By Freya Purnell
The New South Wales Department of Education and Communities (DEC) has chosen ReadSoft’s SAP-certified invoice automation solution to streamline its existing invoice processing operations and enable greater efficiencies across its Shared Services Centre.
The contract is recurring revenue-based, and the agency plans to process 4.7 million invoices over an initial term of over three years, with options to stretch the term to 10 years.
ReadSoft said the annual fee for the contract is based on an actual volume of invoices processed, which allows NSW DEC to transition to a more efficient invoice processing system and match the savings to costs without major capital investment and lower levels of risk.
The implementation will deliver the full PROCESS DIRECTOR for Accounts Payable solution and performance analytics to the department’s Shared Services Centre, which will significantly reduce invoice processing cycle times, drive cost benefits through centralisation, and improve visibility and control.
ReadSoft president and CEO Per Åkerberg said the win reinforces both its leading invoice automation position and its recurring revenue strategy.
“Our solutions are equally favourable to private businesses as they are for the government sector and invoice automation offers an opportunity for all sorts of organisations to streamline processes with technology that is integrated into existing ERP systems, yielding long-term efficiency gains,” said Åkerberg.
