Notiva Software Fuels Collaboration and Trust


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Sarbanes Oxley : Technology : Credit Management

Notiva Software Fuels Collaboration and Trust

Tom Furphy
Founder and CEO
Notiva

Notiva, a provider of Web-based software for collaboratively managing cash transactions between retailers and manufacturers, announced today the Notiva? collaborative platform for the retail industry. Designed from the ground up by retail experts, the patent-pending Notiva system generates a single source of accurate financial data, enabling retailers and manufacturers to reduce trade disputes, lower the cost of goods, and improve top-line revenue. With a proven return on investment of less than one year, the Notiva solution can save retailers more than $1 million for every billion dollars in revenue.

?With the retail industry?s growing commitment to data synchronization, collaborative commerce, and the promise of RFID, Notiva offers a proven solution for both retailers and manufacturers to leverage their often significant investments in these initiatives and realize an immediate and sizeable return,? said Ralph Drayer, former chief logistics officer for Procter & Gamble.

By automating the workflow and giving retailers and manufacturers collaborative visibility into their financial supply chain, the Notiva platform enables trading partners to:

Reduce and resolve disputes by 80 percent

Decrease deduction-processing time from 3.5 days to a few minutes

Improve retail store in-stocks by two percent of sales

Improve accounts payable productivity by 50 percent

Increase profitability by up to 1 percent of sales

Actively manage deductions and minimize having to restate earnings

Generate more detailed financial records to ensure corporate compliance with regulations such as Sarbanes-Oxley

?Retailers and manufacturers have been nickel-and-diming each other for years without realizing how many dollars that constant bickering is costing them. Operating on razor-thin margins, the retail industry has longed for a way to reduce costs, manage risk, and improve profitability for all trading partners,? said Joshua Greenbaum, principal, Enterprise Applications Consulting. ?Notiva is well positioned to become the catalyst for a cultural shift in the retail world that would enable both sides to better serve their customers.?

Let the Truth Be Told

With shipments often containing upwards of thousands of line items, making sure each invoice matches the original purchase order has traditionally required a tedious, inherently error-prone process. Managers from multiple departments at both the retailer and the manufacturer would get involved in disputes that could take months to resolve as each side of the contract challenged details and requested revisions.

By allowing retailers and suppliers to electronically view the same documents and the same data, Notiva?s cash-based collaborative bridge software platform provides transaction synchronization that facilitates the two parties collaborating on the final cash settlement for all their transactions. Interfacing with existing enterprise systems, the Notiva system analyzes electronically stored and organized purchase orders, invoices, and delivery receipts; automatically matches data across all documents; and, based on user-set rules, sends automated alerts of any discrepancies to the appropriate managers.

One Platform, Multiple Applications

The Notiva collaborative platform includes a suite of applications that provide three main areas of functionality and value:

Notiva Match and Reconciliation: An automated and accurate match of invoice, purchase order, receipt, and other key financial elements of the supply chain, this transaction synchronization application leverages sophisticated algorithms to automate a very labor and time-intensive function, thus eliminating manual errors and administrative costs. An arduous process that had taken an average 3.5 hours per invoice is accomplished in less than 5 minutes ? a huge savings considering that the typical retailer processes hundreds of thousands of invoices a year.

Notiva Collaborative Settlement: This application provides automated, closed-loop collaboration between retailer and manufacturer to enable the final reconciliation. Before Notiva, reconciliations could drag out for months as the retailer and manufacturer sent stacks of documents back and forth. Notiva completely automates this process, providing both parties with an online reconciliation tool. Using shared data, they can collaborate on a final reconciliation and final cash transaction, and generate one set of accurate, mutually agreed-upon financial data.

Notiva Analytics: Notiva?s dynamic, diagnostic analytics leverage one set of agreed-upon data to set shared metrics and measure the effectiveness of those metrics throughout the fiscal year. Mirroring physical events in the supply chain, these financial analytics enable trading partners to spot less efficient areas in the supply chain and take appropriate action to improve their business processes.

?By starting to share data as an extended enterprise inclusive of all of their supply chain partners, Wal-Mart and Target have changed the landscape of the retail industry forever,? said Tom Furphy, founder and CEO for Notiva. ?Working on the premise that ?information is power,? our vision is to reduce friction and sharpen focus for all retailers and manufacturers by providing access to mutually agreed-upon, cash-level, shared data about every transaction across the extended enterprise. Once this occurs, retailers and manufacturers can work in unison, resulting in dramatic performance improvements from the plant floor to the shopping cart ? ultimately improving the customer experience and driving greater profits for all.?

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