Do you know what procurement transformation means and the various ways to accomplish it in a company with thousands of employees and multi-million dollar spend portfolio? Today, the main objective of procurement transformation is not only to save money or optimize the process. Many procurement companies are searching for new ways to shift from a hasty customer support function to ...

Finance professionals rely on manual spend management tools, which are time-consuming and error-prone. Businesses use various solutions from multiple vendors to manage travel, expense and invoice processes. It would result in inaccurate data, inefficient processes and increased time. As per the Forrester report, 75% of enterprises with unified finance and IT strategies report a higher level of satisfaction with travel, ...

A less effective and poorly guarded accounts payable system can be quite susceptible to getting misused by someone in the organization, planning to commit some financial fraud. And, if this goes unchecked by the AP department for some time, then it can lead to some significant economic issues for the business. Accounts payable fraud is innumerable and mostly takes place ...

Businesses don’t take a chance when it comes to closing the deals and increasing revenue. Traditional paper-based contract signing is one of the major factors that is slowing down business processes; so businesses are taking required steps to reduce paper by digitizing paper-intensive procedures. Eliminating paper in business processes offers benefits such as reducing costs, increasing revenue, and enhancing productivity ...

Most of the times, organizations will end-up paying to suppliers that don’t exist. The accounts payable team receives an invoice for goods never purchased. While another executive purchases IT equipment with company funds and gains profit out of it. Yes, there are real stories happening for various reasons. However, in the business world, it is very difficult to avoid – ...

With costs skyrocketing these days, time-consuming tasks such as invoice management and accounts payable operations should be automated. Automating all the tasks including data entry makes invoice management and accounts payable more efficient. Automation makes it easy for accounting departments to stay on top of expenses and control back-office functions by alleviating the repetitive tasks. When old fashioned systems are ...