Monthly Archives: May 2013

Hubwoo Announces Partnership Program for The Business Network for Microsoft Dynamics

Hubwoo, a leading collaborative business network provider, recently announced the Hubwoo Partner Program for Microsoft Dynamics® partners. The program pairs Hubwoo’s global cloud business network for B2B commerce with industry-leading ERP solution Microsoft Dynamics®, extending the Dynamics community to the over one million companies already on The Business Network today. The first partners in the new Hubwoo partner ecosystem are Junction Solutions and I.B.I.S., Inc. who are participating under the Hubwoo partner early adopter program.  Junction Solutions is also working directly with Hubwoo to build complete integration to The Business Network from the Dynamics AX solution.

Under terms of the early adopter program, Junction Solutions and I.B.I.S., Inc. will be promoting The Business Network for Microsoft Dynamics® to their existing customers and new prospects, capitalizing on the recent global alliance between Microsoft and Hubwoo.

With the launch of the Hubwoo Partner Program for Microsoft Dynamics®, Hubwoo is collaborating with recognized leaders in the Microsoft Dynamics® community in ERP, procurement, accounts payable and integration services. These partnerships, along with the recent announcement to deliver The Business Network for Microsoft Dynamics®, underscore the commitment Hubwoo has made to making The Business Network the network of choice for the Microsoft Dynamics® ecosystem.

Click here to view the entire Hubwoo press release.

Download a complimentary copy of PayStream Advisors 2013 Electronic Invoice Adoption Benchmarking report to learn more about Hubwoo.  The report includes a detailed Hubwoo profile.

Mark your calendar to check back in Q3 for PayStream’s Invoice Automation for MS/Dynamics: Solutions for a Touchless Accounts Payable report.   This report will to educate finance and IT buyers on how to remove the complexities around invoice and accounts payable Automation for MS/Dynamics.

NBCUniversal Selects Basware’s Commerce Network and Accounts Payable Automation Solutions

Basware, a leading provider of e-invoicing and purchase-to-pay solutions, this week announced that NBCUniversal Media, LLC, a major media and entertainment company, has selected Basware Accounts Payable Automation and Basware e-invoicing delivered across the Basware Commerce Network for connecting and transacting with suppliers, and automating the invoicing process. These solutions, which will be implemented in the U.S. and other regions globally, will enable NBCUniversal to conduct e-invoicing; gain visibility and control over invoices; and improve relationships with suppliers.

Basware Accounts Payable Automation will be implemented via Software as a Service (SaaS) on Basware’s Alusta, a cloud-based platform for purchase to pay.  Additionally, NBCUniversal will implement Scan & Capture and Basware e-Invoicing over the Basware Commerce Network.

“We are pleased to help such a prestigious media company gain critical visibility and control over its key finance processes,” said Mike Cassano, VP, Basware, North America.  “Through e-invoicing and AP automation, NBCUniversal will be able to dramatically increase accuracy and compliance, while uncovering discounts and other opportunities for savings.  This will result in greater efficiencies, costs savings and improved communication with suppliers.”

Click here to view the entire Basware press release.

Download a complimentary PayStream report to learn more about Basware’s solutions.  Basware has underwritten a number of PayStream reports that include a detailed Basware profile, including:

 

Basware Launches Basware Purchase

Basware, a leading provider of e-invoicing and purchase-to-pay solutions, has launched Basware Purchase, a core addition to its comprehensive e-procurement suite. This completes the company’s entire purchase-to-pay solution footprint on the Alusta platform, driving adoption by empowering employees across the business to overcome the obstacles to e-procurement.

Lack of adoption and user buy-in of procurement tools and processes is often a source of maverick spend within businesses. As a core part of its Basware Procurement suite, Basware Purchase is designed to be very user-friendly. It is easy to use and provides an end-user experience inspired by the most intuitive consumer e-commerce sites. The result is increased adoption levels, deeper savings, increased spend under management and greater on-contract purchasing.

Basware Purchase provides a consumer-style shopping experience that is simple to use, with one-click purchase requisitions from approved catalogues. The contract compliance engine ensures purchases are based on frame agreements where appropriate. Plus, comprehensive end-user analytics bring insights into spend, process bottle-necks, compliance issues and supplier performance even while out of the office, thanks to access via tablet apps. This means managers across the organization can easily track consumption and budget compliance for a given cost center at any time and from any location.

