News Releases | July 10, 2019 Download

Corcentric Brings Savings to the Construction Market through Proprietary Procurement Services and Process Automation

Procurement and financial solutions enable companies to spend smarter, optimize cash flow, and drive profitability

CHERRY HILL, NJ — The construction industry faces a host of challenges, including an onslaught of technological developments, a persistent labor shortage, increasing material costs, and green initiative planning, just to name a few.

Corcentric, a leading provider of procurement and finance solutions, is offering a suite of products/services that can help owners of construction businesses to improve their operating efficiency and free up time and money to focus on their core businesses and new market demands.

Bill McCouch, Senior Vice President of Procurement at Corcentric, explains, “Corcentric’s entry into this important industry sector opens up a whole new world of possibilities for the construction industry. Customers will be able to better manage cost by coupling leveraged buying power with cutting-edge technology.”

Corcentric provides fleet procurement services whereby construction firms will be able to leverage the buying power of more than 140 leading manufacturers in the Corcentric network.

  • Corcentric-managed, pre-sourced programs save buyers time and administrative cost when it comes to choosing vendors;
  • Customers get access to competitive national accounts pricing superior to anything they could achieve on their own on items like batteries, tires, filters, chemicals, lubricants/coolant/grease/oil, MRO supplies, environmental services, capital equipment, office supplies and equipment, and much more;
  • With national account billing, Corcentric supports nationwide purchasing under the same account, supportive of diverse buying organization locations;
  • Buyers are provided with an efficient, flexible account with a credit line that works across all programs they use, ensuring less administrative cost for procurement to manage credit.

“Our goal is to help construction businesses gain a competitive advantage by showing them ways they can save time and money by optimizing their procurement processes,” says Steve DeFranco, Vice President of Sales, Procurement Services, at Corcentric.

“This is not your typical group purchasing organization,” he noted. “Our Fleet Procurement Services combine unmatched buying power with a fully electronic invoicing system that removes friction and confusion, while adding visibility to the purchasing process.”

Many businesses today are still using manual processes for their accounts payable but, according to DeFranco, by automating the entire accounts payable process — from purchase order to payment — construction businesses can reduce payable costs by up to 82 percent, process time by 70 percent and exception rates by 50 percent.

Corcentric offers a fully automated accounts payable solution taking electronic purchase orders from e-invoicing to approval workflows and ERP integration, all the way to automated payments.

  • Billings from multiple programs are consolidated so the buyer need only cut one check to Corcentric for all purchases, across all programs;
  • With Corcentric’s accounts payable automation solution, business owners have 100% visibility into their accounts payable, with the ability to view invoice status in real time;
  • Reporting capabilities provide the information necessary to give business owners greater control over both cash flow and working capital.

“Corcentric helps both procurement and finance, solving the unique problems of each with a single perspective on the purchase-to-pay cycle,” said DeFranco. “This value-added solution is unique to the building market and tailored specifically for the construction industry.”

For more information about Corcentric’s procurement and financing solutions, contact Steve DeFranco at sdefranco@corcentric.com or call cell: 856.571.0906 or office: (856) 406-3757, or visit the Corcentric website.

 

About Corcentric

Corcentric is a leading provider of source-to-pay services and solutions for businesses in the United States and Europe that optimize how they purchase, pay, and get paid. Corcentric’s procurement, accounts payable, and accounts receivable solutions empower companies to spend smarter, optimize cash flow, and drive profitability. Corcentric was named a 2019 ‘50 Providers to Know’ by Spend Matters and a leader in IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Payable Automation 2019. Since 1996, more than 6,000 customers from the middle market to the Fortune 1000 have used Corcentric to reduce costs and improve working capital. Learn more at corcentric.com.