May 9, 2023
Procurement decisions taken by an organization are of prime importance as they significantly impact the organization's cost savings, yet the process continues to be complicated and hampers productivity.
Having to track orders from an Excel spreadsheet or through paperwork are resulting in inefficiencies. Automation needs to be introduced in the entire Procure to Pay lifecycle. Procurement teams, even now, are routinely dependent on paper-based processes or outdated systems that aren’t open to change. With those systems, it’s impossible to gain insight into the thousands of suppliers they work with and assess business continuity.
With intelligence covering the entire procure to pay cycle, corporations can automate all repetitive and time-consuming processes, improve accuracy, increase consistency, reduce operational spend, and more.
Finance professionals often have less transparency in the finance process. Many of them have no idea where an invoice is at a given time or if a purchase order was fulfilled and received. The involvement of many departments in various processes like inventory management, expenses, and external suppliers and vendors leads to a loss of clarity and less visibility on the overall process. It is therefore, not surprising that 94% of financial and procurement executives claim that they do not completely trust their supplier master data as per a Spend Matter's article.
With a manual procurement process, there is a lot of room for error. Deadlines are often missed, the bottom line takes a hit, invoices are routinely lost or sent to the wrong team member. Manual paper-based finance and procurement processes cost companies an average of £1.94m ($2.6m) annually in the form of inefficiencies. Two or three simple mistakes are enough to cause huge bottlenecks that can break up the flow, hinder purchasing efforts, and causing delays and irate customers.
Sancode technologies can help Corporations leverage RPA technology and turn their manual and time-consuming procurement tasks into automated workflows, and realize cost savings, greater efficiency, and better employee satisfaction.
Artificial Intelligence (AI) and Machine Learning (ML) capabilities can deliver further benefits across the procure-to-pay cycle of the organizations. From invoice capture and data extraction to coding and matching; AI and ML technologies can dramatically accelerate processing times, reducing the need for manual effort, and eliminating errors.
With analytics-driven intelligent automation, organizations can reduce the effort and cost involved in assessing supplier responses and choosing the right suppliers. AI-enabled insights can help the organizations create the most effective category plans; fair market pricing evaluation to maximize savings; analysis of consumption patterns to reduce overall spend; and analysis of preferred supplier compliance, contract usage, and buying channel distribution to address savings leakage.