The addition of social media based collaboration tools brings the business user, finance and procurement teams closer together. From requisition to payment, users benefit from role-based visibility and access to every element of the procurement process through a single platform, ensuring all stakeholders can continuously improve purchase-to-pay operations across the business.

All Basware Procurement solutions have been designed to minimize complexity and total cost of ownership, working seamlessly together with Basware Accounts Payable Automation solutions to form an end-to-end purchase-to-pay offering. Basware Procurement can be easily extended into a holistic purchase-to-pay solution that integrates with any existing enterprise resource planning (ERP) system. Rapid implementation and ‘Time to Value’ is assured via best practice templates and supported through a rapid, efficient and cost-effective cloud model.

Basware Procurement solutions are powered by the Alusta platform, which connects to the Basware Commerce Network. This gives users a comprehensive cloud-based platform that extends across the enterprise for simply and cost-effectively creating, deploying and connecting critical purchase-to-pay and order-to-cash processes.

Basware Purchase will be available on the Alusta platform starting from June 2013.

Click here to view the entire Basware press release. 

Download a complimentary PayStream report to learn more about Basware’s solutions.  Basware has underwritten a number of PayStream reports that include a detailed Basware profile, including:

Stay tuned for PayStream’s upcoming Q2 Electronic Procurement report.

 

Basware Analytics Boosts Financial Performance

Basware, a provider of e-invoicing and purchase-to-pay solutions, recently launched its advanced reporting suite, Basware Analytics. Offering data visualization, Basware Analytics will empower employees across the business to improve cost management and become financial champions.

Financial leaders need an accurate picture of financial performance. The only way to achieve this is to combine transactional data across invoicing, procurement, accounts payable and their trade network. Basware Analytics is unique in its ability to provide deep analysis and insight across the vast range of Purchase-to-Pay (P2P) information to help businesses make smarter decisions.

Financial management can have a huge impact on the bottom line, which makes sophisticated P2P analytics a source of competitive advantage for businesses.

Basware Analytics packages customizable dashboards tailored to specific job functions. Whatever the role of the user, there is a pre-packaged configuration to give them instant, impactful insight. Basware has taken its 25 years of experience of P2P best practice and created these persona-oriented dashboards to maximize the relevance for CFOs, Financial Shared Service Centre (FSSC) leaders, procurement professionals and any other business leaders looking for deep P2P analytics. These dashboards include:

  • CFO / CPO Spend Visibility – Financial leaders can get instant, cross-enterprise visibility of spend. They can break it down by location; category; by supplier or organization; and view this over time and by value
  • CFO / CPO Vendor Analysis – Financial leaders can identify supplier rationalization and negotiation opportunities by visualizing top suppliers by spend value and transaction volume
  • FSSC / AP Manager Process Metrics – Department heads can drive continuous improvement and remove bottlenecks by visualizing average invoice cycle time, manual financial process efficiency, invoice cycle details by supplier and average invoice approval and review process duration
  • Business Managers Tracking – Analyzing cost center spend by location, category and supplier enables cost center owners to spot cash-saving opportunities and support their budget management

Basware Analytics is available to users also via tablet devices. This means that they can access reports anytime, anywhere, and create reports on demand, which ensures that whenever insight is required to support decision-making, it is available.

Basware Analytics sits on Basware’s Alusta platform and will be available in the next release in June.

Click here to view the Basware press release.

Technology savvy organizations are hungry for quick access to business analytics to help make critical business decisions and drive improved outcomes.  Basware Analytics does just that.  To learn more about Basware, download a complimentary copy of PayStream’s Electronic Invoice Management: Going with the Work(flow) report.  The report includes a detailed Basware profile.

 

Cash Management Drives Increase in Financial Automation

A recent Wall Street Journal article titled “P&G, Big Companies Pinch Suppliers on Payments,” sheds light on companies planning to add weeks to the amount of time it takes to pay suppliers, in an effort to free up cash to fund investments in new factories overseas or help pay for stock buybacks.  This new flexibility will come at the expense of the suppliers that supply the materials and services.

The move highlights how America’s biggest companies continue to build on the aggressive cash management practices they adopted in the wake of the credit crisis.  Effective cash management and working capital are two factors that are driving the increase in financial automation solutions.  Invoice automation pays dividends to both buyers and suppliers in the form of liquidity and control.  Through automation, buyers can manage their free cash and invest it for big returns in the form of early-payment discounts to suppliers.  Suppliers can benefit by accelerated collection of receivables.

