finance function will be minimized and staff freed up to focus on core activities not invoice management and approval.

The solution acts as an electronic exchange for documents such as invoices, orders and balance statements and automates the manual processes with a secure service. Documents are transmitted directly between New Look and supplier systems removing costly and error prone data entry. Each transaction is delivered for a fixed transaction cost of 25 pence - less than the cost of the stamp that an invoice printed and posted to the retailer would cost. Some reports estimate that the variable paper and delivery cost of a traditional invoice is over £1.20.

Since the system went live, 120 suppliers have already agreed to use it, and 300 are expected to be online within the next 6 months, with P2D supporting them to get set up correctly.