When it comes to Procure-to-Pay (P2P), buyers and suppliers go hand-in-hand; one cannot prosper without the other.
Here at BuyerQuest, we partnered with Taulia—a financial supply chain company—to create a truly seamless P2P experience from start to finish. Taulia’s full suite includes supplier self-services, eInvoicing, supplier information management, dynamic discounting, supplier financing, and ePayments.
Powering next-generation eProcurement, BuyerQuest offers an intuitive shopping experience within a single, easy-to-search interface, plus rich behavioral intelligence, and supplier self-service.
By packaging our two best-of-breed solutions, we’ve married BuyerQuest’s eCommerce procurement experience to Taulia’s world-class supplier financing suite—ultimately empowering suppliers with early payments and giving back to buyers through new product savings.
Now more than ever, businesses are pressured to cut back on costs and boost productivity. The supply chain is a key place to start. In Taulia’s words: “We envision a world where technology connects businesses of all sizes to boost global economic growth. A world where a truly global and flexible financial supply chain benefits all parties involved.”
A win-win relationship.
With BuyerQuest and Taulia, you can modernize your payables. By injecting technology into the P2P process, you can streamline manual processes, speed up cycle times, and maximize business productivity.
For procurement teams, it’s not uncommon to see supplier payment terms extended to 60 or even 90 days. From the buyer's perspective, extending payment terms seems ideal on paper. However, on the supplier side, delayed payments often stretch their ability to purchase more goods and services.
Luckily, strategic dynamic discounting initiatives keep both parties happy and profitable. With dynamic discounting, showcase your increased savings and boost the incentive to use negotiated contracts.
- The Buyer Impact: Early payment discounts present a revenue opportunity for the buying organization. With dynamic discounting (and tech like Taulia), buyers are purchasing the same goods at lower costs resulting in big bottom-line savings.
- The Supplier Impact: Instead of waiting for an invoice that’s 90 days out, suppliers can get paid earlier in exchange for a small discount on goods and services. Suppliers have better visibility into the end-to-end process and more incentive to provide higher quality content for end users.
The right technology can make your vision for a more strategic supply chain a reality. Forget paper, and lean on automated processing to get the job done. Plus, this gives your team more time to focus on bigger picture, strategic business activities.
Success all comes back to user adoption.
Cutting edge technology keeps businesses efficient and productive—especially when it comes to procurement. However, if users are resistant to adopting a new solution, you’re probably observing a lot of rogue spending and missed opportunities within negotiated contracts.
We created BuyerQuest to disrupt the way organizations buy—creating an eCommerce platform with built-in eProcurement functionality. To drive user adoption, both BuyerQuest and Taulia offer flexibility to make the platform your own. For example, you can tailor the platform to reflect your brand, ultimately delivering on that seamless experience shoppers crave. The result? In one case, after only 30 days of BuyerQuest deployment, more than 10,000 Palm Beach County School District teachers sent out orders with no training.
It’s equally critical that suppliers embrace your P2P platform. When working with your suppliers, prove that you’re offering increased savings and improved efficiency for both buyers and suppliers. At BuyerQuest, we guide supplier adoption through the following features and value-adds:
- Self-service tools provide suppliers with real-time data and insight into what end user’s are purchasing.
- A single interface enables suppliers to view products and services from the end user’s perspective.
- Suppliers can also easily upload catalogs online, upload via sFTP, use simple CSV catalog templates and always adhere to industry standards.
- Bonus: we don’t charge suppliers. The supplier eInvoicing solution is 100% free.
Related read >> 3 Top Resources to Boost Your eProcurement User Adoption
Enabled, happy suppliers keep the process running smoothly and cost effectively. In the words of CEO, Jack Mulloy via a recent PYMTS.com article, “Supplier enablement is the lifeblood of a successful procure-to-pay initiative.”
Transform your P2P process today.
Looking for an actionable guide to upgrade your P2P process? During a live webinar, BuyerQuest’s CEO, Jack Mulloy, teamed up with Taulia’s VP Partner Solutions, Matt Wright, to discuss how (and why) to adopt strategic financial processes that can turn your supply chain into a competitive weapon.
In case you missed it, download the webinar slides to learn more about:
- Current market challenges
- Today's new standard for Procure-to-Pay
- A step-by-step guide to creating a solution that’s easy to use, loved by all, and removes inefficiencies from your global financial supply chain