Early payments or Dynamic Discount Management (DDM) solutions allow companies to invest their cash safely at rates that can significantly exceed returns from many other traditional investments, including the S&P 500, capital purchases, and even gold.  Many payables departments with paper invoices or decentralized receipts suffer from lengthy approval and payment cycles, which prevent them from optimizing their financial gain from discounts.

While discounts were historically driven by suppliers as an incentive to secure early payment, enhanced visibility into invoice status via automation and collaborative networks are turning the tables and enabling buyer organizations to proactively propose early settlement discounts to suppliers.  Third-party financing enables buyers to extend their payment terms through the injection of third-party capital without adversely affecting supplier relations.  Suppliers gain additional cash liquidity and stronger balance sheet positions.

 Invoice Approval Cycle Times

For many buyers, timely invoice approval was not a priority prior to the availability of DDM tools. Faster approvals didn’t necessarily lead to accelerated payments. In fact, during the recent financial downturn, extending payment cycles allowed many large buying organizations to improve their liquidity. Successful DDM depends upon fast invoice processing – ideally less than 14 days. Since only approved invoices can be used for DDM to work, the volume and number of invoices awaiting payment is the critical ingredient to unlocking DDM opportunities.

Electronic Processes Drive Supplier Interest

Most companies list supplier resistance as the biggest obstacle to implementing DDM.  eInvoice automation that makes the solution easy for the supplier to benefit can help overcome that obstacle. Many solutions offer self-service supplier portals integrated with DDM, which provides valuable services to both suppliers and buyers. Since DDM solutions generally accelerate the exchange of information between trading partners and provide improved visibility and control over financial transactions, suppliers’ ability to upload, view and track invoices in real time as they make their way through a buyer’s workflow process, improves the visibility and control they have over AR processes.

Suppliers receive notification immediately upon completion of a buyer’s payables approval process, allowing them to monitor and assess receivables in real time. For the buyer, this translates into a reduction in resources required to resolve discrepancies and respond to inquiries. Both buyers and sellers receive payment data and remittance detail electronically facilitating reconciliation of payables and receivables. In particular, companies holding excess liquidity will find dynamic discounting attractive, as it presents an opportunity to make short term, risk-free investments in their own supply chain at rates superior to most other investments. A dynamic discounting solution will also result in a reduction of AP in the short term but with a lower spend due to discounts earned. Seventy-two percent of companies surveyed cited lower processing costs as a major benefit of implementing a DDM solution. Typical savings can range from $1 million to $5 million per billion dollars in annual spend discounted.

Electronic payments, the final step in a fully-automated purchase-to-pay solution, are critical to dynamic discounting, because they accelerate the payment cycle and provide the fraud protection and control required to capitalize on the various discount opportunities discussed below, see Figure 4.  ePayments can also significantly lower processing costs by removing the need for printing and mailing checks. Less paper reduces opportunities for fraud. Supplier notification and vendor self-service options reduce the number of supplier inquiries and exceptions. Online search and retrieval tools aid in payment verification and collaborative dispute resolution, as well as compliance with all regulatory requirements.

Enhanced visibility into the timing and amount of payments aids in superior cash flow forecasting capability for suppliers while delivering better cash liquidity and stronger balance sheet positions for suppliers without relying on high cost financing alternatives. Buyers can extend payment terms; suppliers can accelerate cash conversion cycles.

Despite the benefits associated with electronic payments, many companies still issue payments via paper checks.  This cumbersome manual-based process impacts the number of discounts captured since it slows the invoice process time resulting in late payments and missed discounts, see Figure 5 for the primary reasons companies do not use electronic payments.

Download a complimentary copy of PayStream’s 2013 Dynamic Discount Management: Moving Toward Mainstream report today to learn more about effective cash management and working capital through the implementation of automation initiatives.

New PayStream Report Reveals eInvoicing and Workflow Automation are on the rise in U.S.

PayStream today released the 2013 Invoice and Workflow Automation: Progressing Beyond Efficiency to Strategic & Tactical Benefits report.  Survey results reveal that electronic invoicing increased by 3 percent and workflow automation increased by 2 percent from 2011 to 2012.

Inefficient, paper-based invoice processing methods are still the primary method that businesses are utilizing to trade invoices.  However, there is a light at the end of the paper trail – electronic invoicing to trade B2B invoices is on the rise, while the use of paper is decreasing.  Electronic invoices now account for nearly one-quarter of invoice volume.

