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Control your maverick spend with Invenio’s SAP Procure-to-Pay Solution

Join Invenio Business Solutions at eWorld Procurement & Supply to understand how to increase visibility across spend

UK, 25th February 2016 – Gaining greater visibility across spend will be a hot topic at the upcoming eWorld Procurement & Supply event, on 2nd March at the Queen Elizabeth II Centre in London. Join Invenio Business Solutions at 12.45pm in the Albert Room, Level 2, to hear from Kedar Patwardhan, Account Director, on how you can control your maverick spend with Invenio’s SAP Procure-to-Pay Solution.

In today’s world, organisations need to empower employees to make important purchasing decisions; however, it cannot be at the cost of internal controls. While SAP is a great tool for internal controls, some organisations find it inflexible and too cumbersome to use. During his speaker slot, Kedar will provide tips on how you could find the right balance to utilise the strength of SAP in a very flexible, user-friendly tool.

During the session, you can expect to:

  • Learn how a large media company has successfully implemented a single procure-to-pay solution across the globe
  • Learn how you can control your maverick spend and increase complete visibility across the process
  • How to get your buyers to ‘love SAP’ with a multi-platform, user-friendly Procurement solution

To find out more, please contact Silviya Savova, Invenio Business Solutions (silviya.savova@invenio-solutions.com).

 

About Invenio

Invenio Business Solutions, is an award-winning SAP Gold Partner, with over 430 employees, located across Europe, Asia-Pacific, USA and Africa. We offer innovative SAP solutions and services within large and medium size enterprises. Invenio offers an essential budgeting, workflow and procurement portal solution for enterprises. We deliver SAP; implementation, upgrade, analytics, Hybris marketing solutions and Prometheus, the P2P procurement platform. In conjunction with support services, that include; SAP application management, offshore French language support and SAP Partner Centre to customers across 5 continents. We count blue chip, organisations such as Universal Music, Penguin Random House, Informa, News UK, and AMCo as some of our customers.

To find out more, visit: http://www.invenio-solutions.com/invenios-p2p-solution/

Media Contact

Silviya Savova

+44 7833445335

125, Wharfedale Road, IQ Winnersh

Reading.

RG41 5RB

silviya.savova@invenio-solutions.com

 

Complex SAP Procure to Pay System? It Shouldn’t Be.

Remove the headache by changing your technology.

Many organisations, global and national, are facing challenges within their external spend management and as a growing focus is put on procure-to-pay, companies are struggling to figure out how they can use SAP to benefit their procure to pay process.Prometheus

This is where our tailor made, SAP Procure to Pay solution comes in. Our unique system is built specifically to sit on top of SAP, there is nothing else on the market similar.

The 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 significant administration savings.

Invenio will be hosting an event to demonstrate this technology and give attendees the opportunity to exchange ideas and make invaluable professional contacts with your business and technology counterparts at other companies.

Come along and find out how you can make some simple changes:

o    Suppliers will help ease your workload

o    Streamlined your project admin

o    Implement a flawless payment processes

o    Access global capabilities at a localised level

The Event Details:

Event Date: Thursday, 21st May

Time: 9:30 – 12:30 GMT

Event Address:Invenio HQ (Winnersh, Reading)

Who: Senior Executives in Finance, HR, IT, Procurement, Business Managers and other professionals who are responsible for: – Internal cost reduction, make financial management easier, improve existing processes, & rebalance the division of labor between people and suppliers.

 

 

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’s 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’s 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.

 

Reaping the Rewards with Procure to Pay

In our first blog of this series we discussed ideas on how to improve cost controls by doing more with less, and introduced the benefits of using a global, SAP-based, P2P system. We want to continue the series further by reviewing the issues facing CFO’s and their finance teams when multiple processes and software systems are in place in a global procurement function. We’ll also look at how these issues can be addressed, and the savings which could be achieved.

A report from The Cost of Control – Disrupted Networks stated that finance teams expect 15% of invoices to go unpaid past their payment terms, and 59% of those surveyed believe that the visibility of their supplier network activities and payments is becoming more complex. 64% went on to say that they believe that an open and transparent supplier network would help overcome this issue. This report, we believe, shows a need for change in a lot of organisations.

