Combine the e-procurement and invoice-to-pay technology markets, and what you have is the P2P market, or procure-to-pay. The P2P market comprises hundreds of providers, as well as numerous sub-sectors such as catalog management, supplier networks, trade financing and supplier-side e-commerce. Today, we’ll address e-procurement and invoice-to-pay individually in this quick and dirty guide to P2P.
The Invoicing Category
Coupa made some waves earlier this week with its first cloud platform update of the year — the “sector-news pinnacle” of a very P2P-centric week here at Spend Matters. Xavier Olivera and Spend Matters Founder Jason Busch also co-presented “2017: The Most Disruptive Year in P2P Ever?” last Wednesday in a live webinar, which is now available on demand.
This post is part of our 2016 Year-End Procurement Tech Review, in which we offer procurement practitioners a bird’s-eye view of some key vendors and their solutions in select categories. This is the last week of this series, and today we’re highlighting a company in the procure-to-pay (P2P) field.
Basware is one of the largest technology providers in the global procurement and accounts payable technology market. Its solutions span the entire procure-to-pay process, from requisition through payment and post-transaction analysis, and includes the Basware Commerce Network (BCN), which has over 100 million annualized transactions. The network is growing, and Basware expects to process 250 million transactions annually within three years.
This post is part of our 2016 Year-End Procurement Tech Review series, in which we offer procurement practitioners a bird’s-eye view of some key vendors and their solutions in select categories. Today we’re highlighting a company in the e-invoicing space.
Transcepta, a closely held business, was founded over a decade ago. Throughout this time, the provider has focused on building and expanding its global supplier network capabilities to support vendor onboarding and e-invoicing efforts, including most recently in the invoice discounting and trade financing areas.
As we have seen in Part 1 and Part 2 of this series, e-invoicing has produced great benefits for governments in terms of tax collection and streamlining its own control processes, for which they have implemented mechanisms that companies must comply with, ranging from the simple to the complex. For both buyers and suppliers, this represents a new technological challenge — especially for companies with operations in multiple Latin American countries.
E-invoicing in Latin American countries differs significantly from other parts of the world. Invoicing and tax compliance regulations are also completely different from country to country in this region. In this second installment of our series covering e-invoicing in Latin America, we compare Latin American e-invoicing practices with other parts of the world, discuss the importance of compliance for global organization with operations in Latin America and detail some country specifics about e-invoicing documents and regulations.
Spend Matters welcomes this guest post from Steve Sprague, vice president of product strategy at Invoiceware International.
As governments worldwide continue the fight against tax fraud, they are requiring more and more data from enterprises, even down to the individual invoice level. In fact, a recent EY survey on “VAT/GST electronic filing and data extraction” reported that 16 countries currently require taxpayers to submit individual tax invoices to the tax authority — and that number is only showing signs of growing.
When it comes to automating procurement processes, the automation of invoicing receipt and processing is most widespread, according to a recent survey. About 50% of procurement and finance professionals surveyed by spend control and e-procurement solution provider Proactis reported a high level of automation in invoicing processes within their organization. Additionally, 14% said their invoicing systems were fully automated. Automating purchase-to-pay (P2P) processes was also popular, with 43% of respondents reporting a high level of automation and 25% saying their P2P process was fully automated.
Sourcing suites are continuing to play a more dominant role in procurement technology, and the choice and diversity of providers to choose from continues to increase globally. SynerTrade, a source-to-pay (S2P) suite provider with a strong customer foundation in Europe, is one of more than a dozen S2P solutions now fighting for share in the North American market (and beyond). This Spend Matters Plus analysis provides an introduction to SynerTrade for procurement organizations looking to understand whether they should consider adding the provider to their shortlists for consideration and competitive alternatives.
Better known in France, Germany and other countries in Continental Europe than in North America, SynerTrade is launching an expansion strategy targeting the U.S. market that aims to bring its unique breed of procurement suite to an expanding set of global customers. From a functional and modular breadth perspective, SynerTrade certainly ranks in the top dozen of procurement technology suites, and in specific modular areas, it has differentiated capabilities that help it stand out from competitors. So far in this multipart Spend Matters PRO brief, we introduced the provider to our subscribers with a comprehensive introduction to SynerTrade (company and solutions) and a detailed view on strengths and weaknesses. This final installment provides a competitive analysis and overview comparison, a recommend fit and company selection checklist sheet ,and a summary analysis of SynerTrade for potential customers.
SynerTrade, a procurement technology suite provider, is an example of a provider upending the status quo in source-to-pay (S2P) solution development. Providers in this formerly slow-moving technology market are now developing solutions at breakneck pace, enhancing or introducing technologies at an order of magnitude more quickly than in the past. In Part 1 of this Spend Matters PRO Vendor Snapshot series covering SynerTrade, we provided an overview of the provider and its solutions, as well as a company-level SWOT analysis and summary criteria for scenarios when procurement organizations should prioritize its solutions. In this analysis, we observe how SynerTrade's solution is one of the broadest — and in a few areas the deepest — solutions available in the market today and assess the provider’s strengths and weaknesses on the solution level.
The speed and quality of procurement software development is changing at breakneck pace. SynerTrade, a provider that was not even on the map in North America 12 months ago, has been a significant beneficiary of this fundamental shift. SynerTrade provides a broad and deep source-to-pay (S2P) suite spanning both procurement and operational requirements. Read this Spend Matters PRO analysis to get all of the facts and expert analysis to determine if SynerTrade is right for your procurement organization, as well as other providers to consider in an evaluation alongside of it. This multipart research brief provides a SynerTrade company and solution history and overview, company-level SWOT analysis, product strengths and weaknesses, competitor analysis, user selection guides and insider evaluation and selection considerations.