In 2010, Wilson ASA, a leading Norwegian shipping company, implemented the eye-share Workflow system, resulting in significant cost savings and streamlined financial operations. The system now ensures that invoices are tracked in real-time, providing daily visibility into outstanding payments.
Trond Borge, Finance Manager at Wilson ASA reflects on the decision to modernize the company’s invoice management. “Previously, our processes relied heavily on paper, requiring us to physically circulate invoices for approval. The shift to eye-share Workflow has not only fulfilled our cost-saving objectives but has also greatly enhanced our financial administration and cost management.”
Improved control and efficiency
Wilson ASA, headquartered in Bergen, Norway, employs approximately 100 administrative staff across various locations in Europe. The previous paper-based system made it difficult to track invoices, often leading to delays and uncertainties.
“With invoice approvers located across multiple sites, all they need now is a computer with internet access. Every invoice, regardless of its stage in the approval process, is readily available. This is a significant improvement from our earlier practices. Previously, we could receive a reminder from a subcontractor and have no idea where the invoice was—possibly sitting on the desk of an employee on vacation. Today, every approver at Wilson can track any invoice at any given time,” explains Borge.
Automation reduces manual workload
As a large shipping company, Wilson ASA manages numerous subcontractors. The eye-share Workflow Invoice system has significantly streamlined and enhanced the purchasing process.
“Each order is assigned a unique project number. When we later receive an invoice, the system cross-references the code and the amount. If everything matches, the invoice is automatically approved for payment,” Borge says.
Borge estimates that approximately 40,000 invoices are processed annually through the eye-share Workflow Invoice system, with around 20,000 related to ship management and purchase orders. The system’s automated approval process allows the Technical Management department to focus only on invoices with discrepancies between the invoice and the purchase order.
“Currently, about 25% of all ship management-related invoices are approved automatically, reducing the department’s workload by approximately 20 invoices per day. This number is expected to increase as eye-share Workflow Invoice continues to learn and adapt. For instance, once the system processes an invoice from a specific subcontractor, it will recognize subsequent invoices from the same source,” Borge adds.
Advanced contract management
In 2013, Wilson ASA further advanced its paperless administration by adopting the eye-share Contract Module.
“We sought the same level of control over contracts that we had achieved with invoices. Previously, we relied on extensive physical archives, which required time-consuming searches to locate the right documents. The eye-share Contract Module not only simplifies contract management but also offers access restrictions, ensuring that sensitive information is appropriately secured,” Borge explains.
The eye-share Workflow Invoice system has significantly enhanced and simplified the purchasing process, contributing to Wilson ASA’s efficient financial management.
