Eliminates Paper from Expense Reports to Help Companies Lower Costs, Process Travel Reimbursements Faster, More Accurately
WATERLOO, ON, Aug. 2, 2011 /PRNewswire/ - OpenText™ (NASDAQ: OTEX) (TSX: OTC) today introduced a solution that works in concert with the SAP® Travel Management application to eliminate the need to move paper receipts around in order to process expense reports. This can help companies significantly lower the cost and time involved with processing reimbursements, while also reducing the burden on traveling employees. The new solution will be resold by SAP as the SAP Travel Receipts Management application by OpenText.
"SAP Travel Receipts Management is a great example of how ECM technology fully optimizes SAP solutions by integrating content - in this case travel receipts - into SAP business processes," said Patrick Barnert, Vice President, SAP Solutions at Open Text. "We continued to see strong demand among customers for better ways to manage all forms of business content within the context of their SAP solution-based environments using OpenText solutions."
SAP Travel Receipts Management by OpenText gives users of SAP Travel Management a full set of tools to eliminate the hassle associated with processing paper receipts. It integrates with multi-function devices, scanning applications, fax machines and email to make it easy to capture images of receipts. With mobile device support, travelling employees can simply use digital cameras or phones to capture receipt images. The digitized receipts are then stored in a repository and linked to appropriate trip information and accessible through standard SAP user interfaces.
The payoff from fully automating travel receipts processing can be substantial. In a recent survey report entitled "Travel & Expense Management Benchmarking," PayStream Advisors writes that, "On average, a company spent approximately $22.15 to process an expense report, if the process was entirely manual. This was twice as much as the processing costs accrued by companies that are fully automated. Organizations that have some automation in place have been successful in driving down processing costs per transaction to $18.67, whereas companies that are fully automated and using an integrated system have a per transaction cost as low as $10.68."
Beyond lowering costs, fully automated solutions such as SAP Travel Receipts Management lighten the burden on traveling employees since they can simply use email and self-service applications to submit receipts rather than having to prepare and mail paper receipts. In turn, because paper documentation no longer needs to be routed around, approval and processing cycles are shorter leading to quicker reimbursements. Should questions arise, managers have immediate access to a comprehensive audit of receipt source documents.
"SAP Travel Receipts Management by OpenText extends the SAP Travel Management value proposition by providing optical archival of digitized travel receipts and subsequent direct integration with SAP Travel Management," said Hendrik Vordenbaeumen, Vice President, SAP Travel Management Solutions, SAP. "This is yet another example of the growing arsenal of business optimization tools provided jointly by SAP and OpenText designed with the goal of providing customers superior corporate efficiency."
OpenText, SAP Partnership OpenText is the industry leader in ECM solutions for use with SAP applications, building on two decades of partnership and co-development with SAP, and expertise gained from delivering solutions to more than 4,000 SAP customer sites around the world. SAP has had great success reselling multiple OpenText solutions for document access, archiving and invoice management, and digital asset management. In June 2010, the companies announced an expansion of the agreement that enables SAP to resell OpenText Employee File Management (see "SAP and OpenText Expand Global Reseller Agreement to Include Employee File Management Capabilities"), continuing the strategy of long-term investment protection for customers. In May, OpenText was awarded two 2011 SAP Pinnacle awards: Global Software Solution Partner of the Year and Global Enterprise Support Partner of the Year.
About OpenText OpenText, a global ECM leader, helps organizations manage and gain the true value of their business content. OpenText brings two decades of expertise supporting 100 million users in 114 countries. Working with our customers and partners, we bring together leading Content Experts™ to help organizations capture and preserve corporate memory, increase brand equity, automate processes, mitigate risk, manage compliance and improve competitiveness. For more information, visit www.opentext.com.
OpenText Forward-looking Statement Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SAP Forward-looking Statement Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
Copyright © 2011 by Open Text Corporation. OPENTEXT and OPENTEXT TRAVEL RECEIPTS MANAGEMENT are trademarks or registered trademarks of Open Text Corporation in the United States of America, Canada, the European Union and/or other countries. SAP and all SAP logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries. This list of trademarks is not exhaustive. Other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text Corporation or other respective owners.
SOURCE Open Text Corporation