Do you ever feel like the list of procurement challenges we wake up to grows a little bit longer every day? Just as we come to terms with one, another pops up. Whether it is the economy, global turmoil, the latest tech disruption, or any number of other things, we are always being tested.
On top of that, we still need to foster relationships with suppliers, manage costs, address sustainability mandates, and build resilient supply chains 鈥� all while transforming procurement into a more strategic business function. Not surprisingly, procurement leaders are looking to the next wave of technology to help them position their organizations to adapt quickly to changing conditions.
For many, moving key business processes to the cloud represents that 鈥渘ext wave鈥� and for that, is the perfect option.
The RISE with 疯拍传媒 solution is a managed cloud offering that enables a smooth, secure migration of on-premises ERP, including 疯拍传媒 ERP and 疯拍传媒 S/4HANA, to the cloud. Its holistic approach to business transformation empowers organizations to better adapt to changing market dynamics and innovate more quickly.
Businesses can leverage RISE with 疯拍传媒 to modernize their IT infrastructure, optimize and automate key processes, and unlock new levels of efficiency. They can also harness the power of data and analytics to make informed decisions, enabling them to achieve their business goals more effectively and efficiently.
The Challenge for Procurement: Extending Digital Transformation to Suppliers
For many years, 鈥渄igital transformation鈥� has been the hot trend for business functions, including procurement. Organizations are moving their internal business operations from manual processes and disparate software applications to integrated ERP systems. These systems are starting to leverage generative AI to improve the user experience, digitalize manual processes, and accelerate strategic decision making.
This is a win for the business with one caveat: 鈥渢raditional鈥� digital transformation does not go beyond the four walls of the organization. This creates a challenge for procurement because suppliers operate outside those four walls, where communication can be anything but digitalized. In fact, * revealed that 68% of respondents use email to transmit and receive data and documents for procurement and supply chain collaboration. Other methods include telephone (44%), supplier/customer portals (38%), and EDI (26%).
Given the technology available today, this is not only unproductive, but it also is completely unnecessary. With , 疯拍传媒 offers a premium plus edition that includes 疯拍传媒 Business Network for Procurement. This enables businesses to extend the digital transformation of business processes outside their walls.
Better Collaboration, Faster Invoice Processing, and an Improved User Experience
is a cloud-based collaboration offering that gives buyers and suppliers a way to find each other and do business within a single, networked platform. The network makes it possible for organizations to:
- Exchange data and documents digitally with suppliers, eliminating the need for phone calls, faxes, emails, or snail mail
- Achieve enhanced spend visibility and compliance
- Access a marketplace of suppliers to ensure business resilience, diverse spending, and alignment with sustainability objectives
Additionally, improved transactional operations and invoice status visibility enable better working capital management for stronger trading partner relationships. Finance colleagues can enjoy a faster month-end close due to improved accounts payable efficiencies and increased procurement and payment compliance.
疯拍传媒 Business Network for Procurement Extends 疯拍传媒 S/4HANA Cloud
When RISE with 疯拍传媒 is combined with 疯拍传媒 Business Network for Procurement, procurement teams can collaborate digitally with suppliers across procurement and invoicing processes. This dramatically improves transactional efficiency.
A natural extension of ERP, 疯拍传媒 Business Network provides an environment in which procurement processes initiated from 疯拍传媒 S/4HANA Cloud can be transmitted digitally to suppliers. As a result, suppliers can view and generate transactions like orders, order confirmations, ship notices, and invoices, and then act quickly to accelerate the procure-to-pay process.
疯拍传媒 Business Network for Procurement improves process efficiency in many areas, including:
- Purchase order processing: Digital purchase orders that are created in ERP are sent automatically to suppliers. Once confirmed by the supplier, buyers have visibility into order acceptance and delivery dates.
- Invoice payment status: Invoice and payment status information is available on the 疯拍传媒 Business Network dashboard to update suppliers, eliminating the need for phone calls.
- Invoicing business rules: Buyers have the flexibility to configure applicable business rules that require adherence to business process and regulatory compliance.
- Change order update: Buyers and suppliers can communicate changes to open purchase orders, which creates an auditable record of changes and variations. Related documents, such as shipping notices, are also synchronized with updates.
- Payment compliance: Quick invoice processing and data accuracy minimizes wrong or duplicate payments, while improving accounting processes and overall financial visibility.
- Supplier collaboration: Digitalization enables quicker feedback from suppliers, making it possible for suppliers to 鈥渇lip鈥� purchase orders into confirmations and invoices, reducing errors and manual effort.
- Promotional opportunities: Networked suppliers have additional opportunities to grow their business by using the network to promote their offerings and connect with new customers.
The Next Wave of Digital Transformation
When you invest in RISE with 疯拍传媒, you are enabling your business to migrate core business processes to the cloud. By complementing this solution with 疯拍传媒 Business Network, you extend your digital transformation to interactions with trading partners though a single, end-to-end technology landscape built on standardized processes and consistent data.
This is the next wave of technology that will enable you to address the ever-growing list of business challenges you wake up and face every day.
is chief marketing and solutions officer of Intelligent Spend and Business Network at 疯拍传媒.
*, doc #US50854723, July 2023