AS Nymo case study
Processing time reduced by several weeks with eye-share Invoice!
The time savings are enormous.
AS Nymo has experienced time savings of 80 percent after implementation of eye-share Invoice. It has been a success story, says Head of Finance and Administration, John Åge Mjåland.
There were a lot of skepticism when we announced we would change our routines, but after three weeks with eye-share Invoice people asked why we hadn’t done this before. It has been a success story to put it bluntly” Mjåland says.
Nymo processes 7.000 invoices annually and started using eye-share Invoice September 1st 2014.
Our goal was to automate the process as much as possible. As of March 2015, we have processed 3.200 invoices through the system, and only 14 invoices had to be done manually. This was in the transition phase during startup, Mjåland says.
Usually, it would take 21 days to handle an ordinary invoice and 13 days to handle an purchase order invoice. With eye-share Invoice it takes 2-4 days to handle them all. The time savings are enormous.
Nymo has its headquarter and main yard in Grimstad, Norway. A large manufacturing facility which focuses on subsea units is also present along the southern coast of Norway – in Arendal – and a smaller facility where Nymo started its operations is located one mile inland. All locations are using eye-share Invoice.
Previously we used a transport vehicle and sent invoices between the various locations, but now everything is handled electronically. Usually, it would take 21 days to handle an ordinary invoice and 13 days to handle an purchase order invoice. With eye-share Invoice it takes 2-4 days to handle them all. It has been a tremendous improvement in getting invoices booked. The time savings are enormous, Mjåland says.
As Head of Finance and Administration in a company that offers solutions in the oil, gas and process industries, Mjåland can confirm that the working days has changed drastically after implementing eye-share Invoice.
A lot of manual paperwork was the norm for us. Previously we thought we had good control on our invoice process, but it was challenging to manual punch and code 7.000 invoices every year. In retrospect, we see that we did not have as good control as we thought we had. Papers got lost in the process, and now we have logging that makes it easy to see why payments haven’t been made. Now we have complete control, Mjåland says.
Nymo spent four months to prepare before the system was implemented on September 1st, 2014.
The last three weeks before the transition was hectic, but we learned a lot during this period. One of our main goals has always been to do things simple. If you bring too many elements into a process it will soon become complicate, which we didn’t want to do.
Mjåland says the effort was well worth it.
It went very smoothly to familiarize ourselves and to take the system in use, and we felt we had taken major steps forward. Eye-share was very supportive and gave us good guidance throughout the process. You are always a bit tense in the transition to new systems, but Eye-share’s handling gave us confidence.
We have much better control on our invoices, and eye-share Invoice is incredibly time and labor saving. Overall, we are very satisfied says Mjåland.
In retrospect, we see that we did not have as good control as we thought we had. Papers got lost in the process, and now we have logging that make it easy to see why payments haven’t been made. Now we have complete control.
AS Nymo is a complete supplier within the oil, gas, and process industries, and is an EPCI provider. The company has 260 employees, and its head office is in Grimstad, Norway. Nymo was established in 1946 and was taken over by the Ugland family in 1956. Nymo has extensive experience from design, procurement, construction, transportation, and installation supervision of offshore modules through more than four decades and has special expertise in designing and fabricating offshore drilling packages. The company also have experience with process modules, accommodation modules, gas turbines and subsea units.