MOL saves time and improves accuracy with eye-share Workflow

Industry: 
Shipping

No. of employees: 
90

Head office: 
London, UK

About

MOL Tankship Management Ltd. is a subsidiary of Mitsui O.S.K. Lines (MOL), a leading Japanese shipping company with a rich history dating back to 1884. Operating globally, MOL's fleet encompasses various vessel types, including dry bulkers, tankers, LNG carriers, and container ships. MOL Tankship Management Ltd. oversees the management of 30 tankers, contributing significantly to MOL's worldwide operations. The company is committed to providing safe, efficient, cost-effective, and reliable ship management services, supported by a competent onboard team. With offices in Singapore and London, MOL Tankship Management Ltd. plays a crucial role in upholding MOL's longstanding reputation for maritime excellence.

Solution

MOL implemented eye-share Workflow with the following modules: Invoice, Purchase Match, and Expense. The solution is fully integrated with their ERP system, ShipNet.

The implementation of the Invoice module in eye-share Workflow at London-based MOL Tankship Management Ltd has been markedly successful. Information Technology Manager, Mark Adkins, highlights several advantages.

“Essentially, we can now monitor the status of invoices at any stage of the approval process. Previously, invoices were registered, printed, and physically delivered to the approver’s desk. The likelihood of invoices being approved and returned to the Accounts department within the required payment window, without being misplaced, was slim. Consequently, the Accounts team spent a considerable part of their day responding to supplier inquiries about invoice statuses. This often involved additional time spent locating the missing invoices and payment approvals,” recalls Mark.

Easily accessible

With the adoption of eye-share Workflow Invoice as a standard tool across the company, Mark notes that all employees can now easily and instantaneously access invoices and verify their status through the solution.

“Staff members responsible for purchasing equipment for our ships, for instance, can now query past invoices for reference directly through the system. Previously, this would have involved retrieving an archive box from an off-site storage facility. Currently, all invoices are securely stored within the system for ten years,” he explains.

“The implementation of eye-share Workflow Invoice has resulted in 96% of all invoices now being paid on time. This has significantly reduced the number of supplier inquiries, enhancing the efficiency of the Accounts department. They no longer need to spend time searching for invoices or their statuses,” Adkins continues.

Major international presence

MOL Tankship Management Ltd. is a subsidiary of the prominent Japanese shipping company, Mitsui O.S.K. Lines. It operates as a thoroughly international entity with operations across the globe. The London office manages a fleet of 30 chemical and oil tankers with a staff of 55, handling approximately 40,000 incoming invoices annually. With eye-share Workflow Invoice in place, managing these invoices requires minimal human intervention.

“We now require only one staff member to manage incoming invoices. It is estimated that handling these invoices takes this employee about two to three hours daily,” states Mark.

Automatic recognition

A key factor in the system’s efficiency is its ability to automatically recognize invoices.

“Once an invoice is registered, the system verifies the accuracy of all details and autonomously determines the appropriate workflow for approval. This automation has saved considerable time for all staff, particularly those in purchasing and accounting departments. Human intervention is only needed when the system flags discrepancies that need resolution,” says Mark.

Expanding utilization

Despite some common skepticism toward new technological implementations, the reception of eye-share Invoice was overwhelmingly positive among the staff.

“Staff members are very fond of this system because it significantly reduces time spent on administrative tasks. The system was exceptionally well-received,” Mark says.

The company launched eye-share Workflow Invoice three years ago and is currently expanding its use to include sister companies.

“We have acquired an additional eye-share Invoice system for MOL LNG and are considering a further purchase for our new office in China,” Mark adds.