The purpose of the report is to explore the convergence PayStream analysts are witnessing between invoice and workflow automation and electronic invoicing, as more accounts payable departments migrate towards paperless processing.  PayStream conducted an in-depth survey of over 500 AP and other finance professionals at U.S. based enterprises.  Key survey findings include:

  • Electronic invoicing increased by 3 percent and workflow automation increased by 2 percent from 2011 to 2012.
  • Electronic invoicing (31 percent) and automated workflow (25 percent) are the top AP automation goals for 2013.
  • The use of electronic invoicing to trade B2B invoices increased by 8 percent from 2011 to 2012, while the use of paper decreased by 5 percent.
  • The fact the majority of invoices are received in paper format (61 percent) is the number one challenge in the invoice management process.
  • Over one-third of survey respondents report that less than 10 percent of their invoice process is automated.
  • Survey respondents report that the top barrier to imaging solutions is a lack of budget (27 percent).
  • Nearly half (48 percent) of respondents report they are currently utilizing a front-end imaging solution.
  • Companies invest the most resources into implementing workflow technology (24 percent).
  • Nearly one-quarter (24 percent) of survey respondents report they are currently utilizing an electronic invoice solution.
  • The number one benefit to the implementation of approval workflow is the quicker approval of invoices (76 percent).
  • The number of suppliers that converted to electronic invoicing dropped from 20 percent in 2011 to 11 percent in 2012.  Supplier adoption is on the rise.

The Invoice and Workflow Automation report was underwritten in part by Corcentric, Image Processing Systems, PRGX Global and ReadSoft. Preview the report HERE. PayStream Advisors website.  Download your complimentary copy today.

 

 

 

Ariba Live 2013 Wrap Up

I was one of thousands that became part of Ariba’s networked economy at this year’s Ariba Live 2013 event held in Washington, DC this week.  The event was packed full of what we can expect from Ariba, now an SAP company over the next couple of years, in addition to some breaking news that Ariba revealed at the conference, including:

 Ariba Partners with Discover

Ariba and Discover Financial Services  unveiled Ariba® Pay™, a new service to be offered by Ariba that is expected to transform B2B payments by eliminating paper transactions, providing better visibility into cash flow and producing rich remittance information that improves reconciliation processes for buyers and sellers.

When launched, the cloud-based service will combine the applications and insights embedded in the Ariba Network and deliver them through Discover’s trusted global payments infrastructure to streamline and enhance settlement and reconciliation of business commerce. The service is expected to be generally available in 2014.

AribaPay will provide a reliable and cost-effective way for buyers to create purchase orders, receive invoices and send payments, while sellers receive more-detailed remittance information ­– all in a fast, secure, electronic environment.

For buyers and sellers connected to the Ariba Network, AribaPay will deliver data that shows what payments represent at the invoice and line-item level, fueling faster, more accurate reconciliation on both sides.

Other benefits include:

  • Lower processing costs
  • Richer remittance advice
  • Elimination of paper checks and invoices
  • Fewer payments lost to escheatment
  • Ability to track and trace  transactions
    • Faster reconciliation and dispute resolution

Click here to view the entire Ariba press release regarding AribaPay.

Ariba Teams with Dell Boomi

Just as consumers have taken to personal networks to share shop and consume, companies too have made the digital leap, leveraging business networks to connect and collaborate with their customers and partners. Yet many selling organizations remain stuck in the physical world. Their critical data is trapped in legacy systems. The majority of their customer interactions occur offline. And they’re paying the price in the form of higher costs, increased errors, reduced profits and lost sales. Large organizations have the resources to tackle this problem, investing heavily in technology to fully automate their operations. But small and mid-sized companies have struggled to keep pace. Until now.

Ariba, an SAP Company, and Dell Boomi, the world’s largest integration cloud, announced that they are teaming to deliver pre-packaged integration as a service offerings to help selling organizations drive new levels of efficiency and effectiveness across their operations. Designed to simplify and speed integration to the Ariba Network, the Ariba® Integration Connector, powered by Dell Boomi, enables companies to collaborate more efficiently and drive game-changing improvements in productivity and performance.  The first connector, which integrates with Intuit QuickBooks, was officially unveiled at Ariba LIVE. Additional connectors to enable sellers who own Microsoft Dynamics Great Plains and Sage Peachtree/Sage 50 (2009-2013) to quickly and easily integrate with the Ariba Network are planned to be released later this year.

In the past, integration has been a complex and costly process involving additional hardware, installed software and lengthy managed service engagements. In joining forces, Ariba and Dell Boomi, have transformed it into an agile, efficient and seamless one.

