PROCURE TO PAY CHALLENGES: ARE YOU AWARE OF?

In today’s business environment, there certainly is room for automation-related improvement in the business-to-business processes.  Most of the organizations dive deep into the comprehensive, automated procure-to-pay (P2P) solution to reduce costs, improve working capital, optimize asset usage, and much more.

Many are now investigating invoice automation for the first time to evaluate its requirements and benefits. You have an opportunity to automate payables, manage your invoices, and streamline the process of bringing your suppliers on board.

Select Your Procure-to-pay with care and try to address these big three challenges inherent to the function.

1.      DOCUMENTS:

The Procure to pay function typically involves key information from paper documents. Each and every document features many important facts worth capturing and integrating to ERP and other systems. Although too often it is truly done manually.

2.      CLOSED SYSTEMS:

Many Procure- to-Pay systems focus too much on just the payment. Connecting / integrating your procure to pay function with other missions like CRM, ERP, DMS, and accounting would greatly benefit your business.

3.      EXCEPTIONS:

Additional exceptions are equal to more expenses. Erroneous verification, mismatches, as well as other glitches found in the three-way match process. Get the issue kicked back for manual review.

SOLUTONS TO THESE CHALLENGES:

1.      High risk-management activities and high impact to earning profits.

2.      Increasing automation to improve audit effectiveness and timely detection.

3.      Optimizing procure-to-pay activities for efficiencies.

It is important to address these top challenges in the procure-to-pay process. There is configurable application controls available i.e. delivered as part of most ERP systems. Keep in mind that implementation should establish a base control foundation.  These controls in unison with advanced financial controls create the strong controls environment and effective and efficient procure-to-pay process for your organization.

            For more information please contact us at results@xeeva.com or fill out the Contact   Us form on www.xeeva.com

Key Procurement Technology Trends for 2015

On the business front, changes occurred in a geo-political environment, business operations, values and technology. We saw technology as a primary driver for change. Investing technological innovation from the procurement section especially, in recent years, e-sourcing tools have improved the way to communicate with suppliers. When everything will be changing, that holds to reason that how the organization will need to alter as well?

Consequently what’s future? Here are a few procurement technologies trends. All possesses the same aim of offering additional, long-term, cost savings. You can observe the benefits and performance with Analytics and enhanced data aggregation makes it possible for effective risk management. There are three improvements that we believe tend to be altering procurement for the better.

1.       Predictive Analytics

Predictive analytics help organizations predict that ensures very high degree of accuracy and precision. Today, most of the procurement teams rely on historic and retrospective analysis. It limits the actionable insight from the start. Big data developments in 2015 show a significant metamorphosis to move towards more predictive analytics and forecasting.

Procurement no longer desired a better deal from suppliers. It can now be started on intelligent forecasting, knowing these market tendencies and figuring out the right time to take risks and grab opportunities. This ability to make smarter decisions is made possible by combining extremely topical facts and the ability to interrogate it.

1.       Moving down the supply chain

The best companies around the world are discovering a new source of competitive advantage i.e. supply chain management. You can see technology, data, shifting the industry is with insight and support for suppliers. In today’s competitive market, it is imperative that businesses should identify new methods against Supply Chain Management issues including modal evaluation, load planning, route planning, and distribution network layout.

Companies should deal with business challenges that impact Supply Chain Management such as reengineering globalization and also outsourcing techniques.

2.       Support staff as a service

Support staff excellence service provides impressive cost benefits. It also raises company’s expertise and know-how its real value. For Example, an organization may only do single RFP earlier mentioned dollar one million just about every two years. For instance, the support team performs in an array of distinct markets, geographies and industries.