From our own research we’ve seen even more issues arise for the CFO and their finance teams when using multiple systems. These challenges include:
1. Data Accuracy: CFOs cite enormous difficulty in getting to “one version of the truth” when data sits in various systems outside of the corporate SAP system.
2. Time lag: With data in different formats and systems it can take weeks to consolidate and compile the data for reporting and analysis.
3. Cost: Companies need to update, integrate, maintain and train users on multiple different systems.
4. Silo-ed data: This issue leads to multiple issues. As an example, it’s difficult, to tell where suppliers are being used in different parts of the world or by different parts of the company. This means opportunities for group discounts can be over looked and higher fees can be paid for lower amounts of stock.
5. Added administration: Extra administration overhead is needed for data rekeying, and manual data checks – meaning human error is much higher as a consequence.

Although different organisations may experience only some of issues from those listed above, the case is probably still the same. Using multiple systems and processes to manage an organisation’s procurement process is inherently problematic, but there is a solution. Using a single purchase to pay system can help as it uses a single, common database to hold all data. The end result – a more consistent, accurate, timely and cost effective way to manage spend.

Having one global purchase to pay system helps companies to automate the entire procurement process from end to end. It will help to improve data accuracy and reliability, eliminate expenses associated with third party software solutions and it will eradicate any system integration issues. Because manual data entry, validation or interrogation is required it removes the risk of errors and extra overhead costs.

The current market conditions may be seeing “green shoots of recovery” but organisations still need to position themselves against competitive threats. Reducing the incidence of multiple systems can help reduce data errors, improve efficiency and improve cost efficiencies. What’s more it provides timely, reliable reporting, meaning the critical decisions CFO’s and Business Leaders have to make will be reassured by correct data from the past, present and future.

Multiple systems can be moved to one single platform but there are many options out there and the landscape can be very confusing. Here at Invenio, we help our customers choose the right system to suit their needs. We develop the system around the business needs and business processes with as little disruption as possible.

Rising to the challenge of Doing More with Less…

How can CFOs  help realise global cost savings from the procure to pay process?

In this series of blogs we examine the role of the procure to pay process within an organisation’s cost control initiatives and take a look at best practice techniques and technologies that can help increase the chances of success.

Increasingly competitive global markets combined with the economic uncertainty have impacted the profitability of businesses everywhere, so the need for on-going cost reduction has never been greater. Whatever type of business you’re in, and whatever its size or location, you’ll probably be familiar with the mantra of ‘doing more with less’.

However, in trying to do more with less, it is often the CFO and the finance team who bear the brunt of inconsistent and sometimes ill-considered cost saving initiatives. They face a battery of operational challenges:

  • How to best manage cost reduction initiatives.
  • How to discover hidden spend.
  • How to correct budget overruns.

Couple these with fragmented IT systems, inconsistent reporting infrastructures, and disconnected data silos it’s not hard to see how these issues can lead to a scenario where a CFO, unable to get a consistent, accurate view of global costs, risks making critical decisions based on inaccurate or incomplete information.

Creating a global culture that embraces visible cost control can give a CFO the vision to see where the business can make and maintain significant cost savings. And one of the key tools used by organisations today to keep these costs visible and under control is an effective procure to pay system. After payroll, the purchase of goods and services that support business operations is often the biggest source of costs in organisations today. And it is usually one of the hardest to control.

Whilst the finance team may not be directly responsible for global procurement processes, we’d argue that they ought to be intimately involved. After all, it is the CFO and his or her finance team who carry ultimate responsibility for prudent cost control and financial insight. Crucially, they also ‘own’ the core finance system – often the lynchpin of any successful business operation.

In this series of blogs we’ll be sharing ideas on how the CFO and the finance team help to improve cost control via implementing a standardised global procure to pay process. We’ll also take a look at the Invenio’s Procure to Pay solution  –  designed with this purpose in mind. Built on SAP technology, it enables finance teams to incorporate the entire global P2P process within a corporate SAP finance system. There are many advantages in this approach – and we’ll examine all of these, one by one, so that you can understand why, and how, a fully integrated P2P solution, driven by finance, will help you do more with less.

