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.
The Invoicing Category
The 2016 e-invoicing report from Billentis points out how many Latin American countries now have considerably advanced e-invoicing markets. Mexico, specifically, is identified in the report as global leader for e-invoicing, with more than 5.4 million taxpayers issuing e-invoices for goods and services bought in the country. We reached out to our e-invoicing expert in Mexico, Xavier Olivera, who serves as editor for Spend Matters Mexico and Latin America, to share his insights on the Mexican and Latin America e-invoicing market.
Spend Matters welcomes this guest post from Tom Levene, of The Hackett Group.
Do you pay your suppliers too quickly? New research by The Hackett Group has indicated that 32% of respondents are planning to extend their supplier payment terms. Additionally, our benchmark studies show that many organizations trail industry peers in the key supplier cash flow measure, days payable outstanding (DPO). In these organizations, responsibility for payment terms often spans multiple functions with differing priorities or the value of working capital is not well appreciated. Pursuing a payment term extension program with suppliers can unlock value in your supply chain, but to maximize this value, preparation is key.
There are a number of drivers motivating procurement organizations around the globe to adopt electronic invoicing solutions — from improving internal processes to responding to external pressures from suppliers and customers. However, as the new 2016 e-invoicing report from Billentis points out, tax evasion is a major reason both private and public sector organizations have switched. E-invoicing has also been successful at reducing corruption and tax evasion, too, according to the report.
U.S. procurement organizations are increasingly turning to electronic invoicing solutions to automate internal operations, but some adoption challenges still remain, according to the new 2016 e-invoicing report from Billentis. North America also lags behind in e-invoicing market maturity compared with leaders like Latin America and some European countries like Norway and Sweden. The report said the U.S. is now beyond the early adoption phase of e-invoicing solutions, and many organizations are focusing on accounts receivable and accounts payable automation.
Tradeshift raised $75 million in a recent Series D funding round, bringing the P2P platform provider’s valuation up to nearly $600 million. Data Collective led the latest funding round, and other investors included HSBC, American Express Ventures, CreditEase Fintech Investment Fund, Notion Capital and Pavilion Capital. Tradeshift, which now has a user base of more than 800,000, has reportedly raised $205 million total this year and is on track to bring in $50 million in revenue.
Sovos Compliance announced this week it will acquire Invoiceware International, a Latin American electronic invoicing solution provider with bases in the U.S. and Brazil. Sovos, a tax business-to-government compliance software company, said it plans to expand Invoiceware’s capabilities for the Latin American region, where governments have strict e-invoicing and tax reporting regulations in place. Sovos also plans to provide a multicountry e-invoicing platform, which will aim to help companies operating in Latin America better comply with government e-invoicing reporting mandates.
We’re pleased to announce a Spend Matters webinar in association with Coupa, on Thursday, June 9, at 7 a.m. CT (1p.m. in London). Peter Smith, managing editor of Spend Matters UK/Europe, will be talking about e-invoicing, and more importantly, asking Markus Hornburg, vice president of global product compliance at Coupa, some key questions. Markus is genuinely one of the world’s leading experts in this field.
Determine, a procurement suite technology vendor that is in the early stages of releasing a re-platformed solution (incorporating Selectica, b-pack and Iasta) onto a single code base and stack, has done a remarkable amount to bring multiple solutions together in a unified platform in a limited development timeframe. But how does the new Determine solution compare to other source-to-pay (S2P) and procure-to-pay (P2P) vendors and what are the differentiators (including strengths and weaknesses) compared with other providers, including Coupa, Ariba/SAP, Oracle, BravoSolution, GEP, Zycus and others?
This Spend Matters PRO analysis, the second in a series on Determine, provides an update on the vendor’s strategy and first general availability release of the new single platform solution (see also Determine: Background and Solutions). This installment focuses on Determine’s new platform solution strengths. The final part of this series analyzes Determine’s current weaknesses and provides competitive analysis and customer recommendations.
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. Transcepta compares favorably on a functional basis with other e-invoicing providers, including and supplier network providers such as Ariba/SAP, Basware, Coupa, Taulia, Tungsten and Tradeshift. It also serves as an e-invoicing partner to Oracle and SciQuest. This Spend Matters PRO research brief provides an introduction to supplier network enablement and e-invoicing approaches, Trancepta’s capabilities in these areas and the provider’s overall strengths, including a new PO/document matching approach that leverages technology often used in the spend analysis world to achieve significantly higher matching rates than what we typically observe. The second installment of this research brief covers Transcepta’s weaknesses, competition and our recommendations for customer fit.
Spend Matters welcomes this guest post from Laurent Charpentier, chief innovation officer at Yooz North America.
Companies strive for one goal, to increase their profit. Try to spend as little as possible while generating as much revenue as you can. Accepted business models therefore divide operations into two categories: cost centers and profit centers. It’s a good question whether this binary split is a true reflection of business reality, because with the right tools it’s possible to turn an alleged burden (cost center) into a benefit (profit center).
With apologies to Hollywood and those behind a recent Oscar winning film, E-Invoicing is a market undergoing radical transformation from both the inside (and) out. A combination of disruptive new technology models that go far beyond first generation supplier networks and evolving market and customer requirements (and expectations) are in the early process of taking a sleepy accounts payable-centric solution area and putting it front and center as an enabler of broader procurement, finance, supply chain and IT strategies. Spend Matters research and analysis based on interviews with a variety of solution providers, practitioners and consultants indicates the largest visible changes will take shape in the years ahead. This multipart Spend Matters PRO brief provides an e-invoicing outlook and forecast for 2016-2018. Included in this series are 10 technology and mega trends, a market forecast and sizing analysis, market growth and adoption scenarios and a look at the evolving competitive landscape and vendor shortlists, including how e-invoicing will increasingly intersect with supplier networks, invoice discounting, transactional analytics (procurement, A/P, payments), statement/invoice audit recovery and related market segments. For organizations looking to get started with the e-invoicing basics – or accelerate program adoption – we recommend starting with the PRO series E-Invoicing: What it Takes to Get to World Class (see Part 1 and Part 2).