Digital revolution at Norrøna

Finansavisen interviewed Birgitte Gran Fjellstad, CFO of Norrøna, Daniel Karlsen, CCO of Semine, and Lars Mabro Carlsson, Sales Manager at Semine. The result was an article in Finansavisen on March 4th, 2022. The article, written by Bjørn Henning Grandal, is reproduced here in a condensed format

Norrøna utilizes the AI-platform SEMINE to automate invoice processing. This saves the clothing company 1.5 full-time equivalent positions.

-  Our finance department is currently characterized by many outdated systems that do not fully integrate. The need for manual processes is significant, resulting in excessive time consumption and numerous errors that require unnecessary effort to rectify, says CFO Birgitte Gran Fjellstad of Norrøna. Fjellstad assumed the role of CFO at Norrøna just over a year ago, and continuing along the same financial track was far from an option for her.

-  It is ingrained in our strategy to be constantly evolving. We excel in that aspect on the product side, but we have lagged behind in recent years when it comes to finance and financial systems.

Upgrading IT Infrastructure

Norrøna is currently in the process of upgrading its entire IT infrastructure, including a new cloud-based ERP system. Simultaneously, it was essential to address the incoming invoice handling system as it could easily be automated, yielding significant effects in a short period.

- Currently, we spend an excessive amount of time on processing incoming invoices.

The savior came in the form of an AI solution provided by technology company Semine. The SEMINE platform is, in practice, an advanced accounting system that utilizes AI technology to automatically sort and process incoming invoices and receipts in greater detail and at a much faster pace than manual methods allow.

Saves 1.5 Full-Time Equivalent Positions

Semine's technology is initially aimed at automating the invoice workflow, allowing 1.5 full-time equivalent positions to be allocated to other, more intelligent purposes. The goal by summer is to ensure that almost all invoices are correctly posted in the accounting system.

- We are on the verge of a digital revolution in our finance department. The aim is for our eight employees to experience, within a few years, that they are working in the most cutting-edge and forward-thinking finance department in the fashion and sports industry, concludes Fjellstad.