Electronic Invoice, Reconciliation and Payment Solutions May Fuel a Second Wave of Procurement Savin

Wednesday 19 January 2005 20:49 CET | News

New electronic payment methods and data integration capabilities are poised to fuel a second wave of procurement savings, according to a new report by AberdeenGroup.

The report, Harnessing Payables to Capture A Second wave of Procurement Savings demonstrates that companies which embrace a strategic, functionally integrated approach and successfully integrate e-invoicing, electronic payments, p-card and validation and reconciliation automation solutions will reap incremental savings of 2% to 17.5% on certain third party expenditures. The report also reveals the strategic impact of payables to all other procure-to-pay processes including spend analytics, contract management, e-procurement, and supplier performance management. The report explains how by enabling better visibility, integration, and messaging in order-to-pay activities contributes to all components of the procurement process while reduces account payable costs up to 65%. Aberdeen recommends the following actions to help companies harness the second powerful wave of procurement savings. 1. Build awareness and consolidate IR&P governance 2. Rationalize disparate data sources 3. Leverage e-invoicing across the entire supply base 4. Expand T&E/P-card usage and proficiency 5. Employ workflow and validation to distribute responsibilities 6. Utilize expenditure data of non-traditional spend categories To obtain a copy of the report, please follow this link:

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Categories: Payments & Commerce | Payments General
Countries: World
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