THE PARLIAMENTARY REVIEW
Highlighting best practice
2| ITESOFT
A platform that continuously
learns
Although there has been a continuous
move towards e-documentation, many
companies have still not managed to
achieve this transition successfully.
Often, their concept of an e-document
is an attachment to an email, rather
than a true electronic record, so we
have invested a huge amount in our
optical character recognition software
to assist with the digitalisation of
physical files. We have also embedded
AI into our shared cloud-based system,
meaning that it learns and improves
with every supplier invoice it processes.
It took time for this system to get up
to speed, and originally we required a
specialist to tweak the finer elements.
We no longer require this, and it
works more efficiently the more it is
used. This means that our clients do
not have to worry about processing
vast amounts of data, something that
would almost certainly require taking
on additional staff.
Most of our clients are larger corporate
entities or governmental departments.
In order to raise our profile, we have
been hosting events for the last four
or five years, inviting businesses to
learn about our processes. Alongside
this, we have adopted a more social
approach to selling, creating content
and blogs that educate people about
the issues that affect them and their
customers. By sharing this knowledge,
we are able to build awareness and
strengthen our inbound marketing.
A focus on fraud prevention
One of the most unique aspects of
our system is our fraud prevention.
Globally, fraud is estimated to equate
to five per cent of total annual
revenues, or $4 trillion in annual
losses. Although our system currently
focuses on financial processes, we are
looking to expand this into all other
areas of each organisation. Our system
covers both internal and client-facing
scenarios and allows each client to
check the details of each customer
immediately – essential when trying to
prevent fraud. Less than 40 per cent of
organisations in EMEA report that they
are utilising proactive data monitoring
and analysis software. Our goal is to
minimise the possibility of fraud while
making all processes more efficient. If
we achieve this, we can make a real
difference to the lives of our clients.
Corporate responsibility and
environmental impact
The last 12 months have seen a
significant rise in the awareness of
our impact on the environment and
climate. While much of this attention
has been focused on individuals’
impacts, especially single-use products,
we realised that there was also a
significant environmental impact from
organisations when considering their
back-office functions, such as finance.
In fact, for most organisations, at least
30 per cent of supplier invoices are still
received as pieces of paper; another
30 per cent are then received as
attachments to emails. Unfortunately,
many organisations will then print out
these email attachments to process the
information. In terms of impact, for a
ITESOFT are located in
Dukes Court, Woking
Globally, fraud
is estimated to
equate to five
per cent of
total annual
revenues, or
$4 trillion in
annual losses
“
“
Rt Hon The Lord David Blunkett
Rt Hon The Lord Eric Pickles
