Kuwaiti oil and petrochemical company Q8 has implemented new invoice automation technology which has "streamlined" its processing of invoices and made its payment cycles faster, it has been reported.
The company has deployed the solution to help it manage the 12,000 invoices it receives each year at its head office in the Netherlands, according to bobsguide.com.
Paul Neuteboom, IT Projects & Development Manager at Q8, explained to the news provider that prior to implementing the Contempus.Invoice software, documents had to be posted to employees working in different countries and this meant that they were sometimes delayed or lost.
Mr Neuteboom pointed out the advantages of the new system: "A large proportion of invoice processing is now fully automated, and invoices requiring approval can be dealt with rapidly, maximising productivity and enabling staff to focus on core business priorities."
In related news, speaking to fstech.co.uk Martin Wilson from VocaLink has said that the UK Faster Payments Scheme has led to a "fundamental restructure" of how payments are made by customers at banks and building societes.
