Improving the Speed, Accuracy, and Cost of your Procure-to-Pay Spend-Management System

Improving-the-Speed-Accuracy-and-Cost-of-your-Procure-to-Pay-Spend-Management-System

One of the trends we’re seeing at Selectica is the ever increasing rate of companies–even small ones–abandoning their manual, paper-based procurement systems for the proven efficiencies and documented cost advantages of cloud-based, SaaS (software as a service) procure-to-pay, spend-management systems.

The reasons for this migration are both numerous and compelling. The tipping point for transitioning to an automated spend-management system usually comes when the veritable “flood” of paper invoices, delivery receipts, and PO’s begins overwhelming the accounts payable team. Symptoms of this condition include a near constant stream of lost/misplaced documents as well as an ever-growing list of processing errors resulting in late, missed, or erroneous payments that are embarrassing, time-consuming, and costly to fix.

On the other hand, a cloud-based SaaS spend-management solution, such as Selectica’s, can immediately increase the accuracy and efficiency of your AP team by minimizing the human errors that invariably are a part of manually keying-in all those PO’s, delivery receipts, and invoices.

Other advantages of having an automated spend-management system include:

  • Speed – bottlenecks (usually caused by human hands) are minimized in a digital system with automated workflows.
  • Accessibility – cloud-based SaaS applications can be viewed anywhere, at anytime, from any web-connected device.
  • Audit trail – most of these systems (including Selectica‘s) will log and time-stamp all documents to help companies comply with their Sarbanes Oxley requirements.
  • Improved Visibility – spend compliance behaviors greatly increase in an automated system as managing the exception rather than the entire process becomes the norm.
  • Affordability – monthly subscription prices continue to drop for cloud-based Saas spend-management systems making these systems highly affordable and in some cases ROI positive in as little as 90 days.

* Join our webinar with Andrew Bartolini, Ardent Partners Managing Partner and Chief Research Officer, on how a modern “supplier-centric” approach to eSourcing has evolved into a strategic advantage.

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