The Ariba® Integration Connector, powered by Dell Boomi Integration Packs, removes the barriers to system-to-network integration by eliminating complexity.  An out-of-the-box solution delivered as a service, the connector provides a fast, easy and affordable way for companies to connect to the Ariba Network – regardless of the backend systems they use. The Ariba Integration Connector, powered by Dell Boomi, currently supports integration with Intuit QuickBooks Desktop 2009-2013, Premier and Enterprise for US, UK, and CA Enterprise and Enterprise Plus.

Through the Ariba Integration Connector, powered by Dell Boomi, companies can completely integrate POs, invoices and order confirmations between the Ariba Network and their systems to drive game-changing improvements in their efficiency and overall business performance.

And the best part? CALL, INC. was able to get the solution in place in less than 3 weeks with almost no internal IT resources.

The Ariba Integration Connector, powered by Dell Boomi, is available an in use today.

Click here to view the entire Ariba/Dell Boomi press release.

More Consumers Opt Into Paperless eBilling

More and more consumers are opting into paperless electronic billing (eBilling).  Nearly 66 percent of consumers reported using online bill pay in 2011, showing a 2 percent increase from 2010.

The National Automated Clearing House Association (NACHA) reported the top three reasons why people opt to go paperless when it comes to receiving and paying their bills:

  • It’s easy to access my statements online – 62%
  • To reduce clutter – 50%
  • To help the environment by reducing paper waste – 49%

Consumers are sending in less paper checks and opting to pay online through banking websites, credit card websites and third party websites.  With the majority of consumers now paying their bills electronically, billers need to rethink the way they bill consumers.

Questions Billers Need to Consider

  • Due to the declining volume of consumers paying paper checks, has the model of doing in-house paper remittances changed to where there is no advantage to companies keeping the process in-house?
  • Is the company doing a disservice by processing paper remittances in-house, by missing out on technology advances that improve payment processing or customer service?
  • If your company is already outsourcing, how “future proofed” is your provider in terms of technology and scale?
  • Has your company incorporated online payment options into its website? With the increasing number of payment platform options, and providers available, any biller can offer online payments.

Looking to the Experts – Payment Automation Solution Providers

There are a number of solutions and tools available to facilitate the automation of one-time and recurring consumer bill payments via the web, phone and mobile devices.  PayStream is currently gearing up for a Q2 2013 report on Electronic Billing and Remittance Payments, to provide insights into current and emerging consumer payment trends.  The report will also feature profiles of leading providers in the space who have strong capabilities and product strategies to meet the needs of organizations remittance payment management efforts.

This upcoming Q2 report will work to increase corporate and collection mangers’ ability to distinguish between Electronic Billing and Remittance Payments and payment automation solution providers and the various solutions they offer.  The report will provide answers and insight into today’s changing payment landscape and how companies can benefit from these changes.

Taulia Tops List of Best Places to Work in Bay Area

Taulia Inc., the market-leading SaaS platform for dynamic discounting, announced that it has been named one of the 2013 Best Places to Work in the Bay Area by the San Francisco Business Times.

“We are thrilled that in our first year of participating in the survey, Taulia has been chosen for this prestigious honor,” said Bertram Meyer, Taulia CEO. “Our talented and dedicated team of employees are our greatest asset and their contributions have led to the tremendous success we have achieved thus far.”

The 2013 Best Places to Work in the Bay Area awards recognizes the top employers in the Bay Area, grouping them into five categories based on company size. The award program surveyed Bay Area employees from over 200 companies to find those organizations whose employees gave them the highest ratings in areas such as employee benefits, workplace culture and opportunities for advancement. Taulia shares this honor with winners such as Intuit, Genentech and Yammer.

“Taulia has an incredibly strong and unique workplace culture”, said Taulia’s HR Manager, David Grimes. “We take great pride in being able to attract and retain such a dedicated and driven team and we salute our employees for their hard work, skill and enthusiasm.”

The survey is produced by the San Francisco Business Times, the Silicon Valley / San Jose Business Journal and the Book of Lists. Winners were honored at a special award gala that took place on April 24, 2013 at the Hilton San Francisco Union Square. To find a complete list of the 2013 Best Places to Work in the Bay Area winners, visit www.bizjournals.com/sanfrancisco.

Click here to view the entire Taulia press release.

To learn more about Taulia, download a complimentary copy of PayStream’s new Dynamic Discount Management: Moving Towards Mainstream report.  The report includes a detailed Taulia profile.