Posted in Procurement Automation

6 Proven Accounts Payable Automation Best Practices

Think about the accounts payable (AP) invoice process in a typical business. 

Often, invoices go to multiple people in the organization rather than being centralized. A recipient manually forwards the invoice to the accounts payable department for coding and review – usually by email. Someone manually enters invoice data into an internal system, the invoices are paid, and filed away – often in a folder.

Manual processing is incredibly wasteful and expensive.

It’s incredibly wasteful, error-prone, and costly. According to the Institute of Finance and Management accounts payable professionals spend a mind-boggling 84% of their time trapped in an endless cycle of manual and semi-automated AP processes, including data capture.

With a modern AP automation solution, your employees can stop wasting time on data capture and manual processes and can instead spend it on work that really matters.

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Posted in Procurement Automation

How to Automate Your Purchase Order Approval Workflow

You know the story. 

An employee puts in a purchase order, only to find that nothing gets delivered and they don’t have the tools they need for the job.

The paperwork is buried in the purchasing manager’s inbox, waiting for an approval that never comes. The busy purchase manager has forgotten to sign off.

When you’re using manual purchasing processes, this is bound to happen. Purchase requests get filled out wrong, lost, or forgotten, and delays ensue.

This doesn’t have to be the way. Automatic approval software can remedy the ills of manual processing, increasing efficiency and reducing costs.

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Posted in Procurement Automation

6 Critical Procurement Goals for 2021 and Beyond

Since COVID-19 swept the world, there have been unprecedented interruptions to global supply chains. Prioritizing resilient procurement processes has never beeAs organizations are rapidly moving to digital, data-driven environments, it’s wise to migrate purchasing and procurn more crucial in the face of economic collapse.

Where cost control was previously the most important item on the procurement agenda, now your main procurement goal should relate to business resilience. Ethical practices, risk mitigation, and cybersecurity are more significant than ever.

It’s time to throw out clunky, old-fashioned manual procurement operations and replace them for streamlined automated procurement processes. 

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Posted in Procurement Automation

6 Best Practices for Purchase Order Management

Purchase orders play a key role in ensuring you have the goods and services you need to run and grow your business. 

And you likely already have a process in place to complete, send, and get them signed. 

But, while relying on a manual purchase order process may have worked when your business was just starting out, as you scale it becomes more time-consuming and frustrating for everyone involved. It hampers your ability to get work done.

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Posted in Procurement Automation

How to Manage the 7 Most Common Procurement Risks

In life or in business, risk-taking has benefits and may even be an essential ingredient of success. 

Quite the opposite when it comes to procurement – the last thing you want is risk. 

A smoothly-functioning procurement process means standardized, reliable relationships with vendors, your team, and your customers.

Ultimately, by understanding and managing procurement risks, you can streamline procurement procedures to manage and reduce them.

In this article we’ll give you a breakdown of the leading procurement risks and how you can manage them effectively.

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Posted in Procurement Automation

5 Procurement Best Practices to Streamline Purchasing

Do you need to streamline procurement in your organization? Are you wondering what best practices would help you improve purchasing processes further?

Well, I can only imagine the weight on your shoulders. 

Your company needs to source goods and services to deliver what’s been promised to customers. Organizing it all – not to mention, doing it faster and faster while continually reducing costs – rests entirely with you.

And that’s not the only pressure you’re under. Even the shortest supply chain delay might bring the entire production to a halt. 

But I can show you how to avoid those disruptions.

After reading this guide, you’ll understand the most common challenges and bottlenecks in your processes. You’ll also learn what best practices in procurement to implement to eliminate those bottlenecks once and for all. 

So, to begin, let’s look at what goes wrong in a typical procurement process.

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Posted in Procurement Automation

Automated Purchase Order Tracking in 3 Steps

Purchase orders (POs) play a vital role in every organization, whether it’s a university ordering library books, a company procuring raw materials for manufacturing, or an agency purchasing services from a vendor. 

POs are also one of the most admin-heavy business processes. They’re prone to errors, bottlenecks, lost paperwork, unnecessary back and forth, and maverick purchases. 

This can lead to incorrect goods or service delivery, delayed orders, overspending, and even outright fraud, if Purchase Order tracking systems are not in place.

According to The Hackett Group, most organizations can reduce their operational costs by as much as 45% by implementing digital procurement tools for smart data capture and workflow automation.

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Posted in Procurement Automation

Multi-sourcing: How to Make Your Procurement Strategy a Competitive Advantage

What Is Multi-sourcing and Why Does it Matter? 

Sourcing the raw materials, components, products, and outsourced services needed to conduct your business is a core part of any organization’s operations. 

While some business owners would argue that a smaller pool of vendors translates to better terms, service and more personal attention pricing, a growing number of businesses are making a strategic shift away from single-source supplier agreements in response to global events that threaten to disrupt supply lines or raise costs. As a result, multi-sourcing is gaining popularity as a procurement model. 

Driven by organizations that seek to mitigate risk as well as businesses that seek more flexible, innovative and competitive supplier relationships, multi-sourcing offers a number of attractive advantages. 

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Posted in Procurement Automation

How to Reduce Fraud with Accounts Payable Automation

In March 2019, the Department of Justice announced the indictment of a Lithuanian man who used invoice fraud to steal $123 million from Google and Facebook. He managed to execute the fraud through business email compromise: he posed as trusted vendors and sent invoices for services that never took place. 

Invoice fraud is on the rise. According to the FBI, email fraud increased by 136% between December 2016 and May 2018. While Google and Facebook managed to recover their funds, the majority of businesses are not so fortunate, and sadly, small-to-medium-sized businesses are often targeted because scammers know that they don’t have the same resources to allocate to combating fraud as larger companies. 

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Posted in Procurement Automation

Your Ultimate How-To Guide to Procurement Automation

More than half of Chief Procurement Officers (CPOs) admit that the underutilization of automation software in procurement processes is a huge problem that needs remedying.

Complex manual workflows are time-consuming and full of errors, slowing down the whole procurement pipeline.

In light of this, 70% of procurement professionals are looking to optimize procurement by switching to digital processes.

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