Georg Jensen
Georg Jensen, a household name for luxury goods and gifts in Denmark, overhauled its invoicing practices to pave the way for a more sustainable future and save money. Using Formpipe’s Lasernet platform, the company saved a staggering €300,000 per year by trading paper invoices for e-invoices.
Georg Jensen saved €300,000 annually by trading paper invoices for e-invoices
Before the Danish luxury goods manufacturer Georg Jensen found Lasernet, paper invoices were a costly thorn in its side. The company had been working to optimise processes and workflows to boost efficiency for some time, and identified that one area where major savings could be made was the IT department. After analysing all expenditure items, the team discovered that trading paper invoices for digital invoicing was comfortably in the top 10 list of potential savings areas.
Invoicing: An Overlooked Savings Opportunity
For many years, Georg Jensen sent e-invoices to larger chain stores. But its smaller customers, who account for around 20% of sales, made up 80% of all the company’s paper invoices. To put a figure on that, Georg Jensen was sending nearly 100,000 paper invoices every year.
Printing, envelopes and posting cost the company around €5 per invoice, meaning they were spending a staggering €500,000 every year on paper invoicing. Georg Jensen knew it had to make the switch to digital invoicing—they just needed the right software partner with the expertise to make the transition a success.
Discovering Lasernet
After identifying the spending drain that was paper invoicing, Georg Jensen was introduced to Lasernet through the supplier of their Microsoft Dynamics ERP system, Columbus. Using Formpipe’s world-leading document management platform, Georg Jensen had the expertise and support it needed to successfully transition from paper invoicing to e-invoicing.
But the benefits didn’t stop there. The company also had the option to use Lasernet for other electronic document tasks when required, including designing and distributing other business-critical documents.
A Smooth Implementation
The implementation took just three months. Lasernet was up and running within this timeframe, on budget and without problems. The implementation had a very visible impact. The invoicing process was far more efficient, with a large portion of the company’s invoices being sent in a PDF format via email to all customers who opted in. Not only did this make life easier for Georg Jensen staff members, it also made finding invoices much simpler for the brand’s customers.
Lasernet makes complex and resource-heavy document management tasks delightfully simple. In Georg Jensen’s case, the software receives a print file with the day’s invoices from Microsoft Dynamics and converts them into a PDF format with the company logo. It then finds the customers’ email addresses based on their customer number and sends the PDF files to via email. It’s that easy!
What did Customers think of E-Invoicing?
The transition to e-invoicing wasn’t a blanket policy for all customers—they could choose whether they wanted to receive invoices by email or paper. However, to encourage customers to embrace digital invoice delivery, Georg Jensen introduced a small fee to cover the cost of sending paper invoices.
At first, around half of the luxury goods manufacturer’s customers switched to e-invoicing. However, soon after the introduction of the paper invoice fee, e-invoice adoption climbed to 70% - a big win for the company.
Lasernet saved Georg Jensen more money than expected
Georg Jensen’s investment in Lasernet ended up saving them more money than they realised—a welcome surprise for any initiative! Pre-Lasernet implementation, the company thought each invoice cost €3 including printing, postage and the envelope. However, Formpipe’s assessment revealed that each paper invoice was costing the company significantly more money than first thought, at around €5 per invoice. They not only saved money with Lasernet, they saved far more than anticipated.
The Results Speak for Themselves
Waving goodbye to 70% of paper invoices saved Georg Jensen €300,000 per year after the cost of the software paid off (which it did in just six months, no less). By choosing Lasernet, the Danish luxury goods manufacturer’s successes were three-fold: Georg Jensen saved money, unlocked greater document management flexibility and reduced its environmental impact.
- Lasernet implementation took just 3 months
- Lasernet implementation was paid off in just 6 months
- 70% of customers traded paper invoices for digital invoices
- Saved €300,000 per year on invoicing by going digital
Saves Money
Lasernet helped achieve the desired savings (and more). Plus, their investment in the document management software paid off in just six months!
Provides Flexibility
Georg Jensen needed a solution that gave them much-needed flexibility in handling their digital documents as well as just for e-invoicing capabilities.
Reduces Environmental Impact
By trading costly paper invoices to electronic ones, Georg Jensen now uses much less paper, envelopes and stamps, reducing its impact on the environment.
Read more about Lasernet:
Lasernet
Lasernet formats, prints, delivers and archives data from ERP solutions around the globe, making document management simpler and streamlined.
Lasernet for Dynamics 365
Built into Microsoft Dynamics 365, Lasernet replaces the limitations of SSRS with an intuitive interface enabling users to manage their documents in real-time.
Retail
The ever-changing world of retail often requires a crystal ball to see where consumer behaviour is going to next. Your brand is everything, but it’s essential to have all your business processes streamlined to ensure you’re part of the future.