Stockmann adopts TietoEnator's invoice center service

Stockmann adopts TietoEnator's invoice center service The Stockmann retailing group has concluded an agreement with TietoEnator on the electronic data interchange of Stockmann invoices. This will be handled through TietoEnator's Economa Invoice Center. The invoice center, a new method of managing invoicing routines, transfers both consumer and corporate invoices from the seller to the buyer. Customers are able to handle and accept invoices in the invoice center. Stockmann will begin to use TietoEnator's invoice center service in its Automotive Sales Division. Later in the autumn Stockmann will also start receiving net invoices as well as electronic transmission of purchase invoices to its own invoice collection systems. The invoice center service will enable Stockmann to increase the efficiency of its administrative processes. Net invoices will also improve customer service because buyers will now be able to decide how they choose to receive their invoices. The Economa Invoice Center continues the long-standing co-operation between Stockmann and TietoEnator. The invoice center forms part of TietoEnator's total service package for digital financial management. It covers the generation of invoices, their electronic circulation and approval, payment, accounting and electronic archiving. Demand for digital financial management services is growing in Finland as the Accounting Act of 1997 permits electronic accounting for everything except the balance sheet ledger. Digital financial management services are expected to generate annual savings of some ten billion Finnish markka in Finland. Financial management is one of a company's four key corporate resources alongside its personnel, customer relations and information management. Efficient management of key resources will become an increasingly important strategic issue and a key area of management in the years ahead. Further information: TietoEnator Applications, Mr Urpo Roti, Director, tel. +358 9 3290 7282, e-mail urpo.roti@tietoenator.com Stockmann, Automotive Sales Division, Ms Tuija Ylinen, Financial Manager, tel. +358 9 121 5604, e-mail tuija.ylinen@stockmann.fi With a staff of 10,000 and annual net sales of 1.1 billion euro, TietoEnator is a leading supplier of high value-added IT services in Europe. TietoEnator provides consulting, systems development and integration, operation and support, product development services for customers, and software services. The Group has in-depth knowledge of its customers' businesses in areas such as telecommunications, finance, the public sector and the forest and energy industries. www.tietoenator.com Stockmann is a Finnish listed company engaged in retail. Established in 1862, the company has almost 13,000 shareholders. Stockmann's four commercial divisions are the Department Store Division, the Automotive Sales Division, the Hobby Hall Division, which is specialized in mail order sales and e-commerce, and Seppälä, a chain of fashion stores. The aggregate sales of these divisions in 2000 totalled FIM 8.7 billion. Stockmann operates in Finland, Russia, Estonia, Sweden and Latvia. www.stockmann.fi TIETOENATOR CORPORATION DISTRIBUTION Principal media ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/10/04/20011004BIT00270/bit0001.doc http://www.waymaker.net/bitonline/2001/10/04/20011004BIT00270/bit0001.pdf