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PayStream Advisors delivers unbiased, third-party market trend information, assessments of financial automation technology, and innovative ideas to business
leaders in healthcare, consumer billing, finance and treasury, accounts receivable and accounts payable.
Read More ![]() Electronic Procurement: Automation Options for your Purchasing Processes
Publication Length: 56 Pages
Publication Date: 12/5/2007 Publisher: PayStream Advisors ![]() to access this report. ![]()
Learn from the Innovators!With so many sophisticated control tools and purchasing monitoring techniques in the marketplace, why aren’t companies making headway to better control these costs? The answer lies in execution. We have identified some tips to help you learn from the experiences of innovative companies and launch ahead of the automation curve. Define Expectations: Even before you start investigating electronic procurement options, have a clear understanding of what you expect to achieve from automation. Thoroughly document the benefits you hope to achieve from automating your procurement process and ensure that they align with your business environment and purchasing needs. By having well-defined expectations, you are creating benchmarks against which you can monitor the success of your procurement program.
Key Insights!There is a strong business case for Electronic Procurement. The documented productivity and spend management benefits of procurement technology offer a compelling reason for consideration as well as a very tangible ROI for both medium and large enterprises. The March is ON:PayStream Advisors’ has determined that while one out of four organizations have already implemented some procurement automation technologies, few have addressed the entire purchase-to-pay process. Clearly these businesses have much more work to do, not to mention the other three-fourths of companies that have yet to implement any electronic procurement technologies. With So Many Choices, Where Do We Start?Our analysis of qualified solution providers revealed a sizeable pool of robust solutions. Our research indicates that when considering an e-procurement solution, most technology buyers are not aware of all the technologies available. By the same token, they are not familiar with many of the solution providers addressing the procurement market. As a result, opportunities are regularly being missed both in terms of process improvement and solution selection. Don’t Fall Too Far Behind:Companies that rely on traditional purchasing and payment practices, which are burdened by many inefficient, manual tasks, will and themselves at a competitive disadvantage to companies that have automated procurement, and that can therefore better manage their vendor relations, negotiate volume discounts and can control maverick spend at all levels. Leverage PayStream’s Technology Insights Report:PayStream’s Technology Insight Series report delivers valuable insights to organizations that need help identifying Web invoicing vendors and solutions for further investigation. The report features: Ariba | BasWare | Corbus, LLC | ExpenseWatch.com | Ketera | Perfect Commerce | Verian Technologies Complimentary Document:This 56-page full report is now available for immediate download.
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