Continental E-invoicing System Nominated for Industry Oscars

Continental’s E-invoicing system not only won the innovation awards at this year’s Reifen Essen 2010 in June, but was also nominated for one of the NTDA’s Tyre and Fast Fit (TAFF) awards here in the UK. So what’s all the fuss about? Continental’s new electronic invoicing system, which provides improved recording and exchange of invoicing and credit notes between Continental and customers, is designed to make business life easier, but it also shows the company’s environmental credentials.

For some time Continental has been working to reduce complexity and wastage in its back office solutions to make life simpler for customers and reduce the effect on the environment. The introduction in 2010 of a new electronic invoicing system that provides improved recording and exchange of invoices and credit notes between Continental and tyre retail customers is said to have achieved this. And savings on paper and transport both have positive effects on both economy and protecting the environment.

Accounts payable has endured as an intensely manual process for companies of all sizes. Documents are received as paper, sorted, distributed, keyed into systems, filed only to be eventually destroyed. Paper is hard to live with but it seems it’s even harder to live without That’s why Continental has developed an e-Invoicing system that recognises the role paper plays in the payment process yet provides a solution that will take care of the invoice long after it has been paid. According to the company, 60 per cent of cost in a paper based accounts payable set up can be saved through e-Invoicing.

Continental’s system’s web-based design is intended for minimise the burden placed on a customer’s IT resources. Invoices are transmitted securely to prevent data from being viewed or stolen by unauthorised viewers. Company representatives reports that data security was Continental’s overriding concern when designing the system, followed by a quick and uncomplicated workflow.

In addition to the benefits of the generally “virtual approach”, the system is also said to offer: Free filing for life – saving on administration costs and protection from threats like fire and flood; time savings – e-Invoices improve financial visibility as they go online days before paper invoices are printed and so a customer never need lose time again chasing copy invoices or credits; efficiency – e-Invoicing can also be “upspec’d” to improve invoice matching, eliminate data entry and related errors using EDIWheel in the customer’s own system.

In the case of the system’s entry for the Essen innovation award, the jury was tasked with reviewing more than 20 entries submitted by exhibitors at the tyre trade fair. The primary criteria were: innovativeness, benefits for the user, economy, security, sustainability, environmental compatibility, potential for customer acquisition and retention and potential for optimising the value chain. Despite this company’s system still won out. Now, no-doubt, Continental are looking to repeat this success at the TAFF awards.

Continental’s E-Business development manager Oliver O’Reilly commented: “We’re very pleased that our new e-invoicing system has been a hit with both our customers and the jury, making a convincing argument for eliminating paper and exchanging data electronically.”

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