Invenio’s P2P Solutions helps companies using SAP to dramatically reduce expenditure on non-stock procurement. Although the premise is simple, the goal is compelling: to reduce the cost of purchasing by at least 50%.
Invenio’s P2P Solutions ImageThe journey to unlocking these effciencies begins by enabling your suppliers to proactively manage their relationship with your company. Invenio’s P2P Solutions’ easy to use web portal gives your suppliers the freedom to manage multiple aspects of your trading relationship – from new supplier registration, to delivering quotations and proposals, querying work orders, and submitting invoices. With suppliers accountable for these aspects, the administrative burdens previously borne by project teams, procurement executives and accounts payable are substantially reduced.
Simply moving to this supplier-centric model means you realise very signicant administration savings. But Invenio’s P2P Solutions goes much further. With just a few clicks, internal teams can manage multi-level project budgets, approve new suppliers, review quotations – and convert them to purchase orders. And, once the goods or services are delivered, supplier-generated invoices
are automatically matched to the original purchase order for acceptance and approval (or rejection) by authorised individuals.
Payment processing is quick and easy too – offering a variety of electronic or traditional payment channels. And, because the entire process is governed by a flexible, highly-congurable workflow, every step is secure, automated, and assigned to an audit trail.
Finally, because Invenio’s P2P Solutions uses SAP as its underlying technology, it becomes an integral part of your SAP corporate system – making financial management easier, and business analysis more meaningful.
Five Ways to Save:
1. Internal Cost Reductions
Automation reduces multiple non-revenue generating activities – giving you the opportunity to scale back on BPO, Procurement and Accounts Payable functions. These activities include data-entry and PO matching, invoice and document scanning, manual approval and payment processes – all of which can be reduced by up to 90%.
2. Supplier-centric Process Ownership
A simple, one-stop solution offers you a way to decentralise supplier relationship management. Hidden costs that include burdensome data-entry, training and day-to-day management of trading activities are signicantly reduced.
3. Increased Data Reliability
Because Invenio’s P2P Solutions is authored using SAP technology, any changes made to your core SAP system are automatically reflected. This eradicates any versioning, enhancement pack or integration issues that arise from using third-party procurement solutions. And, by eliminating the need for these third-party solutions, all system integration, manual data-entry, cross-checking and reconciliation headaches are removed. The result is faster access to accurate information, and reliable reporting for better decision-making.
4. Strong Governance and Compliance
Sophisticated workows automatically enforce overarching group purchasing strategies and will also accommodate highly prescriptive departmental policies. A detailed, comprehensive audit trail gives you complete visibility of all user-related activity, on each step of every
5. Streamlined Payment Processes
Automation effciencies give you the advantage of saving money through early payment discounts – and help avoid incidences of late payment penalties. This streamlining can also help reduce your expenditure on a variety of office consumables – from postage and copying costs, to maintaining sophisticated document processing hardware.
Global capabilities for a global user community
SAP’s scalability means Invenio’s P2P Solutions can accommodate thousands of internal purchasers, manage limitless projects, effect multi-level payment authorisations and, through its web-based portal, is accessible 24/7 to hundreds of thousands of suppliers worldwide. All this, combined with inbuilt multi-currency and multi-language capabilities, means a one-stop global solution that manages the entire purchasing needs of an international operation.
Because Invenio’s P2P Solutions is deployed to a distributed user community, it is designed with simplicity in mind. Offering clear, concise navigation, easy to use screens and logical process sequences, this simplicity means you can easily manage all activities with minimal training. With Invenio’s P2P Solutions securely controlling all purchasing related activities, Board Executives can manage and control 9-figure budgets, Project Owners can easily allocate funding, purchasers can transact quickly with suppliers, and the finance team can ensure the entire payment process runs smoothly, securely and on schedule.
The Invenio’s P2P Solutions premise is both simple and compelling – to cut costs in non-revenue generating purchasing activities – so that you can increase your bottom line.
For more information about Invenio’s P2P Solutions, please contact us.