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| Automate Closed Loop Procure–To–Pay Process |
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Each business works aggressively to reduce its costs in
indirect procurement – any cost savings drop directly
to the bottom line. However, one of the largest stumbling
blocks in reducing such business costs for an organization is the
lack of a streamlined and automated procure–to–pay
process.
Procure–to–pay spans the entire day–to–day indirect procurement process from requisitioning and ordering through invoice reconciliation and payment to compliance reporting. An automated procure–to–pay process reduces an organization’s indirect procurement costs because:
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It significantly reduces the number of manual touch points required to review a catalog and create a purchase order, approve the purchase order, reconcile receipts with invoices and identify/resolve exceptions. With an automated workflow provided by a procure–to–pay business process, the amount of time spent on such tasks is significantly reduced. Hence, not only the employees and managers become more efficient, but the company requires fewer overhead resources to manage the business process, leading to cost reduction. |
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The procure–to–pay software system enforces which products can be purchased from which suppliers. As a result, it ensures that employees take advantage of specially negotiated prices for each product category, leading to lower procurement costs. |
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The procure–to–pay system enforces all indirect procurement from the approved catalog and practically eliminates maverick buying – a leading cause of high corporate procurement costs. |
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With all corporate spending flowing through the procure–to–pay system, an unprecedented clear visibility into spending by product categories, suppliers, business units etc. is possible. Spend analysis provides critical information that Chief Procurement Officers (CPOs) need to enable them to rationalize their supplier base and gain stronger negotiating power with their preferred suppliers for price reductions. |
Ketera delivers significant value to companies by enabling them to automate their Procure–to–Pay process. Most customers see over 150% ROI in the first year by implementing the Ketera on demand solution for automating their procure–to–pay process for indirect goods. |
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| To learn how Ketera Spend Management Solutions can help your business, call 1–877–486–4340 |
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