Spend Management Content

Use of eProcurement software evolves to mitigate costs, risks and add strategic insights, report says

As business executives become more interested in the use of electronic procurement software — or eProcurement — as a means to bring about more proactive results, industry leaders have begun to use the technology to target new methods of cost reduction and to yield growth and insights amid evolving industry standards.

In a recent report by Levvel Research, “2019 Procurement Insight Report,” experts discuss industry trends and business spend management strategies, which were collected in a market-wide survey conducted in April 2019. The research, sponsored by Coupa, evaluates how procurement automation software is being implemented and its effects throughout the industry. In Part 1 of this series, the report said one trend is that more business that are smaller and mid-size companies are considering the switch to digital procurement solutions.

In this article, we’ll look at what the study found about companies that have already adopted digital procurement.

4 key takeaways from SynerTrade’s Paris customer panel

In Spend Matters’ last article on SynerTrade’s recent conference in Paris, we talked about how SynerTrade has heard the call of the digital procurement revolution and is readying itself for the revolution by turning its source-to-pay solution into a platform that, through an enhanced API, can easily integrate best-of-breed partner products to provide customers with the tools and intelligence that SynerTrade doesn’t have (as no single vendor can do everything, and the best know enough to not even try).

In this article, we are going to discuss the four key takeaways that the customer panel left us with:
* Measure and Track Quarterly — and React
* Don't Go Too Fast with Tech
* Start with Something Simple That Works and Delivers Value
* Progress Takes Patience

A look into the future: AP automation and Basware’s roadmap

AP automation holds a lot of promise for businesses that want to reduce manual tasks, improve insights into transactions and create value for customers. But the choices of procurement software can be dizzying. In a previous article in this series, we looked at how and why digital transformation will vastly reshape procurement and finance roles. In this article, we’ll examine how one provider is addressing that change.

We asked Basware’s analysts relations specialist Jeff Meredith to discuss what future capabilities the suite provider sees on the horizon. Basware’s roadmap includes more developments in spend analytics, better ways to identify risks, and an increased focus on the supplier experience. Spend Matter’s procure-to-pay specialist Xavier Olivera offers a market perspective afforded by assessing demos and doing interviews for SolutionMap, which ranks more than 50 procurement providers.

Community-based Procurement — Get a Buy with Some Help from Your Friends (Part 2) [PRO]

In Part 1 of this Spend Matters PRO series, the topic of community-based procurement focused on some examples of communities of interest within practitioner organizations (e.g., category communities and cross-supplier quality communities) and provider organizations such as group purchasing organizations (GPOs). In this second installment, the focus will shift to the following:

* Community of Interest around procurement transformation — and how to use the community (and tools and services) to accelerate that transformation
* The role of automated community-based benchmarking and capability assessments
* Using the community to drive new forms of collective intelligence baked explicitly into a solution’s delivery model and even the solution itself
* Some insight from our SolutionMap database on our requirement titled “community knowledge and collective intelligence”
* A final example on community-based sourcing with Coupa’s new “Source Together” offering — which tears some “market making” pages out of the old Ariba/Freemarkets playbook and then even rewrites that book itself

S2P powerhouse Wax Digital adds to our market insights

Source-to-pay suite provider Wax Digital has been capitalizing on source-to-pay market growth in the UK and beyond, and it is a bellwether for the health of the S2P market in the UK. Unlike other homegrown vendors in the same region like MarketDojo and Keelvar in sourcing, Wax Digital is an end-to-end suite vendor — and one that has successfully defended its turf against bigger global names.

It’s been on Spend Matters’ radar for years (see coverage below). And we’ve recently gained more insight into its capabilities when it joined our SolutionMap category for Suppler Relationship Management and Risk for the Q3 2019 quarterly update. Our analysts evaluated its offering and ranked it against its competitors in the marketplace. Let's take a look.

7 Simple Ways to Control, Automate Your Accounts Payable

Spend Matters welcomes this guest post from Finly, a provider of business spend solutions.

Accounts payable involves a lot of challenges, like providing payment approvals on time, budgetary restrictions, ensuring policy compliance and keeping the accounting systems up to date. Organizations reach a saturation level where manually processing all these becomes increasingly tedious and difficult to maintain.

An automated accounts payable system is a great way to overcome these issues and increase effective communication as well as employee productivity. To control your accounts payable, let’s understand the bottlenecks involved in the manual process of accounts payable.

How risk, technology reshape the CFO role

Traditionally, chief financial officers have spent their time poring over budgets, auditing seemingly everything and ensuring compliance. In today’s fast-paced, technology-driven world, their role is shifting, incorporating strategic planning, risk management and predictive analytics.

To find out what CFOs are facing and how they’re making changes, the survey “The Strategic CFO: Thriving with Risk” compiles the answers from 500 CFOs and global financial executives about their evolving experiences. The survey was prepared by The Wall Street Journal Custom Content group in association with Coupa, a business spend management technology solutions provider. In a webinar, Coupa CFO Todd Ford and Wall Street Journal contributor Rosa Harris discuss finance’s role as it tries to take on risk and other findings from the survey.

Friday Rant: Honda of Downtown Chicago and the Great Urban Dealer Maintenance / Service Ripoff

This week, we couldn't resist bringing back a classic, pseudo-retired Spend Matters column — the Friday Rant — to proffer some crucial personal spend management lessons learned recently in the dark world of urban Honda vehicle maintenance and service.

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

This week’s SolutionMap Customer Insights report focuses on customer reviews for Sievo, a top provider that analyzes business spend data. The applicable SolutionMap category for this report is in Spend and Procurement Analytics. SolutionMap Insider members can click the link in this article to read about Sievo in our latest report. In each Customer Insights report, we provide a one-page summary of data from the SolutionMap peer review process. It 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.

Recovery Audits Keep Your Business Churning and Money Leakage in Check

The complexity of today’s business environment — from siloed processes and disparate technology to constant changes like mergers, staff reductions, new software implementations and vendor turnover — can leave organizations susceptible to millions of dollars in leakage, even with tightly controlled accounts payable processes in place.

Perfecting the accounts payable process for every transaction can be a costly, time-consuming exercise, one that can reduce employee productivity and slow down daily business operations.

For finance leaders, establishing a streamlined AP process doesn’t have to mean leaving money on the table. In this article we’ll explore how a recovery audit can help companies gain greater insights into their losses and discover strategies for delivering substantial sums back to their bottom line.

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

This week’s SolutionMap Customer Insights report focuses on customer reviews for Simfoni, a top provider that analyzes business spend data. The applicable SolutionMap category for this report is in Spend and Procurement Analytics. SolutionMap Insider members can click the link above to read about Simfoni in our latest report. In each Customer Insights report, we provide a one-page summary from the SolutionMap peer review process. It 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.

Contracts Aren’t Just for the Legal Department Anymore

Cost-savings and strategic advantages hide in every business, and the latest procurement technology can reveal how to find it — in your contracts. In our recent article about spend management, we focused on the flood of spend data that businesses face and the technology that can help make sense of that.

But that technology, like artificial intelligence, is also being used to connect contract data and accounts payable information. That connection offers insights into novel ways to think about contracts that can add profits to the bottom line.

Contracts represent a direct link to suppliers, and that can offer profitable information about supplier activity that can help with contract renewals, a common way to control spend and find savings. But with AI, it gives your business the advantage and reduces risk.