Digital transformation is important in this context as it allows organizations to move away from manual, paper-based processes and embrace more modern, digital solutions. This can help to improve efficiency, reduce costs, and enhance overall performance. Automated technology is a key component of digital transformation, as it can reduce time spent on manual processes, provide real-time visibility into data, and enhance collaboration across the organization.
Million Recovered for Every $1 Billion in Supplier Spend
Minute Average Supplier Onboarding & Verification Time
time saved on AP Supplier Management
Executives involved with procurement and accounts payable (AP) oversee hundreds to thousands of supplier accounts and simply don’t have enough time to individually monitor their clients for compliance, accurate, and up-to-date information.
When dealing with an abundance of invoices and procurement requests, manual processes can be slow and prone to information and data errors
Automated technology can help speed up mundane tasks, like invoice matching and approval workflows, leading to faster processing times and better accuracy.
Executives often struggle to gain real-time visibility into procurement and AP processes, which can make it challenging to control costs and make data driven decisions.
Automated systems can provide real-time visibility into procurement and AP processes, allowing executives to monitor costs and make informed decisions.
Managing a large number of suppliers can be challenging and time-consuming. From keeping up with compliance regulations to negotiating agreements, it's essential to have an efficient supplier management program in place.
Automated systems are key to managing large amounts of supplier data, monitoring compliance, and automating contract management processes.
Without proper standardization, different divisions and business units can have disparate procedures and systems for procurement and AP. This can lead to discrepancies and inefficiencies that take away from the overall effectiveness of the organization.
Automated technology can standardize procurement and AP processes across the organization, improving consistency and efficiency.
Without the necessary tools to detect and prevent data input errors or fraudulent activity, executives are forced to manually process information with increased risks.
Automated systems can reduce the risk of fraud and errors by automating compliance checks and providing real-time visibility into transactions.
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