SOURCE: PayStream Advisors
CHARLOTTE, NC--(Marketwired - Aug 29, 2013) - PayStream Advisors, Inc., a leading independent research and advisory firm, today released the "Electronic Procurement: Creating Buyer/Supplier Collaboration through AP and Procurement" report. Survey results reveal that more companies are moving to an integrated P2P platform to enable a seamless flow throughout the entire source to pay process -- from supplier identification, all the way through to invoice payment.
The utilization of one combined platform for both AP and procurement brings added intelligence throughout the entire business process. This results in more on-contract purchases, increased invoice automation, accurate transaction processing, and increased savings through the ability to take advantage of early pay supplier discounts and the elimination of manual, time consuming processing.
While 25 percent of survey respondents report having a completely integrated Procurement and AP platform, 37 percent report their systems are not at all integrated and are completely separate. PayStream analysts predict that more companies will continue to migrate away from separate AP and Procurement functions to an integrated approach to reap the increased efficiency, accuracy and cost savings that an integrated P2P platform enables.
The purpose of the Electronic Procurement report is to explore the benefits of true collaboration between AP and Procurement. PayStream conducted an in-depth survey of over 150 AP, Procurement and other finance professionals at U.S. based enterprises. Key survey findings include:
- Nearly one-third (31 percent) of organizations surveyed report they have no procurement automation solution.
- The biggest barrier preventing organizations from implementing a procurement automation solution is the belief that current processes work -- 37 percent.
- Ensuring supplier contract compliance is the number one reported pain point in the procurement process.
- Better visibility and transparency across procurement ranked as the top reason organizations implemented a procurement automation solution.
- Electronic sourcing and electronic procurement are the top automation tools that survey respondents plan to implement in the coming months.
- Over half (56 percent) of supplier payments are still made via paper checks.
The Electronic Procurement report was underwritten in part by BirchStreet Systems, Coupa, and SciQuest and can be downloaded for free on the PayStream Advisors website. Download your complimentary copy today.
"The procurement process is often considered to be a key part of a company's strategy in the establishment of key sourcing relationships and cost saving opportunities. Additionally, automated procurement processes can improve efficiency and visibility to suppliers and spend activity," says Henry Ijams, PayStream Advisors Managing Director. "The Procurement process is explored in-depth in PayStream's recently launched P2P certification program -- the P2P Academy."
A live training of PayStream's P2P Academy will take place at this year's PayStream INNOVATE '13: The Purchase to Pay Summit that will be held in Charlotte, N.C., September 16 - 18. Module topics that will be demonstrated include Why P2P Matters, Procurement Process 101 and Success Measures, High-Performance AP Processing, Supplier Compliance Roadmap, Critical Elements of Supply Chain and Logistics, and P2P Transformation Journey: Getting in the Game.
About PayStream Advisors
PayStream Advisors provides in-depth research, reviews and comparisons of top accounts payable and purchase to pay automation software. Offering research and insight to help companies improve AP efficiency, PayStream Advisors also hosts the annual Purchase to Pay Summit, INNOVATE '13, where accounts payable, finance and procurement leaders gather to share ways to advance purchase to pay processes through collaboration and automation. For more information please visit: www.paystreamadvisors.com.