Afternoon Coffee: Kofax, Coupa team up for P2P digital transformation; Jobless claims decline but remain higher than expected; Globality announces extension for SAP Fieldglass

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Kofax, an automation software provider, announced yesterday an integration with Coupa to help large enterprises become more efficient in their digital transformation of expense management workflows, according to PYMNTS.com.

Accounting and finance workforces are increasingly encountering a higher load of invoices, the article said. It’s imperative that these teams can quickly comprehend and derive meaningful data from paperwork. Through the integration of the Kofax ReadSoft Online and Coupa Business Spend Management (BSM) platform, companies can focus on invoice processing and payment workflows with automation.

The article said that historically, the procure-to-pay (P2P) process has been brought down by non-automated, paper-based workflows for the intake, matching, green lighting and storage of vendor invoices. Just 1-in-10 accounts payable executives said their departments are fully automated. Kofax said companies that are best at automation can cut invoice processing time by up to 80%.

First-time jobless claims decline, but count higher than expected

First-time unemployment claims totaled 793,000 last week, indicating the higher-than-expected number is seeing little relief from declining Covid-19 cases, according to CNBC.

However, the total was still a decline from the previous week’s number of 812,000. Meanwhile, continuing claims for benefits also declined, falling 145,000 to 4.54 million. This was the lowest total since March 21, the article said. The pandemic has provided a long struggle for the jobs market to get back to previous levels.

“Job growth will remain soft for the next few months as the nation continues to struggle with the pandemic,” Gus Faucher, chief economist at PNC Financial Services Group, told CNBC. “But job growth will pick up in the spring as vaccine distribution and better weather make people more willing to venture out, and stimulus efforts have given consumers more money to spend.”

Globality announces Strategic Services Connector extension for SAP Fieldglass

Globality has announced its new Strategic Services Connector extension for SAP Fieldglass. This comes hot on the heels of the introduction of two other SAP-Globality connectors for SAP Ariba Contracts and SAP Ariba Buying and Invoicing. These connectors effectively offer SAP users three entry points to the Globality solution, which addresses sourcing of high value services.

SAP users, according to the press release, can now “source service suppliers on Globality’s Platform and automate the SOW creation process with the SAP Fieldglass Services Procurement solution.” More specifically, from the SAP Fieldglass Services Procurement solution, a supplier can be sourced through the Globality Platform, which will “automatically create a statement of work providing all of the relevant data that a business user needs to complete the service request.” Globality Chief Revenue Officer Keith Hausmann said “the integration we now have with SAP Fieldglass and SAP Ariba solutions helps ensure users have a seamless end-to-end experience for all their strategic services sourcing needs.”

Complex services procurement seems to be getting more attention from procurement practitioners. Spend Matters is now conducting a survey on how organizations are using existing technology solutions to address the procurement of complex services across the source-to-pay life cycle. The survey will also evaluate how satisfied users are with these solutions. We invite buy-side/procurement practitioners to complete the survey here and receive a read-out of results later this year.

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