Invoicing Content

Taking the Path of Least Friction for a Successful Payables Strategy

e-invoicing

Inefficient invoice processing is standing in the way of companies achieving their bottom-line targets. The cause is manual, paper-based invoicing systems, which lead to late payments, errors, internal process issues, disputes and damaged relationships with suppliers, among other headaches. In a word, “friction.”

It doesn’t have to be this way. New data is showing that digital AP solutions can eliminate these frictions and streamline invoice processing.

The Payables Friction Index: Barriers to Invoice Automation,” a PYMNTS and Corcentric collaboration, quantifies the issues that businesses experience in processing supplier payments and explains how automated solutions can help ease the pain.

3 tips to improve the ‘first mile’ of your supply chain

Overhauling how your business manages its supply chain is a daunting task, but a good starting point is to look at a segment of the supply chain and focus on three tips: clean your data to improve visibility, automate supplier collaboration and consider what new technology is available to you to make these things happen.

The specific part of the supply chain that many organizations would benefit from focusing on is the “first mile” — when businesses set a solid foundation to work with suppliers, engage services and order direct materials. In our previous article, “How ‘first-mile’ flaws hinder last-mile success,” we discussed the problems that snowball, add to risk and cut into margins.

Now, let’s dig into the top three tips for addressing these problems:

Ivalua: Vendor Snapshot (Part 4) — Product Strengths [PRO]

Global Risk Management Solutions

Anything Ivalua still lacks in global brand and market awareness along with sales/marketing infrastructure and prowess, it makes up for by delivering a source-to-pay platform designed to emphasize functional depth, suite-based capabilities and industry-specific enablement scenarios in the private and public sector. Ivalua delivers a no-compromise set of capabilities and an underlying platform that is most likely to appeal to procurement and IT organizations that want greater flexibility in executing a procurement technology architecture and strategy than what is offered by the majority of suite-based solutions on the market today. Ivalua is generally at the front of the pack in Spend Matters’ “configurator” persona of just about every SolutionMap we look at for our 2019 Q2 results — and the lead dog if the pack includes only the suite vendors.

If you've already read Part 1 of our updated, seven-part vendor snapshot on Ivalua (which includes a detailed company and solution overview), then you know that you're either going to be attracted to the depth, breadth and configurability of the solution — or perhaps overwhelmed by it if you're new to the advanced sourcing and procurement game. With the massive flexibility that comes with massive configurability, there is also a non-trivial degree of configuration settings to pay attention to. (See Part 2 for an upstream solution overview and Part 3 for details on the downstream capabilities.)

In this Part 4 edition of the vendor snapshot, we are going to dive deep into Ivalua's product strengths, providing facts and expert analysis to help a procurement organization decide whether they should shortlist the vendor. Of course, it’s best to read the SolutionMap analysis for all the providers in question. For example, an organization that is putting Ivalua head-to-head with Coupa should compare and contrast what we say here versus what we say in Part 2 of our Coupa vendor snapshot because near-equal scores in SolutionMap do not imply near equal capability in all areas, and definitely not in the areas that might matter to your organization the most.

Beyond ‘Not OK-2-Pay’: A Coupa Pay Update from Inspire 2019 [PRO]

procurement

Accounts payable is a function often viewed as laborious and time-consuming. Even when enabled by back-office technology systems like ERPs, the general perception of AP is that it consists primarily of transactional, overly complicated activities that generate little additional value for the business.

But this negative perception ignores much of AP’s full potential, which is why multiple solution providers of late have begun to pursue “business spend management” opportunities in the B2B payments space. These new offerings aim to improve the overall efficiency and value potential of AP, particularly by helping organizations move beyond the simple act of marking invoices as “OK-2-pay.” Because as many AP professionals will tell you, an OK-2-pay marker is only the beginning of a series of headaches to sort out — and where the benefits offered by B2B payment solutions begin to reveal themselves.

In this Spend Matters PRO brief, we discuss how some of the capabilities highlighted in the Coupa Pay offering at a recent Coupa Inspire 2019 conference seek to address the common issues of OK-2-pay — or, as they put it in a humorous video during the conference, “Not OK-2-pay” — as well as what Coupa’s recent partnership announcements mean for the product.

How ‘first-mile’ flaws hinder last-mile success

Businesses want and need to deliver for their customers, and that’s often done by putting a ton of thought and effort into the last mile of the process to ensure success and customer satisfaction. But, while getting products and services to customers is vital, it’s not the first step.

For that, we need to focus on the first mile — that time in any company’s supply chain process where you can set a solid foundation to work with suppliers, engage services and order direct materials. The first mile is just as important as the last mile for meeting customer commitments, and it’s even more important when it comes to maximizing margin, managing inventory and recognizing revenue.

To succeed, you’ll need to improve your processes by implementing a digital transformation. That involves more than using digital forms instead of paper. To truly transform, real-time data and visibility need to be at the heart of how your company runs. Problems in the first mile need a modern solution.

How smart data extraction makes for smart AP automation

What you really want to know when investigating AP automation solution providers is whether the solution has a complete technology, combining OCR (converting images to text), smart data extraction (transforming the text into relevant data) — and machine learning (remembering the data and populating it into the applicable data fields each time the data is recognized). You are looking for a system that gets smarter the more you use it!

Q2 2019 SolutionMap: Contingent Workforce & Services Technology, SPT and S2P suite software providers’ scoring summary reports now available

As part of the Q2 2019 SolutionMap release, the Strategic Procurement Technologies (SPT), Source-to-Pay (S2P) suites, and Contingent Workforce & Services (CW/S) Technology Provider Scoring Summary reports are available today on SolutionMap Insider.

Taulia’s customer reviews are in the new SolutionMap Customer Insights report

This week’s SolutionMap Customer Insights report focuses on customer reviews for Taulia, which offers payment processing solutions. Its applicable SolutionMap category for this report is in Invoice-to-Pay. SolutionsMap Insider members can click here to read about Taulia in our latest report.

In each Customer Insights report, we provide a one-page summary of qualitative — and select rating and quantitative — insights from the SolutionMap peer review process. The Customer Insights summary includes ratings on how well the vendor meets user expectations, three key differentiators for the vendor and a list of quotes about the vendor’s greatest strengths.

Blockchain and Digital Invoice Finance — What’s Missing?

Similar to an idea in the movie "Inception," blockchain has been imprinted on our brains as the solution for just about everything. But recently, a number of articles have taken a negative perspective on blockchain. Now I for one am never about technology for technology’s sake. But let’s not throw the baby out with the bathwater. Distributed ledger technology really started ramping up only about 36 months ago. Considering that Amazon was still only selling books online after its first two years, why does blockchain have to change the world so quickly?

SolutionMap: 54 Procurement Software Companies Ranked (Q2 2019 Update)

Spend Matters today released its Q2 2019 SolutionMap, ranking 54 procurement software companies across 12 solution categories, including E-Procurement, Sourcing, Spend Analytics, Supplier Relationship Management, Contract Lifecycle Management and Contingent Workforce & Services. Click on this article to learn about SolutionMap's biggest revamp yet, and to see how to access rankings for free!

Q2 2019 Invoice-to-Pay (I2P): Provider Scoring Summary

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This SolutionMap scoring summary analyzes a select group of invoice-to-pay solution providers. It is part of our Q2 2019 SolutionMap report series, also featuring spend analytics, sourcing, supplier management, contract management and e-procurement providers. Our Q2 release also features a SolutionMap for procure-to-pay and strategic procurement technology suites.