In our next blog we’ll take a closer look at the challenges that arise for the finance team through having multiple processes and software systems in a global procurement function. We’ll also take a look at how these can be simply and easily addressed by implementing a corporate standard solution across all offices worldwide – and the kinds of savings this will enable you to make.

Can You Reduce Your Business Process Outsourcing Costs with Procure to Pay?

In this next blog from the doing more with less series, we look at how automating admin-intensive processes such as purchase order matching and invoice approvals can reduce expenditure on administration costs, and avoid the need to turn to Business Process Outsourcing.

Organisations are operating in challenging and changing business environments. Teams have pressured KPI’s to meet but have less resources at hand. Time and sparse resources are being pulled away from value-added activities because they are needed to perform low-value – but necessary – manual activities such as invoicing, purchase order matching, approvals and other laborious tasks. This is one of the reasons why some organisations turn to outsourcing, but do the risks outweigh the advantages? And is there an alternative?

Business Process Outsourcing (BPO) is the external contracting of business functions, such as Human Resources, Finance or other “back office” operations. BPO, as a business segment has seen great growth over the past decade and continues to flourish and benefit many organisations but…. are times changing?

For those organisations that have chosen to implement a Business Process Outsourcing strategy, it brings the promise of eradicating low-value administration activities from core team members. But, it can also bring many new challenges such as; service levels with offshoring, unclear or complicated contractual issues, changing requirements and unforeseen, unclear charges. BPO also throws up new security risks – some of which are usually out of the organisation’s control, especially with shared services. Add to this, the security risks and difficulties in managing offshore centres, and we’re now seeing a strong desire amongst many organisations to “in source” these functions back into the business again so they can regain full control across many of their key financial processes.

Outsourcing procurement and finance functions is still an emerging practice, but given the challenges we’ve listed above, many organisations are rightly reluctant to cede control of such vital areas of their business. This is understandable as these functions control the profit and loss of the company and impact the important and critical day to day and long term strategic plans. This means that finance functions, reluctant to hand over control of these operations, must retain burdensome manual processes that steal time away from the more strategic, critical areas.

However, there is an alternative solution for finance teams, in the use of an integrated procure to pay system. These systems provide the facility to tightly integrate with key financial processes and they enable easy, company-wide collaboration across the entire procurement process. The real benefit however, is in the way that they can offer an easy way to automate many admin-intensive tasks such as supplier management, invoicing and purchase order processing.

Within finance, many people will only think of the benefits to the bottom line from using a p2p system but actually, with this type of technology, it can improve much more. From more effective collaboration and visibility of suppliers to time efficiencies, cleaner and more reliable data and stronger governance. In a recent example, a research survey commissioned by SAP reported that organisations where master data is synchronised between various systems (accounting, purchasing, and so on) experience on average a 31% lower PO error rate. In this one small example we can immediately see an opportunity to spend far less time fixing errors that need not have occurred in the first place!

Pushed to Save Money AND Outrun Your Competitors? “Not Possible” You Say? Well, We Think Differently.

Many organisations are piling the pressure onto their finance and procurement departments to drive down costs and make savings. But there is a fine line with ‘Quality over Price’. Companies want to drive down costs but still maintain a competitive advantage without compromising on quality. There is also added pressures to drive efficiency, and deliver ‘more with less’. In the business world, technology keeps raising its head again and again when transformations are taking place.

However, technology alone doesn’t drive down costs, collaborating with your internal and external stakeholders is key and the technology should underpin this to make the operation seamless.  Technology providers should now be shifting their approach from the current ‘technology solutions’ to a ‘business focussed solutions’

Most procurement functions made unprecedented savings during the economic downturn and they are now being asked to not only uphold but magnify those outcomes going forward. Accomplishing this means leveraging lessons learned, which in turn requires visibility into spending and the ability to employ stringent compliance measures usually world-wide. There are certain goals when growing an organisation and why a global, seamless, procure to pay system is vital to an organisations success.

