A New Look at the Effects of Unmanaged Indirect Spend
Cherry Hill, NJ, May 10, 2017 — Less than a quarter of trucking companies have automated their procure-to-pay (P2P) processes and more than 40% have no automation whatsoever. Failure to automate means trucking companies are experiencing P2P process costs that are 12% to 83% higher, and are paying on average $12.80 to manually process one invoice.
To help trucking companies improve, AmeriQuest Business Services, a technology-enabled provider of financial process automation, procurement, and asset management solutions, offers executive-level insight and guidelines for better management of indirect spend in its new white paper, “Defeating Dark Purchasing: Take Back Control with a Strategic, Digital Approach to Procurement.”
Dark Purchasing, which occurs when expenses are incurred outside of a standardized procurement process, leads to a loss of revenue and control over spend. This paper offers a clear explanation of the damage caused by ad hoc purchases and how to quickly gain control. According to Supply Chain Quarterly, businesses that eliminate dark purchasing from their indirect spend experience savings of up to 25 percent.
The paper proposes that procurement and AP can be strategic partners to achieve:
- Better relationships with suppliers and customers
- Visibility into cash flow
- Increased transparency and communication across the organization
- Analytical insight for strategic planning
Much of the paper was based on a survey into Indirect Spend that was conducted by AmeriQuest Business Services and authored by Reginald E. Peterson, PhD, Director of Indirect Products, at AmeriQuest. Dr. Peterson is available for interviews.
About AmeriQuest Business Services, Inc.
AmeriQuest is a technology-enabled provider of financial process automation, procurement, and asset management solutions. AmeriQuest enables companies to simplify and streamline their complex business processes through a combination of technology, expertise, and process efficiencies, and gives them the operational leverage they need to grow their business. For more information, visit ameriquestcorp.com.