Procure-to-Pay Automation

Leading regional corporations might typically spend up to about 253 man-hours per week* in manual intervention, entering data and rectifying their cash flow reports. It is observed that organisations are often subjected to off-contract, off-price maverick buying that could lead to significant wastage and high expenditure through procurement processes. (*1 The 2014 Visa Cash Flow Visibility Index research was done in August-September with CFOs / Treasurers of 811 leading corporations in ten countries/regions to better understand challenges that organisations may face with managing cash flow and ensuring visibility and predictability. The research was done by East & Partners, an independent specialist business banking market research and analysis firm. Regional data cover findings of Australia, Hong Kong, India, Japan, Malaysia and Singapore.)

The capability delivers an integrated solution set to automate an organisation’s procure-to-pay process. The solution set includes granular spend data analysis, compliance focused strategic sourcing capabilities, supplier managed web content and touch-less eCommerce payment functionality. It is highly functional and intelligently reconciles purchase orders, contracts and invoices, ensuring that the purchasing and finance departments have the knowledge and data in real-time to continually optimise all procurement activities across the organisation.

Procure-to-pay capabilities cover strategic sourcing, contract management, order placement (including supplier-managed web content), touchless eCommerce payment and settlement, reconciliation, reporting, control and audit, and analysis of the entire procure-to-pay process. Authorisation controls are built-in to ensure that payment is exact in terms of amount and purpose.

By analysing your spend detail, these capabilities help to assess compliance when raising purchase orders, as well as price variances for the same product with volume discounts and global price benchmarks.

16-digit accounts from VISA, assigned to each of your key suppliers can help them receive their payments. A supplier onboarding process will also be managed so that they, in turn, can process card payments and reconcile receivables without altering existing business practices.