Using a procure to pay portal which allows your suppliers to proactively manage multiple aspects of your trading relationship, including new supplier registration, quotations, proposals, work orders and invoices removes a lot of the burden from internal teams. It can also support:

••Globalisation – As companies globalise, so do their supply bases. New relationships introduce more complexities into the procurement functions. Embracing globalisation while mitigating potential risks calls for strong supplier collaboration and performance management, along with new levels of supply base intelligence.

••Mobility – Most functions including procurement is no longer a 9-to-5 operation. It is a 24×7 discipline that requires informed, just-in-time decision making. What was once a function readily managed at the desktop now requires new functionality to empower an agile and mobile procurement team that can respond to the immediate needs of the business.

••Efficiency – The effort to optimise processes and push them out to the suppliers grows. Having systems that embed best practices while supporting easy-to-use procurement technology is imperative.

Whether you’re seeking immediate savings to help your organisation or looking for core procurement principles to set the pace for long-term gains, procure-to-pay optimisation can help you achieve your goals.

Invenio’s P2P Solution does just that and can help companies using SAP to dramatically cut costs in non-revenue generating purchasing activities helping you get a step ahead of your competitors. The unique IP in Invenio Procure to Pay (P2P) portal for is example of latest innovation for driving real results for customers.

If you are interested in hearing more you can register for our webinar at this email – info@invenio-solutions.com

If it’s Not Simple, it is Not the Right Solution

Invenio at eWorld London, 2014

It goes without saying, it has been a tough few years for the procurement and finance departments. Especially during the recession. The focus within organisations turned towards the finance and procurement departments to significantly reduce costs within all areas of the business. We have said this before, ‘Time is money’ and nothing could be truer than in the procurement and finance functions. It still remains in many organisations that processes and systems are very manual, this can be a huge problem. It can mean time delays, manual input errors and frustrations for those involved. We still see these challenges in the adoption of an eProcurement solutions within organisations today:

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

On a positive note, we can now see that suppliers are more flexible and willing to work alongside organisations to help them achieve their goals. This opens up a new collaborated working environment which can save organisations time and money. This is where Invenio’s P2P tool comes in. It can reduce manpower time from 80% to just 20%, how does it do this? By swapping the work load onto the suppliers.

Here is an example of a typical scenario:

supplier2

Now flipped over to your suppliers:

SAP_Supplier

Account Director, Kedar Patwardhan and Program Manager, Jayawant Patil recently spoke at the eWorld Purchasing and Supply Conference. Both Kedar and Jayawant have a wealth of experience in the procurement sector. Kedar gave the delegates an insight into the reasons why SAP users have avoided a new procurement solution and how Invenio’s P2P solution can overcome these.

  • It’s too much work:  Vendor self-service, moving the admin load to the suppliers.
  • I hate these SAP screens: User friendly and mobile application with minimum data entry fields and clicks.
  • Can I spend the money I don’t have?  No, it is tightly integrated with the budgeting process, it can stop commitment and invoice posting if there is no approved budget.
  • But I didn’t approve this: Easy to understand and easy to manage workflows with set approval levels and audit trails are in place, so that no document can be posted without prior approval.
  • Am I choosing the right solution? Significantly cheaper than other solutions and fully integrated into your existing SAP solution.

Thanks to Kedar and Jayawant, for hosting such an informative session! If you missed the session on the day, or did not attend the event and would be interested in viewing the presentation, you can register for our webinar here.

After the success of Kedar’s eWorld presentation, he has been asked back to present again at the eWorld Procurement Summit in November. The event is free and you can register to attend here

 

 

Flying the Flag for SAP at eWorld Purchasing & Supply 2014!


eworldeventInvenio are excited to announce their participation at the next instalment of the eWorld event on September 24, 2014 at the QEII conference centre, London. eWorld is the UK’s leading event that focuses on technologies from the procurement and supply chain functions. eWorld is inspired by new insights and technologies on an international level.

With more than 30 seminars, the event provides delegates with keynotes, focused briefings, case studies and networking sessions designed to provide high level content for senior purchasing and supply executives.

