The new report reveals current market trends in organizations’ indirect spend processes and the profitable benefits of adopting P2P automation tools
McLean, Va., June 14, 2016 — Corcentric™, a provider of cloud-based financial process automation solutions, today released its new report in partnership with PayStream Advisors, 2016 P2P for Indirect Spend Report, which explores trends in indirect Purchase-to-Pay (P2P).
PayStream Advisors surveyed over 200 back-office employees across several industries and market segments to pinpoint the main concerns for indirect spend. What they found is that in indirect P2P, most organizations are tasked with the challenge of managing procurement, accounting, supplier and payment data across multiple business and dealing with various owners. The complexities involved with these processes can lead to issues including high processing costs, late payments, supplier dissatisfaction, and fraudulent spend.
Among the findings of this report:
- When asked if their companies were using an eProcurement solution, 66 percent of organizations reported they were not
- Most organizations want more control (33 percent), visibility (20 percent), and synchronization (15 percent) in indirect goods purchasing
- Thirty-three percent of respondents attribute poor data management to the weakening of organizations’ supplier relationships
- Lengthy approval cycles (62 percent), manual procedures (57 percent), and invoice errors (55 percent) are the leading causes of missed discounts
Technological changes have transformed businesses globally and insights drawn from the report further indicate the need for companies to accept a digitally-driven marketplace. PayStream attributes low adoption rates of P2P software to a lack of awareness of the benefits. With P2P automation, companies are offered a unified and transparent system, increased control over financial health, and overall improvements in process efficiency.
“A lack of automation can be detrimental to an organization’s success and can prohibit growth, especially as more companies are planning to expand globally,” said Matt Clark, chief operating officer at Corcentric. “The control, flexibility and visibility that P2P automation tools provide allows businesses to exceed customer expectations and stay competitive in the sector.”
Download a complimentary copy of PayStream Advisors 2016 P2P for Indirect Spend at https://www.corcentric.com/resources/paystream-advisors-2016-p2p-indirect-spend-report/
About PayStream Advisors
PayStream Advisors is a technology research and consulting firm that improves the way companies plan, evaluate, and select emerging technologies to achieve their business objectives. PayStream Advisors assists clients in sorting through the growing complexities of IT applications related to business process automation with the goal of making objective, analytical, and actionable recommendations. Wherever business process automation technology is an issue, PayStream Advisors is there to help. For more information, visit www.paystreamadvisors.com
Corcentric, a wholly-owned subsidiary of AmeriQuest Business Services, LLC., provides cloud-based financial process automation solutions that have revolutionized how the world’s largest organizations manage and protect their financial assets. By connecting best practices with deep expertise, Corcentric’s Accounts Payable and Accounts Receivable automation solutions enable organizations to reduce costs, streamline processes, and provide unmatched visibility executives need to make critical business decisions. For more information, visit corcentric.com.