How Eliminating P2P Friction Helps Pharmaceutical Biotechnology Medical Device Firms Manage Cash

Pharmaceutical, biotechnology, and medical device manufacturing firms are facing legislative uncertainty, mounting regulatory pressure, volatile economic conditions. It is for these reasons that more firms in this space are automating their Procure-to-Pay (P2P) processes.

Eliminating friction in the P2P cycle with technologies such as electronic invoicing helps pharmaceutical, biotechnology, and medical device manufacturing firms:

• Improve profit margins
• Enhance visibility into cash flow
• Lower their cost of goods

Best of all: P2P automation delivers these benefits, regardless of the legislative, regulatory and business conditions.

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3 Ways High-Tech Firms Can Eliminate P2P Friction

In the fast-changing, hard-driving world of IT hardware and software, IT consulting and services, and high-tech, businesses cannot afford to be bogged down by inefficient Procure-to-Pay (P2P) processes.

But that’s exactly the scenario businesses in this space face when relying on antiquated, paper-based approaches to paying suppliers. P2P friction:

  • Chips away at profit margins
  • Strains supplier relationships
  • Impedes a high-tech firm’s ability to take advantage of financial opportunities

IOFM’s latest white paper illustrates the impact of P2P friction on IT hardware and software, IT consulting and services and high-tech firms.

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How Consumer Packaged Goods, Consumer Staples and Consumer Discretionary Firms Win with P2P Automation

Consumer packaged goods, consumer staples, and consumer discretionary firms have traditionally viewed Procure-to-Pay (P2P) as a necessary business expense, to be managed as efficiently as possible. Achieving strategic business objectives through P2P automation was not a priority. But that’s all changing.

Consumer goods firms have grasped the potential of P2P to drive working capital optimization.

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4 Reasons Businesses Must Transform Accounts Payable with Digital Technologies

Claim your copy of IOFM’s latest white paper and learn 4 more reasons to automate

The emerging digital trade and commerce environment will require AP departments to:

  • Process transactions more efficiently
  • Have faster access to AP information
  • Act upon information and identify opportunities more quickly

This will be a tall order in a manual or semi-automated AP environment.  

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5 Ways Embedded Procure-to-Pay Analytics Drives Business Performance

Let IOFM Show You How Analytics Drives Better P2P Results

With vast amounts of data flowing through the procurement and finance departments every day, P2P professionals are in a unique position to deliver critical information to the enterprise.

But most P2P departments cannot aggregate, organize and analyze their data. 

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The ROI of Travel and Entertainment Expense Report Automation

How to get the biggest bang for your T&E expense buck

Travel and entertainment (T&E) expense spending is for many organizations a significant investment with an expected financial return.

The success of T&E spending is often measured in terms of:

• New business
• Stronger client and supplier relationships
• Staff professional development

It’s an investment that pays off: for every dollar invested in business travel, U.S.

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4 Reasons to Rethink the Way You Manage Financial Documents

If it feels like managing your financial documents is too difficult, you are not alone. Today’s digital trade and commerce environment is creating heightened document lifecycle challenges such as:

  • Ever-increasing demands for real-time access to financial information
  • A rapidly changing mix of physical and electronic financial documents
  • Rising data security threats

In response, organizations are rethinking the way they create, output, deliver, track, control and report on their financial documents – contracts, catalogs, purchase orders, proof-of-delivery documents, receipts, invoices, reports, checks, customer statements and correspondence.

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5 Ways Poor Visibility Undermines Financial Shared Services Initiatives

More organizations are operating their accounts payable and accounts receivable functions as part of a regional or global shared services environment.  These organizations are drawn by the promise of lower costs, better process efficiency, and improved service to stakeholders.

But organizations will never achieve the full benefits of a shared services environment if they still rely on manual and paper-based accounts payable and accounts receivable processes.

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The Paperless Office: Leap up the Accounts Payable Maturity Curve

Many AP professionals dream of a day when their operations will be paperless.

The reality for most AP professionals is closer to a nightmare: operations are overrun with paper invoices that require a significant amount of handling, keying, routing, filing, and retrieval.

Achieving the vision of the paperless office requires organizations to chart a path towards maturity. 

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