Covering topics on:

  • Trends and market conditions
  • Sustainable procurement strategies
  • Improving collaboration across an enterprise
  • e-invoicing and procure to pay

plus more….. This is the first time Invenio are sponsoring and attending eWorld, after the great response we received at SAPPHIRE NOW for our Invenio’s P2P Solutions Procure to Pay tool, we felt it was time to really showcase our unique SAP technology to a focused procurement and supply chain audience.
Kedar1Kedar Patwardhan,
Account Director at Invenio has been invited to speak at the eWorld event. In his presentation, Kedar will discuss the challenges faced by organisations in today’s tough economic environment. Organisations continue to struggle on, trying to find opportunities to control their external spend.

Kedar will tell listeners how companies using SAP can dramatically reduce administrative expenditure by as much as 50% by shifting their suppliers to a self-service model with Invenio’s unique Procure to Pay solution built on SAP itself, thus leveraging the full benefits of an SAP integration. SAP’s scalability means Invenio’s P2P Solutions P2P can accommodate thousands of internal purchasers, manage limitless projects and effect multi-level payment authorisations. It can be accessed through the portal 24/7 by 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. This is going to be a truly jam packed day. Other highlights at e-World include:

  • A fresh perspective on the latest trends from industry experts
  • The opportunity to hear about new developments from all the major technology providers
  • Learn from the experiences of other end-users
  • Share knowledge with your peers throughout the day
  • See the latest technology innovations in action

 

A day challenging procurement to change, using Invenio P2P Solution for SAP users – a successful event for all!

Wow! We have received some amazing feedback from our Invenio’s P2P Solutions P2P event for SAP Users, thank you to our team of experts for providing such an informative programme. We held the 2nd of our Invenio in-person events for 2014 on 22 May at Churchill War Rooms, London.

Churchill War Rooms – ‘London’s Secret Underground’ were the headquarters for The British Government throughout the Second World War. The Invenio team and guests spent a morning here, there was nothing ‘underground’ about our discussions, and we were there to challenge procurement to change.

vintage_let_us_go_forward_together_poster-rd4f531c85df84c06824883171c5538f9_fz2f_8byvr_5121I arrived around 8am, to set up for our guests – outside was bright and there was a real buzz around Westminster, it was a warm early summers day and as I walked in the entrance to the War Rooms I couldn’t help feel positive and excited about the morning ahead. I stepped into the cabinet room allocated and the first thing I spotted was a poster of Winston Churchill with the quote “Let us go forward together” – a sign that we were set to have a wonderful day.

The day began with an informal introduction from Partho Bhattacharya, Managing Director of Invenio who explained that Invenio’s P2P Solutions was initially developed for Universal Music. Designed to provide savings in Procurement, Universal have been courageous in their approach to changing processes and systems and in not following others in what they are doing. They are leading the way in ‘supplier focused’ procurement and reducing the admin load from 80% to 20%.

Kedar Patwardhan – Invenio

Kedar Patwardhan, Account Director at Invenio was our first speaker of the day; he focused on 5 key aspects of the Invenio’s P2P Solutions solution. Kedar gave the delegates an insight into the reason why SAP users have avoided a new procurement solution and how Invenio’s P2P Solutions can overcome these.

  1. It’s too much work – Vendor self-service, moving the admin load to the suppliers.
  2. I hate these SAP screens – User friendly and mobile application with minimum data entry fields and clicks.
  3. Can I spend the money I don’t have? – No, it is tightly integrated with the budgeting process, it can stop commitment and invoice posting if there is no approved budget.
  4. But I didn’t approve this – Easy to understand and easy to manage workflows with set approval levels and audit trails are in place, so that no document can be posted without prior approval.
  5. Am I choosing the right solution? – Significantly cheaper than other solutions and fully integrated into your existing SAP solution.

There are several P2P solutions on the market, but without a financial background, these still require integration and a management of systems. Invenio’s P2P Solutions is one database, with no lag, no inaccuracy in reporting and is tied to the SAP systems you already use.

