The term e-invoicing has been in the market for quite a while. However, the precise meaning of this term and its degree of implementation are still unclear to many. In this article, Procure Avenue has come up with some answers that will bring clarity to such questions.

What is Electronic invoicing or E-invoicing?

The terms “Digital Invoice” and “Electronic Invoice” are used to explain similar concepts. But, they are both fundamentally different from each other. It is still being carried out in the traditional manner such as by scanning the document and then converting it to digital format.

However, the e-invoicing is a format in which the invoice is generated directly from the software that you are using. Such invoices are usually booked in XML format and they are compliant with PDF versions in order to create the final readable copies for the users.

Benefits of electronic invoicing

Quick Payments

The implementation of electronic invoicing literally removes the delays in unnecessary processes such as sorting & routing papers. The software enables the user to route the invoices in a fast manner as the data is available on at the fingertips. Due to such faster operations, the bills can be paid on time and cash flow improves immensely.

Only a few rejected invoices

The e-invoicing software enables a straight forwarded process initiated from your system to the client’s or supplier’s account payable app. Thus, the user does not have to enter the data manually which leads to the elimination of human errors and the majority of the invoices getting approved.

Enhanced Productivity

The electronic delivery enables you to know whether the customer has received the invoice or not. Hence, the amount of reworking can be reduced and overall productivity enhanced.

Better Customer Satisfaction

Customer satisfaction matters the most in any type of industry. E-invoicing enhances the user-friendly experience and provides easy access to the desired data. Thus, firms that implement e-invoicing systems experience less customer churn compared to other companies.

How it works?

Now, just imagine how easy the accounts payable will be if all the related people are on the same system! Once you sign up for our software, you can even invite the suppliers to use these services as well. It becomes extremely easy once everyone starts using the same process.

Get rid of the piles of bills on your desk. Pay your suppliers on time & keep them happy.

Switch to e-invoices to speed up your accounts payable process and reduce the overall time that you spend managing the invoices.

Why don’t you try Procure Avenue’s e-invoicing software? You will see how easy & effective it is to maintain the invoices electronically.

So, contact us NOW for further information!!!

Digitalized transformation is literally the “in-thing” for the industries. This revolution has gained complete momentum and will continue the pace of this momentum as well. In this blog, we have come up with 6 main reasons for which you should certainly invest your money in e-procurement software.

Faster & Quicker ROI (Return On Investment)

In the practical aspect, e-procurement brings faster ROI compared to traditional ways. Electronic procurement leads to quicker amortization of the costs and that too at the early stages. In addition to the same, digitalized procurement provides more transparency for the end -to -end process.

Decrease in costs

Costs are one of the most critical factors, especially in terms of ROI calculations according to the latest research, the digital procurement solution always shows  significant cost reduction within 6 to 8 months timeframe.

Reduced maverick buying

Low purchase pricing always makes a difference, but at the same time, it not the only factor to be considered when accommodating e-purchasing. Maverick buying arises when the employee makes purchases independently without following the mentioned standard purchase processes. Such purchases results in the high amount of costs as such purchases are done outside of the existing contracts, earlier agreed payment terms and even pricing. E-procurement helps in determining the cash-out rate in order to control the entire purchasing process and thus, the company can eventually reduce such maverick buying.

Streamlined Processes

Lower purchase rates, quicker ROI, decreased maverick purchases now your firm already has strong points that lead to a streamlined process. Along with these points, e-purchase will allow you to reduce the overall process time, strengthen compliance, reduce the chances of errors, improve the relationship with vendors & suppliers etc. Your purchase process will improve and it will become more effective, efficient, straightforward and smooth.

More Control & Compliance

Another big advantage of e-procurement is that it enhances monitoring abilities and strong adherence to existing compliance rules. Compared to the traditional purchase process, an automated & digitalized procurement process provides more transparency and clarity. In fact, you would literally be able to track the entire procedure with your fingertips.

Easy & Comfortable

Easy & comfortable is the last factor, but not the least when evaluating the entire process. It creates a stable environment in which all the respective authorities have access to the data that they desire.

Conclusion

If you are looking forward to investing in e-procurement software, then you have come at the right place. Hit the CONTACT US button and reach out to us for more information.

