What We Did
Our client worked through a business model which involved operating multiple companies at once and dealing with numerous vendors. The company was functioning on a legacy payment invoicing system that involved manual processing of invoices and payments which lead to longer processing hours and errors. Our team was expected to analyze the business model and provide a solution that could streamline this cumbersome task and improve the operational efficiencies of the business. After a series of in-depth client process audits, we suggested a implementing a custom EFT module based on Dynamics 365 Finance Module that would eliminate redundant, manual, and bulk payment processing tasks significantly and increase TAT.
- Completed multi-level business process audit to ensure high degree of implementation.
- Initiated system design and customization review process.
- Customized an EFT module based on specific Business Central capabilities.
- Initiated UAT testing for the solution to ensure bug-free deployment.
- Completed stakeholder training and workshops.
Our Approach
Our client primarily wanted to shorten their vendor payment process as the percentage of man-hours devoted to completing this task per order, per vendor was significantly higher than the accepted benchmarks of the company. Our customized EFT solution was a “Bank Complaint” solution that used EFT (80 Byte) file which allowed systemic automation permitting sending out bulk remittances at once.
Additionally, a new system was generated that could auto-email remittance advice to the vendors post payment and the system could periodically check if there are any new payments and throw any errors.
DTC’s solution also offered features that:
- Improved bulk transaction processing of recurring nature.
- Simplified the process to upload data on the bank system.
- Reduced human intervention at every step of the payment lifecycle.
