Today’s article will focus on a specific solution provider – Iron Mountain. Iron Mountain (NYSE:IRM) is a storage and information management solution and service provider. The company has approximately 60 years of expertise and boasts some 150,000 customers in over 30 countries, making them one of larger and more established companies to have entered the accounts payable automation (or ePayables) space recently.
Over the years, Iron Mountain has successfully built a business that supports the back-office and is now considered to be one of the leading companies in the space. More recently, the company turned the focus of its document management business more towards providing front-end business process capabilities. This shift has resulted in the development of a robust AP solution that leverages Iron Mountain’s storage network, its document management expertise and key partner relationships.
Iron Mountain has designed its AP offering to support multiple business needs, ranging from the basic back-end invoice imaging to higher-value activities such as eInvoicing and supplier networks. Below is a summary of all the AP solutions and services that are offered:
- Back-end Imaging – Electronic storage of invoice images post-processing.
- Front-end Imaging – Customer invoices are received and scanned by Iron Mountain, then delivered to the customer for further processing.
- Data Indexing and Extraction – Also referred to as data capture, this service converts invoice data (from paper, email, PDF or fax) into a digital format. In addition to OCR, a manual review of the captured data is conducted to ensure 100% accuracy.
- Routing and Approval Workflow – Cloud-based solution for processing invoices using various business rules.
- Supplier Portal – Web-based portal where suppliers can create and submit invoices and review invoice status information.
- Supplier Network – A growing many-to-many supplier network which does not charge suppliers any transaction fees and has zero restrictions on file formats for eInvoices. Iron Mountain includes a supplier enrollment service as part of the supplier network.
Download the full report (Free) to learn more about each of the above capabilities and more including the reporting/analytics functionality and the deployment process. The full report also includes relevant market research around technology usage with AP.
