Posted in Financial Process Automation

The 8 Top Procurement Trends For the 21st Century

Recent advances in technology are creating profound impacts on many businesses activities. In particular, digital transformation is rapidly changing back-office operations such as supply chain management and procurement. Digitally transformed organizations increase efficiency, lower cost, and adapt to fast-evolving customer expectations.

To stay relevant, competitive, and profitable, businesses need to keep pace with new technologies. Procurement is no exception. New technologies facilitate e-procurement, contract repository, supplier performance management, spend analysis, supplier information management, AP automation, business networks, contract authoring, and more.

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Posted in Financial Process Automation

Top 4 Procurement Processes Every Business MUST Automate

Procurement. It’s one of the most core activities any business performs. Obviously, you must procure the raw materials and services you need to build your products. Otherwise, you can’t be a successful business.

Yet, procurement is persistently one of the most disorganized activities within most organizations. Often, that’s because procurement’s top priorities have not evolved to be in tune with the demands of a modern business.

It’s hard to blame the procurement department. After all, in many organizations they’re still stuck using Excel spreadsheets and email for routine processes. Without automation, employees are still spending a lot of time on paperwork. They don’t have the time to think bigger. About Corporate Social Responsibility or reducing everyday risks to the business.

Whether you’re a small or large business, process automation helps increase agility and sets your business up for success in the 21st century.

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Posted in Financial Process Automation

Digital Procurement Strategy – 9 Stats to Consider

Digital Procurement Strategy

When Deloitte surveyed procurement professionals in 2016, the overwhelming priority for most organizations was cost reduction (74%). The study also revealed that 60% of respondents did not have a clear digital strategy in their procurement process.

Fast forward to 2019, and things seem to be pointing in a different direction. The latest Deloitte study found a clear shift in procurement, with an accelerated pace of change in digital procurement. While cost reduction remains a priority (78%), there was a clear emphasis on innovation and value as well.

So with that in mind, here are some key statistics to focus on as we move toward 2020 and beyond.

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Posted in Workflows

50+ Key Statistics to Help You Automate Smarter in 2019 and Beyond

Key Automation Statistics You Need to Know

Every time we think we’ve got a handle on automation, new statistics emerge to challenge our perception. Just this month, McKinsey released a new report about the future of women at work, saying that an estimated 40 to 160 million women around the world will need to transition their skills.

But the report also pointed out that both men and women will be similarly affected by automation, just in different areas. Without a doubt, the effects of automated processes will be felt in every sector across all roles.

To understand the scale and importance of automation in the workplace, take a look at some of these key statistics.

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Posted in Financial Process Automation

How Purchase Order and Purchase Requisition Templates Help Your Business Succeed

Purchase Orders (PO) and Purchase Requisitions are extremely common documents that practically every business uses. They help businesses control costs, ensure that employees cannot bypass business standards and that the business gets the best possible deal. Problems are easier to track down. If the vendor delivers the wrong items, the signed copy of the purchase order proves what the business actually ordered.

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Posted in Financial Process Automation

How to create a purchase order process that meets real business requirements

Purchase order and invoice processing are basic functions every organization performs as part of its day-to-day operations. Employees in the finance department handle POs, get them signed, send them out to vendors and process related invoices on a routine basis.

These processes can often have complex business requirements:

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Posted in Financial Process Automation

How to optimize purchase order processing. Hint – Stop using Excel!

Organizations of every stripe – small businesses, schools & colleges, and even some large companies – continue to email Excel sheets to approve purchase requests and issue a purchase order. While that’s better than paper, Excel still has numerous disadvantages particularly in today’s mobile-centric, data-driven world. You need a fully digital solution.

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Posted in Financial Process Automation

A Guide to Efficient Procurement Management

Digital procurement management

Let’s face it – even though procurement management is an essential part of successful businesses, it’s one of the most disorganized activities at many organizations.

More often than not, inefficient manual processes are the root cause of these challenges. These messy and wasteful processes causes delays, errors, and workarounds that result in much larger downstream issues such as:

  • Mismanaged supplier relationships
  • Delayed projects
  • Unnecessary legal costs
  • Overworked employees
  • Lagging stock price.
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Posted in Financial Process Automation

Top 5 priorities for procurement in a 21st century business

Changing priorities for procurement

Procurement is a core operational function of any business. Without the ability to obtain the necessary materials, a business cannot manufacture its products.

Traditionally, procurement’s most important goal was to lower costs. However, the pace of modern business has accelerated dramatically. Today’s businesses also operate on a global landscape sourcing materials and selling products across the world. That’s forced procurement to become a digital, measurable function aligned with overall corporate priorities.

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