Mowi is one of the largest seafood companies in the world, and the leading producer of Atlantic salmon globally. Founded in 1964, when a few pioneers started farming fish in their back yards in Norway, the company has expanded to include 15,000 employees in 25 countries across the world.
As the company has grown, both organically and as a result of mergers and acquisitions, Mowi ended up with a very complex IT infrastructure with many different business applications in use, resulting in a lack of data synchronization and global visibility.
In 2017 the company decided to implement a new global template for business applications. This journey started with moving their ERP system Infor M3, to the cloud. As part of the new strategy Mowi also looked for best-of-breed cloud applications that integrate to Infor M3 for specific functional needs, such as accounts payable automation.
Mowi had set up several evaluation criteria when searching for the best AP automation solution to match their needs. These included:
“We selected MediusFlow because it has a proven track record delivering AP automation for companies using Infor M3. In addition, MediusFlow’s strong cloud connector to M3 was critical to support our global roll-out.” - Jørn I. Berg, Group IT Business Applications Manager
MediusFlow was implemented in one country as a pilot project and then, after its initial success, it was rolled out to more territories in the business.
“The MediusFlow solution and the integration to Infor M3 worked well for us. And thanks to the user-friendly interface, we have been able to onboard users easily with remote training sessions. This has helped us stay on track with our rollout plan for the new global IT strategy.”
Now that the majority of invoices in Mowi are going through MediusFlow the company has achieved a streamlined accounts payable process. They have experienced efficiency gains in the day-to-day work, as finance teams remove manual tasks and save valuable time and resources. In addition, the benefits of everyone using the same process are important to ensure a global standard for ongoing finance operations and reporting.
By leveraging the process KPIs and benchmarks within MediusFlow, Mowi continuously monitor and analyze process performance to find areas of improvement and drive increased automation of the AP process.
“We now have full visibility of the invoice process. We can easily see where invoices get stuck and identify bottlenecks, which helps us to drive process improvements and further efficiencies.” - Elisabeth Oroug Refsnes, Group Controller
For instance, Mowi made a special effort to identify all invoices missing a buyer reference and then actively contact suppliers to instruct them how to correct this moving forward. As a result of this initiative, Mowi has seen the level of invoices being automatically distributed to the correct approver rapidly increase.
Purchase order (PO) data stored in Infor M3 is automatically synchronized with MediusFlow to allow automatic matching of invoice data with the corresponding purchase order and goods receipt. When everything matches up the Mowi team enjoys a fully touchless process where no one in the business needs to see or approve the invoice.
“Because the MediusFlow connector to Infor M3 is thorough and reliable, we can ensure proper accounting and invoice matching across our global business.” - Jørn I. Berg, Group IT Business Applications Manager
The Mowi team closely monitors the invoice processing touchless ratio. Deviations may appear in the matching process, when invoice data does not fully correspond to the purchase order or goods receipt. In most cases, this happens because master data has not been updated correctly or that buyers and suppliers do not follow standard processes. Either way, the team can easily leverage the reporting functionality in MediusFlow to detect where deviations appear, take appropriate action and drive further improvements to the touchless ratio.
Want to learn how MediusFlow can help drive touchless invoice processing in your organization? Book a personal demo meeting today