Customer presentation from: Universal Music

Universal Music, came to present the reasons why they worked with Invenio to develop a P2P system that really worked for their organisation and the benefits they have achieved since moving to Invenio’s P2P Solutions. They began by explaining the way in which the business has grown to the large organisation it now is through acquisition. This has raised a number of issues in the business with regards to ECC systems and harmonisation, all of which have needed to be resolved and a procurement solution needed to be seamless with this – And not another system!

Universal Music are a unique organisation, around 85% of the company individuals are ‘creative’, these are talent scouts, the artists themselves or the staff working for the artists. These people work odd/anti-social hours, such as concert times, or are awake from midday and into the early hours of the following, these are the people that make the organisation money, they cannot be restricted and so whatever solution is offered must work for them. These are heavy users of mobiles rather than laptops and heavy devices, often having 2/3 mobiles each.

The issues for Universal Music

Procurement Process – The nature of the business means that there are high vendor numbers; globally this is around 130,000, most of which are only doing a few transactions per year. There had to be a trade-off between the huge administrative costs of procurement or lack of spend analysis. The Solution to this was vendor self-service.

Budgeting Process – Universal Music wanted to implement a strict ‘no budget, no spend’ policy, but the budgeting process was managed in various different systems and not always integrated with the procurement process, the Invenio’s P2P Solutions solution was a budgeting solution tightly integrated with P2P and workflows.

Usability and Outsourcing – Most procurement is done by business users that are not very ‘system savvy’ so the solution needed to be user-friendly, with minimum data entry and clicks. Universal Music was also at the time on a rigorous outsourcing drive, so the solutions they were looking at needed to be ‘outsourcing-friendly’ and require little training. Invenio’s P2P Solutions answered the brief, having a user-friendly front end and availability with mobile devices, ideal for the creative parts of the business.

Integrated Solution – Universal Music has embarked on a journey to implement a single global SAP finance solution, leaving behind all of the integration issues. The integration with 3rd party solutions had become unmanageable and classic SAP solutions were cost prohibitive. The Invenio’s P2P Solutions solution is built on SAP and is flexible with its licence.

The Benefits to Universal Music

Cost savings – thousands of administrative hours have been saved; the system is easy to learn and to use, enabling quick outsourcing and a further reduction in costs. The paperless processing ensures that no invoices are lost and so saving on urgent processing of invoices and payments. And with no integration issues with SAP the costs and impact on the business of implementation are removed.

Control, compliance and reporting – the delegation and approval in accordance with internal control compliance provides an easy audit and review functionality and clear approval trail. The system provides proper internal cost control – no approved budget = no spend. Reporting on a single database ensures real-time reporting and no discrepancies.

Vendor relationship – Vendors maintain their own data, raise quotations and can ‘self’ bill. There is transparency for suppliers, so this leads to a reduction in vendor queries regarding payments or open items. As the system is web-based vendors and internal users can utilise this system from any location.

Delegate Questions

The Universal presentation raised a lot of questions from the delegates and some very in-depth and specific queries were raised. Here are just a few of these:

”What happens if my vendors won’t change to this new system?” – Universal Music explained that out of thousands of vendors in the UK only 2 have said they will not use the platform. All others have moved over to Invenio’s P2P Solutions with ease and find the system easy to use. The global rollout is going ahead as planned.

“With the supplier being the initiator, how do they know what to quote for?” – There are set quote templates that can be set up, or a simple call to your vendor to quote, as you would with any other quotation request.

“I am going on annual leave, will this hold the approval process up?” – No you can set a delegation within the system to approve these, these are also within set boundaries, stopping the risk of fraudulent transactions.

“Do all suppliers need to be registered if it is only a one off payment?” – Universal took the view to register all vendors on the system as this is easier. We have a ‘clean up’ function available where inactive accounts are archived when not used. If in the vendor needs to bill in the future, it is just re-activated.

With so many questions being raised the discussions lasted a long time. The discussions from the event have provided us with a great customer focused insight into many different financial and procurement teams, within many industries. This will help us continue to develop our Invenio’s P2P Solutions technology and also help us to serve our new and existing client base.

Our next event will be held in October, you can keep up-to-date here.