Floyd Automatic Tooling Case Study

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Floyd Automatic Tooling

Established in 1989, Floyd Automatic Tooling Ltd is a family run business, supplying the turned parts manufacturing industry with consumable tooling. 

Floyd Tooling

The Challenge

The heavy burden of having to keep documentation on file for seven years was taking its toll on the amount of office space available. A mezzanine was dedicated to filing and information retrieved was increasingly slow. This costly exercise could only escalate as the volume of paper documents rose.

In addition, the prospect of HMRC audit loomed large. Floyd Automatic is required to retain input materials paperwork for its European suppliers and it must also be in a position to make these readily available to HMRC. With resources critical, this situation was simply not tenable. Speed and ease of information retrieval were driving factors behind the decision to investigate a document management solution.

 

“It was clear that Invu could meet our requirements to retrieve documents instantly, and to store this information through a very similiar interface.”

 

The Approach

In 2007, Floyd Automatic purchased ten licences of Invu Document Management. The accounts department was identified as generating the most paperwork and where Invu would provide instant benefit. Invu was integrated with the Sage Line 100 accounts package and Spindle – a tool to automate the output of invoices. Floyd Automatic purchased a further ten licenses of Invu’s CodeFree integration, and one license of Link Manager. Previously, invoices and statements had been printed and duplicated, before being sent on to the customer. The Sage/Spindle/Invu solution totally eradicates the need to keep paper. 

Invoices are raised from Sage, and Spindle drops the required data into the appropriate invoice template, creates a PDF which is then automatically filed into Invu Document Management, via Invu’s Link Manager tool. The invoice is automatically sent out via email or fax to the customer.

 

A Central Repository

In 2010, Floyd stores over 105,000 documents in Invu. Paper documents are shredded once scanned, filing cabinets are no longer required and Floyd Automatic harnesses the full potential of Invu’s cross-referencing capabilities. “The process is now so intuitive,” added Terry. “An employee doesn’t even need to think about where, when and how to file invoices. Because of the extraordinary searching capabilities of Invu, it takes seconds to recall our invoice using simple criteria. The time, money and space savings from this process alone have been amazing.” 

Two thirds of invoices are stored automatically when Sage creates a new invoice. The remaining third is scanned manually into Invu. Terry explained, “We now store all our documents in Invu. Customs documents from Europe are scanned and then shredded by attrition. It’s a huge weight off our shoulders to know that we are in control of our documentation and that we have the ability to comply with any request, or indeed being audited by Customs and Excise without it being a time-consuming and ultimately costly exercise.”

 

Business Expenditure

Floyd Automatic has reduced its expenditure on printer toner, paper and postage. Using Invu Document Management with Spindle the quantity of invoices printed and posted has decreased dramatically with only 20% of invoices printed and posted. The remaining 80% of invoices are automatically filed directly into Invu and then faxed or emailed directly using Spindle. Terry acknowledged “An 80% saving in printer toner, paper and postage is a tremendous cost saving for a company of our size.”

 

Floyd Tooling2

 

”We don’t have the tedious tasks of filing, retrieving documents, faxing or emailing. It now takes us a fraction of the time it would take to physically look through a filing cabinet for a document, or to photocopy it, fax it or post it.”

 

Time Savings

Terry sees Invu as a success story for Floyd Automatic. “Invu Document Management gives you the ability to retrieve a document easily and then to create an action from it. We now take the Invu system for granted and we no longer see it as a benefit. We forget the time it saves us. We don’t have the tedious tasks of filing, retrieving documents, faxing or emailing. It now takes us a fraction of the time it would take to physically look through a filing cabinet for a document, or to photocopy it fax it or post it. Now we just look, find, tag, right click and email, and there is no need to file the document.”

 

Software Maintenance

Floyd Automatic purchased five years of Invucare Software Maintenance to ensure their software was kept up to date with the regular updates from Invu. Terry commented “Invu is a primary package to us. You have to protect your asset with the Invucare Software Maintenance – without it you are dead in the water.”

 

Results

Floyd Automatic has seen the benefits of Invu first hand and is now in discussions with Invu and their reseller to explore further automation possibilities. Terry concludes “This linking of disassociated information is where I really see massive potential for us. We can get at all our information relating to a job, whenever and wherever we need to.” Floyd’s Managing Director, Richard Floyd sees the value: “It’s clear that businesses have got to address the burden of paper – not just to maintain efficiency, but also as part of our need to become greener. Invu Document Management does just that.”

 

”It’s clear that businesses have got to address the burden of paper – not just to maintain efficiency, but also as part of our need to become greener. Invu Document Management does just that.”

 

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