Everyone wants to be a better buyer – getting the best prices for the highest quality goods and services purchased from reliable suppliers. But how do you achieve that? Start by considering the following questions:
- Do you know your financial commitments at this exact moment in time?
- How much are you spending by supplier, and by product/service?
- Are you capturing early payment discounts, and if not, which ones are you leaving on the table?
- Which invoices are you paying late and what is that costing you?
You can find the answers to these questions if you have two key capabilities: being able to see what you are purchasing in real time, and being able to slice and dice that information in different ways.
Real-time visibility into invoices and robust analytics will allow you to see where you’re actually spending your money and with whom. You’ll also be able to uncover savings opportunities and develop effective payment strategies such as dynamic discounting, volume discounts, and early-payments, as well as identify invoice processing bottlenecks that are costing you time and money.
Once you have the Accounts Payable visibility you need across your organisation – regardless of border, language or currency – and the ability to drill down and see the data any way you need, you’ll be able to manage spend and cash flow, and make better business decisions.
And that puts you on the path to better buying and, more importantly, to better bottom-line results.