Expenzing's Procure To Pay Software
16

May

Is It Time To Set Your Procurement System On Autopilot?

A pilot sets the air carrier on auto pilot reaching optimal conditions after take-off and setting the trajectory and coordinates for its journey. He monitors the flight without constant hands-on human control. Similarly, has the time come to automate the age old procurement systems in your organization? Across industries, organizations are faced with the fact that procurement can be a tedious process.

It involves countless man-hours, unreported data,frequent late payments, policy violations, unhappy vendors among others. They often sought out automation processes for AP which could help address and fix these problems. Procurement automation initiatives involve implementing a dynamic solution, changing internal habits, strategies, and attitudes around spend.

What drives a company to adopt automated P2P solutions?

Centralization

  • To have central control over purchasing
  • Curtail sub-optimal purchases at branches
  • Formal rate contracts with vendors for products and services across geographies
  • Requisitioning requests to deny, delay purchases

Policy Compliance

  • Reduce indirect or maverick spend by administering mandatory electronic approval system
  • Formal PO system ensuring supplier due diligence, empanelment of vendors
  • Avoid miscommunication between users, vendors and AP due to loss of Invoice, goods receipts, delivery and paymentpolicies

Budgeting

  • Accurate P&L prediction and reporting
  • Spend analysis and smooth audit
  • Historical spend data readily available without loss of man-hours

Findings from a recent survey by Paystream Advisors conducted on individuals employed in many different industries about their procurement activities, points out the key reasons for companies to automate their Procurement (see figure 1)-

Procure To Pay Software

Although Procure-to-pay software fix many of the issues in today’s procurement processes. Unfortunately, many companies are not using them. Among the common barriers to adoption are a lack of budget, a lackof understanding of current solutions, and the belief that current processes work.

Analysis of data variance from 2014 & 2015 by Paystream Advisors show that attitude towards this solution is changing. However, Lack of Budget rates highest as a barrier for eProcurement software.

Expenzing's P2P Software System

It’s important to note that as the organization adopts eProcurement software it not only implies the transition of manual process to online, but also helps transform an ineffective chaotic operation of Procurement into a strategic asset.

Connect with Expenzing to see how Expenzing’s Procure to Pay Software integrates financial control with the ease.

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About Ila Imani, CEO @Expenzing

Ila has over 25 years of experience in the industry, working in the field of business process and automation enhancement. Prior to founding Nexstep Infotech, she has worked with 3 organizations in the area of system analysis and design. She overlooks the product direction at Expenzing and takes a keen interest in changing technology trends and business requirements of clients. Ila is an IIM-C alumni with a specialization in Systems. She is deeply involved in several social causes, loves to travel and read.

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