M’oda ‘Operandi Earns 366% ROI and Award with MineralTree Implementation
It started as a move to simplify audits, and turned into an award (and transformed accounts payable process).
M’oda ‘Operandi, the high-end fashion company providing a luxury retail experience that includes expert styling advice and tailored wardrobe recommendations, secured a 2018 Tech ROI Award for its implementation of MineralTree. The honor was awarded by Nucleus Research, and recognizes the top 10 technology deployments for 2018.
Only one metric determines the recipients of this award: Return on Investment. Since implementing MineralTree Invoice-to-Pay, M’oda ‘Operandi has realized a 366% ROI, and continues to enjoy the benefits of a streamlined accounts payable process.
“Achieving exceptional business results no longer comes as easily as the rip-and-replace with cloud service option from previous years. Companies are getting smarter about how to boost productivity with today’s solutions and these winners represent the most successful case studies from the past year,” said Ian Campbell, CEO at Nucleus Research.
The Challenge that Triggered the Investment
M’oda ‘Operandi first realized an opportunity for improvement within its accounting process during an audit, as the process of tracking down and collecting required documentation was taking longer than necessary. With multiple office locations distributed across the country, these document hunts could involve several employees at once, and the total cost of time was adding up.
After implementing MineralTree Invoice-to-Pay and streamlining the end-to-end accounts payable process, the high-end fashion company immediately began benefitting from having one central and digital repository for all invoice-related documentation that can be easily accessed by everyone – from any location. Additionally, all audit trails for invoice approvals and payments are recorded and stored away for future reference.
“I cannot stress enough the ease of audits since we started automating accounts payable with MineralTree,” said Todd Brewton, M’oda Operandi’s Accounts Payable Specialist. “No more filing cabinets, no more missing documentation and the assurance that our annual audit is not going to be disruptive to my responsibilities is a huge benefit.”
The Gift that Keeps on Giving
While streamlined AP has dramatically improved the audit process for Brewton, both he and M’oda ‘Operandi as a whole have seen a broader range of benefits come from their investment as well.
MineralTree’s online invoice capture and approval workflow has expedited the year-round invoice management process, and has enabled Brewton to cut the average amount of time spent processing payments from 7 hours every week to just 45 minutes.
“Investing in a solution that expedites an end-to-end process rather than one point within that process leads to a much steeper return accruing over time,” said Campbell. “In this case, M’oda ‘Operandi is getting a return in a variety of forms every time an invoice arrives because of the amount of time and involvement that goes into processing and paying each one. With a high volume of invoices processed each month, these returns add up quickly.”
Brewton is also able to automatically record invoice data at 99.5% accuracy into NetSuite, and minimize the number of error reconciliations that could potentially hold him up during month-end close. This increased efficiency has also provided him with the opportunity to take a more proactive approach with his other core responsibilities.
“Because of the time saved during an audit and processing payments throughout the year, I am now able to focus on researching invoice discrepancies, responding more quickly to vendor inquiries, and providing accurate information regarding the status of their payment.”