Rectangle Created with Sketch.

Are Touchless Source-to-Pay Processes Possible?

Direct Commerce reveals the answer to 150 CFOs at CFODallas

Julie Peacock, Senior Director of Global Marketing

Direct Commerce had the pleasure of speaking in front of a group of CFOs at CFOdallas last month, in a Fireside Chat featuring our president, Bruce Hanavan and moderated by professional interviewer Scott Shuster. The topic that attracted about 150 financial executives was whether or not touchless source-to-pay (S2P) processes are possible.

The short answer is—they are! And, best of all, typical benefits include:

  • 100% electronic invoices
  • 30% reduction in inventory errors
  • 75% resource reallocation
  • Month-end close in days, not weeks
  • Millions of dollars in savings from dynamic discounting

That’s good news for CFOs like the ones Bruce spoke to, because many enterprise organizations are still burdened by broken manual processes and overwhelmed by staggering amounts of paper in the form of purchase orders, invoices, disputes, tickets, and bills of lading.

While it can be daunting to begin the journey to a touchless, paperless environment, it should be helpful to know that you don’t have to do everything at once. In reality, S2P automation is a continuum of solutions for Accounts Payable, Procurement, Treasury, Logistics, and other departments.

It’s quite possible to start the journey in one place and expand to others. When you prove the concept and start to see real value, momentum tends to build. In fact, Direct Commerce has been able to totally transform S2P at some of the world’s largest companies in as little as six months. 

What Are You Left with When Paper Goes Away?

Transformations like these are truly remarkable, and most companies kick themselves for not beginning the automation process much sooner.

When the paper is gone, tremendous new opportunities for gaining insights from data open up to you. As part of our solution set, Direct Commerce offers powerful reporting and analytics capabilities that help you continually strengthen processes across your entire supply chain, including invoicing, inventory, payments, deliveries, and more.

If you haven’t started automating your S2P processes with the goal of creating a completely touchless, paperless environment, we’d love to talk to you about the best way to get started based on your unique business needs. We’d also love to start a conversation if you’re in the middle of your S2P automation journey but aren’t making progress. Sometimes, organizations can get stuck with limited technologies like scanning and robotic process automation (RPA) or with “solutions” that put an unrealistic strain on IT resources. 

In either case, Direct Commerce can provide the solutions and expertise you need to stop touching paper once and for all. Please contact us at sales@directcommerce.com or 415-288-9700. 

 

Topics: Discount Management, Dispute Resolution, Workflow, Automation, RPA, Supplier Portal