What Should You Look For In An Invoice-to-Pay Solution?

Posted by Negotiatus on January 9, 2019 at 3:52 PM

The processes associated with accounts payable have evolved immensely over the past few years. Most recently, efforts are being made to integrate seamlessly and synchronize the activities of accounts payable with the purchasing department.

The resulting system, known as procure-to-pay, is the natural product of this evolution. It encompasses a number of concepts, including invoice-to-pay, in order to streamline and optimize operations on behalf of businesses of all size.

Read More

Topics: invoicing, procurement

9 Must-Have Source-to-Pay Platform Features

Posted by Negotiatus on December 26, 2018 at 12:51 PM

Source-to-pay (S2P) solutions are huge performance drivers for those who are involved in procurement. It makes procurement streamlined, efficient, and faster than you ever thought possible. This type of platform touches every point of the procurement process, from spend management to how you handle your vendors. It addresses accounts payable, strategic sourcing options and outright purchasing.

More and more large companies are using source-to-pay technology. Compared to piece-meal systems or using make-shift solutions, source-to-pay platforms provide a single solution for procurement that is more efficient, has higher visibility, and often has an overall positive impact on many companies' bottom line.

Read More

Topics: invoicing, source-to-pay, procurement

How Mid-Market Companies Can Benefit from Innovative AP Automation Solutions

Posted by Negotiatus on December 19, 2018 at 2:59 PM

Technology has been transforming business processes, offering them incredible possibilities to increase cost-effectiveness and efficiency. As innovative options emerge, firms are increasingly able to identify precise needs where automation solutions are a advantageous strategic move.

For instance, there is a growing demand for accounts payable automation for mid-market companies due to the numerous benefits it offers. Here's a rundown of the benefits you can encounter by adopting an AP automation solution.

Read More

Topics: invoicing, accounts payable

The Source-to-Pay Process in the Era of Digitalization

Posted by Negotiatus on December 12, 2018 at 2:35 PM

Source-to-pay encompasses activities that obtain goods and services from other companies. The process covers parts of procure-to-pay steps up until vendor management. However, it goes a step beyond conventional purchase-to-pay steps because source-to-pay heavily improves upon the transactional processes associated with procurement.

According to the McKinsey Global Institute, procurement activities that account for 46 percent of U.S. employees' time could be automated using already-established technologies that have proven results. Using automation greatly alleviates many of the burdensome steps that take place during the course of the procurement process. Here's everything you need to know.

Read More

Topics: source-to-pay, procurement

Indirect and Direct Procurement: How Do They Affect Your Revenue Stream?

Posted by Negotiatus on December 5, 2018 at 2:15 PM

In the business world, procurement divides into two categories: direct and indirect procurement. These two types of acquisitions are related, but only insofar as they both involve spending. Otherwise, they are virtually contradictory from one another. They have total autonomy, and they play very different roles in the business process.

Knowing the difference and understanding how each kind of procurement affects your business will be helpful when you develop ways to increase your company's revenue stream.

Read More

Topics: procurement

Procurement Best Practices That You Should know

Posted by Negotiatus on November 28, 2018 at 1:46 PM

Today's changing business environment pushes companies to evolve their strategies faster than ever, and one process often overlooked is procurement. By putting extra emphasis on establishing procurement best practices, companies can position themselves to achieve their goals faster and at lower costs. Since purchasing is one of a company's top expenses, by implementing practices that lead to cost savings, companies can give themselves more flexibility with how they budget and spend their money.

If you're looking to invest in good procurement processes, you'll need to ensure that your strategy is aligned with your goals and that your staff is on the same strategic page. Here are the top best practices to consider for procurement teams when looking to optimize and streamline their processes.

Read More

Topics: procurement

Modernizing Procurement Through AI

Posted by Negotiatus on November 21, 2018 at 2:14 PM

For the past 50 years, businesses have been digitalizing their processes to save costs and improve efficiency. In the latest iteration, algorithms based on human intelligence are being used to analyze large amounts of data to reveal anomalies, detect patterns, and identify trends.

Collectively these algorithms are known as artificial intelligence. AI has already changed the economics of certain industries such as the automotive business with algorithms that give cars the ability to drive themselves. Those same algorithms are poised to change procurement as sweepingly by creating purchasing systems that make buying decisions by themselves.

Read More

Topics: procurement

10 Stages of the Procurement Cycle Process

Posted by Negotiatus on November 14, 2018 at 5:44 PM

Procurement is so much more than a simple purchase. Like all business functions, the procurement cycle has different stages with several moving parts. This is further complicated by the fact that most companies juggle multiple vendors.

The dynamic process involves analysis and monitoring, making these 10 stages crucial to the decision making process.

Read More

Topics: procurement

How to Choose the Right Spend Management Software

Posted by Negotiatus on November 7, 2018 at 12:36 PM

When it comes to business practices that are pertinent to strategy and future growth, spend management often ranks as one of the topmost priorities for several entities.

Spend management helps businesses keep track of their active and past transactions, purchase orders and expenditures across specific departments - all of which is indispensable information for any organization.

Read More

Topics: spend management

Analyzing the Four Segments of Tail Spend Management

Posted by Negotiatus on October 25, 2018 at 4:57 PM

Regardless of which industry a business operates in, it needs to establish a few processes for its spend management. This does not only ensure savings in the short term but also has a direct impact on supplier relationship management (SRM) that has long-term effects on the business's efficacy, strategic spending and overall level of success in its respective sector.

Read More

Topics: tail spend, spend management