Sixty-six percent of organizations surveyed in a recently published PayStream Advisors’ report, “2016 P2P for Indirect Spend,” do not use an eProcurement solution. This is surprising given the manual processing pitfalls for indirect spend, such as late payments, high processing costs and non-compliant spending.
Featuring Ariett as a leading purchase-to-pay software provider, this white paper explains how modern purchasing applications deliver significant benefits where traditional, on premise ERP systems often fall short. These benefits include an increase in financial insight and control, a reduction in processing costs and improved contract negotiation.
Glenn Brodie, President of Ariett, said, “The report makes the point that organizations today are primarily interested in modern solutions that will provide cost-savings and real-time access to data across locations. As a Microsoft Azure Cloud application, Ariett accomplishes this by allowing employees to securely collaborate and make strategic purchasing decisions from any device, anywhere.”
Highlighted Cloud Purchase-to-Pay Software Features and Benefits:
The report highlights a number of tools that integrated procurement and accounts payable solutions offer to help employees limit processing costs, access relevant information and negotiate better contracts:
Fast, Controlled Procurement: Especially for organizations with decentralized purchasing across locations, eProcurement solutions save employees time and enforce compliant purchasing with cXML punch-out shopping from preferred vendors, budget review and pre-approval.
Paperless Accounts Payable: AP departments easily capture invoice data without any manual entry. Automatic approval workflow and PO-receipt-invoice matching and reconciliation also reduce processing time and produce an auditable record.
Control over Spending and Contract Compliance: Through real-time visibility to spending and budgets, managers and CFOs are equipped with the information necessary for ensuring employee compliance with policies and vendor compliance with contracts. Managers can easily keep tabs on contract expiration dates and review all contract purchase commitments and change orders during contract renegotiation.
Collaboration across the Organization: Employees want the flexibility to work from anywhere and on any device in order to connect with team members and make purchasing decisions on the go. The latest mobile technology will let them submit, review, write comments and approve from their device of choice.
Payment Processing: A final key area that the report highlights is electronic payments, which includes ACH and commercial card payments. The future of purchasing and accounts payable applications will include payment processing, which completes the purchasing cycle and ensures the secure and timely payment of suppliers.
To learn what experts are saying about the future for procurement and accounts payable departments, please read the complete report: www.ariett.com/download/Indirect-Spend-Report-PayStream-2016.pdf