Top 3 Challenges Facing Finance and Procurement

We see, more than ever before, organisations are putting the finance function under pressure to drive savings. Savings, savings and more savings! Finance professionals need to find new ways to have a better level of visibility and control.

Do any of these sound familiar to you?

1. Your administrative costs are running high and time is wasted on non-value adding activities?

2. You would like to have clear visibility and tight control on your spend compared to the approved budgets?

3. Do you wish finance and accounts worked seamlessly with procurement to avoid money getting lost and unaccounted for?

If the top 3 challenges above are something you are facing – some of these technical challenges could be apparent also:

  • An inability to on-board suppliers (in large numbers).
  • An inability to integrate with existing ERP and procurement systems.
  • Complex and unintuitive user interface.

Being aware of these challenges can help companies greatly increase cost efficiency. Invenio P2P Solution can deliver real benefits right across an organisation – from massively reduced costs, to increased process efficiency and greater insight into global spend.

The journey to unlocking cost efficiencies.

This can begin by enabling your suppliers to proactively manage their relationship with your company. For example, by using Invenio’s P2P solution it can give suppliers the freedom to manage multiple aspects of the trading relationship – from new supplier registration, to delivering quotations and proposals, querying work orders and submitting invoices. As suppliers are the ones accountable for these aspects, the administrative burdens are substantially reduced.

The power of a supplier self-service model.

Simply moving to this supplier-centric model means you realise very significant administration savings. 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-configurable workflow, every step is secure, automated and assigned to an audit trail. Because Invenio P2P solution 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.