The Requisition / PO Management Category

SourceDay Gets $6.5 Million Investment for Its Direct Spend Solution

procurement software

Procurement software provider SourceDay on Wednesday announced it has received $6.5 million in Series A funding from three capital venture firms. SourceDay said it has now raised $10.8 million since the 2015 launch of its software-as-a-service cloud platform, which automates direct spend management, purchase order management and supplier collaboration. The provider integrates its solution with ERP systems to reduce manual operations for suppliers and buyers, the statement said. The Austin, Texas-based company plans to focus on product development as well as expand its sales and marketing activity, it said.

AI In Procurement Tomorrow (Part 2): Ninjabots and Augmented Intelligence [PRO]

In this series we are discussing artificial intelligence, with AI touted by many a salesperson. Virtually every vendor is claiming AI, even though it’s a stretch to promote having a fully functioning model. However, if you are willing to settle for “assisted intelligence,” that AI exists today (as per our precursor series that you can read here: AI in Procurement Today, Part 1 and Part 2), and it won't be long before we have the “augmented intelligence” that we are discussing in this series, as some vendors already have limited beta capabilities (that are typically restricted to a subset of categories) in many of these areas. In our last article, we discussed how tomorrow's systems are going to help considerably with overspend protection. In today's article, we'll consider “ninjabots” and dive into invisible buying, automatic buying and automatic opportunity identification.

How to Hack Your ERP and Create Competition for P2P Suite Providers

Spend Matters welcomes this guest post from Doug Hudgeon, a business automation expert.

P2P software is painful to buy and painful to implement. In order to get the biggest benefit, you need to rip the purchasing spinal cord out of your company and replace it with an end-to-end P2P system. This is a big project, requires a big budget and, if you are going to deliver on the promised benefits, you must have an unwavering commitment to change. Sales cycles are long but, fortunately for P2P vendors, the margins on the deals that do get across the line can be pretty good. But the competitive landscape is about to shift.

6 Ways To Really Mess Up Your AP Automation Project

Spend Matters welcomes this guest post from Melissa Hendrick, VP of marketing at Yooz North America.

Today, automation technology is one of the inevitable trends for companies wanting to improve their efficiency and agility in a complex economic environment. The reasons are clear: cost reduction, process optimization, data security, regulatory compliance and many more.

If you are considering automating your invoice payment processing workflows in accounts payables, or are already investigating solution providers, your success will be based on following some basic guidelines and avoiding some common pitfalls.

With that in mind, here are some insights to help you identify the pitfalls on your journey to AP automation, combining practical information with a little tongue-in-cheek humor.

Sponsored Article

Does Your Internal Procurement Team Really Need to Manage Tail Spend Purchases?

Simfoni

Spend Matters welcomes this sponsored article from Simfoni. 

Although each individual tail spend purchase category or supplier may seem relatively small and insignificant, when taken as a whole, the combined tail spend purchases of an organization often equal the amount spent with the company’s biggest supplier, or at least one of the top suppliers. For this reason, it is important that tail spend purchases are properly managed to avoid unnecessary costs, wasted man-hours and non-compliance with internal purchasing rules and standards.

RFP Writing for Procurement Solutions – Stop Repeating the Same Mistakes!

RFP

RFXs of all kinds are a way of life for procurement. Buyers write RFPs often, so they should be experts, right? One would certainly hope so for the direct side, or companies would be in trouble – as well as for many indirect categories. However, in our experience, there is at least one glaringly troublesome RFP type where buyers get in the way of themselves – and that is when going to market for procurement software solutions.

The Latest in Hackett’s eProcurement & P2P Efficiency Metrics: PO and Invoice Automation

At Zycus Horizon last month, Richard Waugh led a presentation and discussion (which I’ll cover in a separate series) looking at the provider’s approach to “guided buying” and eProcurement. Sharing the stage was an early customer, The Mentor Network, who spoke about their experience selecting and rolling out the Zycus tool. Richard framed this talk, however, with some of the latest metrics from Hackett Group regarding P2P performance efficiency. Anyone building a business case for new or expanded investment in P2P will find these updated metrics and benchmarks useful to say the least.

Can (and Should) We Eliminate Purchase Orders (POs) Entirely?

Even though I don’t know Tom Linton personally, all of my intelligence sources in the procurement world say that he is one of the best “thinkers” in the business. He has also seen some quite remarkable things that can’t – or at least have not – been discussed, given the competitive advantage his efforts have brought organizations he’s overseen. But Linton is one for sharing ideas as much as possible, especially contrarian ideas, such as eliminating purchase orders (or “POs”) entirely. He introduced the notion in a recent Procurement Leaders post, suggesting the idea came out of the following mandate to his team: “Eliminate work before you automate, automate work before you move it and always make sure you improve outcomes in any given scenario.”

Nipendo: Further Proof of the E-Invoicing Led Platform Transformation

Until late this spring, Nipendo focused entirely on the local Israeli market. But it recently opened offices in the US and is building a North American team. Like Tradeshift, Nipendo is using e-invoicing as the initial “app” or Trojan Horse to introduce what really amounts to a next generation model for connectivity at all tiers of the supply chain and across functional areas and transaction types (as opposed to just facilitating e-invoicing on-boarding and connectivity for indirect spend and related transactions). Nipendo comes off as one of the most engineering-centric organizations we’ve gotten to know in the procurement and network space. They were founded in 2007 in Israel, and the product spent 24 months in development before formally launching. Today, with its regional client base in Israel, they claim over 15,000 organizations fully on-boarded in “less than three years” with an average “290% year over year” growth in network/transaction volume.

Maverick Spend: 12 Ways to Fix Internal Non-Compliance Beyond “The Stick” [Plus+]

In part one of our maverick spending series, Maverick Spending is Your Friend: Don’t Chase It, Ride It, we highlighted that while maverick spending in its own right is generally bad, its root causes often highlight problems with the procurement System (with a big “S”) that, if fixed, improves not only maverick spending, but other areas of procurement performance. In this second part of our series, we will highlight some proven practices to improve maverick spending performance beyond merely chastising malfeasant requisitioners.