Today, CFO’s have to play the key role in the strategic development of an enterprise. The decisions made will affect the entire organization, and few departments have the influence of finance, which grows dramatically as the organization evolves.
Procurement is an area that has to be rationalized according to the modern workspace. Around three out of ten CFOs spend majority of time in traditional finance management. To develop a more strategic role, CFOs need to leverage technology to eliminate some of the operational pain-points that would result in problems for procurement and payables teams.
Procurement is one of the most key operations happening manually in the modern enterprise. Streamlined purchase-to-pay cycle can help suppliers present paper invoices or send the data directly to the ERP systems. When the process is manual, repetitive work has to be done, wherein errors tend to creep in and cause headaches for the finance personnel.
P2P and invoice solutions can benefit from the back office functions in terms of reliability and robotic process automation and artificial intelligence can help transform the process even further. Manual processes start right from the moment invoice arrives through reporting, and procurement software can address inconsistencies and add value to the finance department.
Automated procurement software can streamline:
- Invoice and PO capture
- Data entry into existing ERP systems
- Approval processes
- Invoice reconciliation
- Data creation, editing and auditing
- Report generation
Once the mundane and repetitive tasks get automated, certain activities can reach new levels of efficiency:
- Early payment discounts can be requested through the system, making procurement a realistic proposition.
- Efficient payment to reconciliation can help maximize the financial health of accounts payables department.
- Prevents supplier mismanagement through early payment discounts
- Avoid price rise from disgruntled suppliers
- Processing of non-PO transactions using AI-powered decision making, with extreme exceptions requires human intervention
API integration ensures increased efficiency while getting things done at a quicker pace. Visibility and insights into the most critical data are necessary to control and optimize spend in the modern business environment. This is highly not possible due to fragmented processes and lack of visibility into the spend data.
SutiProcure, a procurement solution, offers a unified, cloud-based solution for any finance or procurement team to track, manage and analyze spend from sourcing to payment. Everything related to procurement management including supplier management, risk management, contract management and expense management can be managed easily with automated procurement solution. Procurement staff do not need to work on siloed systems for procurement management, SutiProcure offers a single platform wherein administrators, employees and suppliers can easily collaborate and integrate with each other.