Efficient management of supplier invoices is crucial to the financial and operational health of companies. SAP Invoice Management by OpenText (VIM) meets this need, offering advanced tools to automate and optimize invoice processing. With the release of the new major version in October 2020 (version 7.6 for ECC6 / 20.4 for S/4HANA), followed by several intermediate updates, OpenText continues to improve and expand VIM functionalities to meet the growing requirements of modern businesses.
What is SAP Invoice Management by OpenText?
SAP Invoice Management by OpenText (VIM) is an SAP-integrated solution that automates the processing of supplier invoices, from receipt to archiving, verification and approval. The solution reduces processing times, improves data accuracy and enhances regulatory compliance. VIM is based on advanced technologies such as
- Optical character recognition (OCR)
- Artificial intelligence (AI) to automatically learn from any recognition inaccuracies in optical recognition, based on corrections made by the user.
- Automatic determination of imputation schemes based on historical data
New features and innovations in the latest version
The latest version of VIM (version 7.6 for ECC6 / 20.4 for S/4HANA), brings significant improvements for SAP S/4HANA and SAP ECC6 users:
New recognition and identification engine
The new version of VIM incorporates a Machine Learning-based recognition engine, capable of automatically identifying suppliers and companies from invoices. This technology reduces data entry errors and speeds up the invoice validation process.
Video coding in SAP or FIORI
The integration of videocoding functionality into SAP and FIORI enables better visualization and validation of invoice information. Users can now check and correct data directly from the FIORI interface, simplifying the process and improving ergonomics.
Automated accounting and cost accounting (Smart Coding)
Smart Coding automates the accounting and cost allocation of invoices. This means that, based on predefined rules and transaction history, VIM can propose automatic allocations, reducing processing time and minimizing errors.
Expanded FIORI application management
The new version of VIM enhances the FIORI application suite with new VIM tiles, offering more intuitive and interactive user interfaces. These new tiles make invoice management easier and faster, with information and actions accessible in just a few clicks.
Support for complex invoices and new regulations
The solution has been optimized to manage complex invoices and adapt to new tax and legal regulations. This guarantees increased compliance and flexibility to adapt to local and international requirements.
Improve performance and reduce processing time
By optimizing VIM’s internal processes, document processing times have been significantly reduced. This translates into an improvement in the solution’s overall performance, guaranteeing faster, more efficient invoice management.
Bug fixes and enhanced stability
The latest versions of VIM include numerous bug fixes and stability improvements, ensuring a smoother, more reliable user experience.
Why upgrade to VIM?
Improved performance
The new versions of VIM focus on process optimization, reducing waiting times, and proactive maintenance to ensure reliable and secure operations.
Technical support
By upgrading to the latest versions, companies benefit from up-to-date technical assistance and support from SAP and OpenText, ensuring service continuity and access to the latest innovations.
SaaS version available
The availability of VIM as a SaaS version offers greater flexibility and accessibility. The OCR engine and archiving functionalities are available as a SaaS version, enabling invoices to be managed in the cloud, with all the advantages of security and scalability that this implies.
Is your OpenText VIM/SIM version at the end of its support period?
It’s vital to check whether your current version of VIM is still supported by OpenText. Versions prior to 7.6 SPS6 for SAP ECC6 and 20.4 for SAP S/4HANA are no longer supported. Upgrading to a more recent version not only guarantees access to the new features listed, but also continuity of technical support.
In conclusion…
The new version of SAP Invoice Management by OpenText (VIM) represents a significant step towards automating and optimizing supplier invoice processing, with innovations such as :
- Machine Learning
- Smart Coding
- Ergonomic improvements via FIORI
VIM offers a robust, modern solution for companies seeking to improve their operational efficiency. Upgrading to the latest versions not only enables you to benefit from these technological advances, but also guarantees ongoing compliance and reliable technical support.
