LANXESS, a manufacturer of chemicals, synthetic rubber and plastics, has enlisted technology from Open Text to help meet its cost management and efficiency goals.

The company has chosen Vendor Invoice Management (VIM), which is part of Open Text's Livelink ECM Suite for SAP  Solutions. VIM integrates with LANXESS' implementation of SAP offerings to more fully automate the processing of 85,000 invoices per year.

"We anticipate this system will provide significant time savings while also reducing the number of people it takes to process an invoice," says Richard Papke, accounts payable manager at LANXESS. "It will also offer significant benefits to our procurement managers, our vendors and senior executives by providing up-to-date access to the latest payment information directly from our SAP solution-based system."

Papke adds, "It was extremely important to us to have a solution that worked within our implementation of SAP solutions, and not be a bolt-on like some of the other alternatives we considered."

VIM features built-in reporting and analytics that can be used to improve processes, and helps improve cash management and compliance with corporate governance regulations, according to Open Text.