Category Archives: Workflow

PayStream Research Release: 2014 IWA Report

As PayStream Advisors enters its final quarter, it’s almost time to look back on the year’s researchpublisherlogo.ncp and evaluate what we’ve learned. However, before we pick out our favorite publications of 2014, we have another, very important entry into our body of work.

The latest PayStream release, The Invoice Workflow Automation (IWA) report, is a fundamental piece in our collection of business process software research.  Our work consists of many different elements of AP and P2P technology, but IWA represents a crossroads for many back-office solutions. This guide explores the ways in which IWA software can create a fusion of efficiency in an organization’s system, one that results in advanced degrees of connection, transparency, and control.

Included in the report are current trends in the usage of IWA solutions, as well benefits from and barriers to adoption. Survey results have revealed that while most companies have low degrees of invoice workflow automation, many have recognized the need for better process integration. Those companies are seeking smoother business activity, better organizational communication, and increased revenues.

Because IWA is an important topic, this research guide offers more insight into financial process strategies and best practices than many of our other publications. AP and P2P professionals can gain valuable tools for properly identifying various aspects and tools of IWA, and employing those tools correctly. Also included are several profiles of today’s top providers of IWA software. In all, this report shows that with the implementation of IWA software, organizations will place themselves at a strategic advantage within their industries.

The 2014 IWA report should not be passed over—it is vital for readers who are looking for specific information into invoice workflow systems, or for those trying to build their knowledge of the entire P2P universe. PayStream encourages all P2P professionals to use this market guide as a tool to propel their companies forward in operational and market success. Download your free report today.

Tradeshift Announces Collaborative Workflow

Tradeshift recently launched Tradeshift Collaborative Workflow, a platform that allows colleagues to act on, process and collaborate around key business interactions in real time.

Functionality of the Tradeshift Collaborative Workflow includes:

  • Multiple user accounts and employee cards put faces to names, humanizing business relationships.
  • Automation of repetitive time-consuming tasks frees up human intelligence to work on the challenges that matter.
  • Cloud-based and mobile-friendly, it enables users to handle the right processes at the right time in the right place.

Innovative, global companies are already getting started with Tradeshift Collaborative Workflow. Today, more than ever, multinationals are in need of unified platforms that bring their cross-border operations together and ensure compliance with regional regulations.

Take Lear Corporation as an example.  Lear Corp. has 113,000 employees, 221 locations and 36 countries. For Lear, these aren’t merely statistics. They are big reasons for needing a single platform that spans the globe. By working with Tradeshift, Lear can ensure compliance and scalability in every region it does business.

 Real business, real people
For employees to succeed, to be their most productive they need the proper tools. Tradeshift’s Collaborative Workflow app promotes transparency and integrates suppliers into the conversation.  Tradeshift starts with the invoices which are automatically forwarded to a customer’s ERP system with the appropriate metadata. If there are any errors it is immediately brought to an employee’s attention through the Tradeshift interface and they can instantly act and correct.

Invoices without a purchase order get routed to the appropriate people within the enterprise who can approve, reject, forward the invoices and add metadata such as general ledger account number or cost center number – before forwarding it to their ERP system.

By automating much of the traditional work required to process transactions employees are free to work smarter & problem solve.

Click here to learn more about Tradeshift’s Collaborative Workflow solution.

 

Mark your calendar to download PayStream Advisors 2013 Invoice and Workflow Benchmarking report.  The report is well underway and will be published in September 2013.  This report will take an inside look at the overall trends that are shaping the rapidly evolving AP automation space, including front-end imaging, electronic invoicing and automated workflow.