Effective supplier or vendor relationship management needs two way information, metrics, incentives and recommendation. To begin with, Supplier Relationship Management refers to interact and manage the third-party suppliers that provide materials, services and goods to the company. It is obvious that you must opt for the vendors that maximize the value of your work and at the same time cost-effective as well. So, in this blog we have come up with 4 major steps and strategies that you can incorporate for the effective Supplier/Vendor Relationship Management.

Invest in technology to make supplier relationship management simpler

Modern business is all about technology. Invest in latest technology and buy supplier management software in order to track all the details about the vendors in a single place. You can consider Procure Avenue’s latest software that your company can use to process, track and even create the purchase orders. This software is compatible with many other functions of your system so that you can access all the details from a single platform.

Know that payments on time are crucial

It is important to keep your vendors happy by ensuring that you release their payment on time. This way, they will realize that you are a trustworthy client and you will be able to maintain long term & healthy relationships with them. If at all for certain reasons, you are unable to give them payment on the mutually agreed date, then immediately inform the vendor about the same. Also, communicate the next date on which you will be able to release the payment. Such timely actions will act as a saviour for you.

Maintain strong and deep relationship with your vendors

Ensure to maintain strong, regular and deep relationship with your vendors. Remember transparent communication is a key for the healthy & long-term business relationship. Keep the vendors inform and updated about the plans and strategy so they know well in-advance how they can help and what they are supposed to do. Design the plans in such a way that both parties can get benefits from it. If something is creating a trouble, then openly discuss and let them know what you expect. A deep, strong relationship with frequent and clear communication allows the entire framework to be more organic.

Create a detailed agreement

It is always beneficial to pen down everything regarding the expectations, terms & conditions, service description etc. from both the parties’ point of view. Once the agreement is created, both parties can evaluate and sign on the mutually agreed terms. Such legal document will decrease the possibility of disputes and confusion.

Conclusion

If the modern business wants to become successful, then they must not underestimate the supplier/vendor relationship management. Each penny that you save in effective SRM goes straight in adding to the profit. We hope that above mentioned tips help you improve your SRM and gain more revenue to your company.

So, Keep maintaining SRM to fetch profit!!!

The companies are focusing on different ways to transform the procurement process with digital technologies in order to increase the user experience, remove manual effort and enhance the decision making process. However, the main challenge is that most of the companies are not sure on how they can generate the impact or from which point they should start off.

In this blog, we have come up with 6 steps through which you will be able to build a digitized roadmap for procurement.

Identify the strategic objectives

Being an organization, first of all you must know the answer to following questions such as

What are the strategic objectives & priorities for your company?

What is the operational & financial output you’re intending to generate?

How can you make your team more proactive, responsive, responsible and insightful? What are the resources & tools you would require for the same?

Answers to such critical questions will be able to define your strategic goals and how the digitalization will assist you to achieve them.

Plan the future

Always remember to invest wisely. If your investment is addressing only the immediate needs, it will result in duplication, lower benefits and high costs. The clients expect to be in touch with you through diverse channels such as websites, social media, mobile applications etc along with consistent, seamless experience.

In developing the technological roadmap, set the goal in such a manner so that you can remain competitive in the market for at least next 5 years. Accommodate the technology that is scalable, flexible and expandable to meet your long term objectives.

Identify the functional priorities & needs

While creating the digitized roadmap, you would require to:

• Review the current business processes & highlight inefficiencies
• Identify the technology gaps and functional inabilities that needs improvement
• Prepare a checklist for the to do list

Such actions lead you to assess your plan more effectively.

Incorporate only the realistic cost

Massive technology initiatives may result in being capital intensive. Thus, it is highly important to ensure that you conduct proper research especially in terms of pricing and come up with a realistic cost estimate for such projects. Also, keep an additional budget ready in case of any emergency. Besides, keep a tab on costs such as subscription fees, new infrastructure costs, annual maintenance etc.

Set Realistic Timelines

The roadmap must include a realistic schedule and timeline for the projects based upon the priorities, available resources and duration of the project. You must also take into consideration the constraints that are likely to come up.

It is also advisable to consider the effective external resources such as business consultants in order to reduce in-house staff workload.

Appoint a committee

The committee members can comprise of the leaders and HODs from the respective departments. Such members can facilitate to smoothen the communication and monitor the development of the entire roadmap.

Conclusion

A digitized roadmap assists you to move forward in the desired direction with clear purpose and motivation while reducing the costly errors. It further assists you to align the organization’s IT projects with the strategic goals. You can induce in long term planning, define the priorities before you go for investment.