Puridiom Post - Procure to Pay software, solutions and strategies

"Effective Social Media in Supply Chain: The Search Is On" is an article written by Curtis McEntire, Chief Executive Officer and Founder of Mazree, an online business collaboration network.  The points it makes are valid and looks at the direction of social media in the Supply Chain.  I have extracted the first few paragraphs of the article and hope you will go on to read the rest of it from Supply & Demand Chain Executive Magazine, where it originated. Enjoy!

SearchCIOMidMarket.com has published an article with 10 tips for social media strategy.  These tips are links to useful articles that can help with the transition of social media platforms in the organization and recognizing how they can be leveraged in the workplace.  Knowledge is power and social media is a force to be reckoned with.  Read on!

How does one determine if they are ready for procurement transformation?  The results of Best-in-Class organizations have shown that an investment in Procure-to-Pay can pay large dividends, and that is making a lot of businesses come to the inevitable decision of automating and transforming their procurement processes. 

In the previous article, we discussed how to put together a blueprint for a successful procure-to-pay project.  Today's article takes on the topic of procure-to-pay technology and what makes up a true procure-to-pay technology solution.  More about this topic can be found the Supply & Demand Chain Executive Article, "Puridiom Defines Procure-to-Pay, Your Roadmap to Procurement Transformation Success."

The development of a best-in-class P2P program takes among other things, sponsorship, effort collaboration, vision, expertise, and a supporting technology infrastructure.  Yesterday's webinar: Procure-to-Pay: The Best in Class Blueprint helped define exactly what is needed to create a superior program design.  Taken one by one, each element is significant, and critical.  Take sponsorship, for example.  If a program does not have the backing of the CFO or corporate management, it likely will not happen.  The benefits of the program must be sold to the CFO; how does if benefit, and is it worthwhile to the company?  Of course, today there is lots of data to prove that procure-to-pay programs are worth the effort, but what must be sold is that you can make it work.  That brings us to the second point: collaboration.  Working with all of the other departments that will be affected by the process and obtaining feedback, questions, suggestions, will help make the process more accessible and also help in selling it to the end users. 

Recently, a question was asked about a specific feature of the Puridiom eprocurement product.  Does the purchasing system automatically produce exception reports to notify management and auditing of potential fraudulent transactions or trends?

Supplier Enablement is the process of electronically connecting suppliers to a company's supply chain to help companies meet their customer demand by procuring materials quickly and at the right cost. An enabled supplier relationship includes enhanced communication and automation of the purchase order, invoice and payment processes; online catalog management, if used; an actively managed automated or self-service process to consistently update supplier information, to include collection, verification, and cleansing; and strategic sourcing activities such as eRFx and online auctions.

There are many paths to Procure-to-Pay (P2P) excellence and many starting points. A P2P automation project may start with a focus in one area within either accounts payable or procurement or it may pursue a “big bang” strategy; no matter the initial project approach or budget, one unifying characteristic of Best-in-Class P2P organizations is the holistic, long-term view of P2P that they take from the start.

EIPP or Electronic Invoice Presentment and Payment is a process that allows suppliers to invoice buyers over the Internet quickly and securely while managing the processing and payment of invoices online. EIPP streamlines and standardizes invoice delivery to payees. It also accelerates securing payee approval by enabling online review, dispute and adjustment processes.  Invoicing and payment is automated, more efficient, accurate, and cost effective.

This past Monday, August 20th, MyPurchasingCenter.com presented Procurement & Negotiation Strategies for Health Care webcast.  With health care reforms, new rules and regulations, health care organizations are faced an almost overwhelming task of wrangling spend, categorizing it to satisfy government regulations, fulfill required mandates, and survive in today's economic environment.