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Transform To Perform
The key objective of every CFO is to drive profitability, and it is therefore imperative for them to increase efficiency of procurement processes, build healthy supply chains, optimize supplier costs, and minimize errors.
Datamatics’ procure to pay - P2P solutions suite comes with end-to-end cost optimization techniques for handling shared services, procurement, and accounts payable processes.
Datamatics deploys a suite of proprietary frameworks and digital platforms to automate p2p processes. From intelligent OCR to capturing and processing invoices, rules-based contract validation and management, to analytics-driven supplier performance management, Datamatics’ robotic process automation technologies help the CFO transform the supplier value chain.
Datamatics procure to pay solutions to enable the CFO office to accelerate the payment process and have a tight control on the organizational spend. Faster P2P process cycles enable CFOs to avail early payment discounts as well as reduce the inventory carrying costs by adopting the just in time (JIT) paradigm. It also enables the business to leverage end-to-end automation over a digital platform across the supplier ecosystem.
Worth invoices processed per year through successful implementation and delivery of enterprise wide BPM automation and digitalization efforts at scale
Invoices processed per year with 99.9% accuracy by using point solutions as well as end-to-end automation models spanning larger geographies
Finance & Accounting Experts both in house as well as on consultant basis to deliver precision solutions in a timely manner
Cost reduction for F&A customers thus ensuring a secondary source of revenue generation in parallel with that from the business as usual activity
Facilitate centralized onboarding of vendors and suppliers
Enable centralized procurement and supplier management
Improve vendor and supplier engagement through early payment
Build healthy supply chains for facilitation of just in time (JIT) procurement and manufacture
Avail early payment discounts with automated procure to pay cycles
Facilitate automation of contract administration and management across the vendor and supplier value chains
Negotiate and set realistic milestones and standard operating procedures towards a win-win situation
Efficiently manage and administer contracts for unlimited number of vendors and suppliers with ease
Streamline creation, administration, and management of requisitions and purchase orders using pre-populated templates once the supplies reach the lower threshold
Automatically route requisitions and purchase orders to approver hierarchies depending on the spend amount
Auto-email or text the requisition with links to the suppliers for supplies fulfillment
Digitally store the requisitions and orders and link them to invoices from suppliers for routing digital payments
Use pre-built templates or create impromptu invoices and route them to authorized signatories for their digital approvals
Digitally store purchase orders received from customers and link them to the invoices and contracts for maintaining traceability
Auto-route the invoices to the customers through email and text and track the receivables in an automated environment
Streamline travel expenses of business executives over a digital platform by engaging latest technologies
Digitally capture details from payment receipts and toll receipts for submitting travel expense claims
Auto-route claims to the approvers hierarchy for their approval and payment release
Streamline reconciliations across the accounts payable and accounts receivable cycles and capture the data in the Finance & Accounting systems such as SAP
Automate two-way and three-way matching of digital versions and digitized copies of purchase orders, invoices, and receipts across the vendor, supplier, and customer ecosystem
Maintain healthy cash flows over the digital platform
Ensure strong financial control through real-time reporting
Minimize processing costs, improve operations, and reduce transactional time
Maintain high levels of visibility, traceability, and accountability in the payment and receivable cycles
Facilitate centralized existing supplier management, new supplier search, and procurement across different branches and units
Reduce latency in supplies procurement through trusted suppliers on the digital panel
Ensure efficiencies of scale and cost savings through centralized procurement
P2P Automation streamlines Accounts Payable (AP) processes, improves accuracy, improves speed and efficiency, and reduces operational costs. Hence P2P Automation assumes high importance in Finance & Accounting section of a business.
Just-in-Time (JIT) production or manufacture paradigm requires the supplies inventory to be maintained at certain threshold level so that the product is built and delivered to the customer just in time. To realize JIT manufacture, the vendor supplier should be able to meet the Takt time or the product assembly time duration of the manufacturer to match the product demand from the customers.
This paradigm is mostly followed by manufacturing businesses to alleviate costs associated with huge inventories and ware housing of finished products. A healthy and happy supply chain is of paramount importance for JIT manufacture to function at optimal speed and efficiency.
P2P Automation fuels the functioning of a highly agile yet robust supply chain such that payments for supplies received are made to the supply chain vendors within stipulated timelines and the next batch of supplies is received, as and when required by the business.
When the P2P process is automated, the usual bottle necks related to paper-based processing and approvals are eliminated. The processing right from Purchase Order to Invoice receipt and Invoice processing, to 2/3 way matching, are all automated. As a result, the payment is released to the supplier vendor within a stipulated time, say 3 days, which positively influences vendor relations.
P2P Automation immensely supports faster invoice processing and all related processes, including reconciliation. In a close knit value chain, P2P Automation ensures that Purchase Orders and Service Orders are digitally stored and their content is incorporated in the core systems through Intelligent Document Processing. It also ensures that the digitized versions of all the related documents including Invoices, Service Received Note, Contracts, and Agreements are stored and referenced correctly in the databases to ensure traceability as well as support audit work and compliances.
The end-to-end automation of the P2P process ensures that as soon as an invoice is received after procurement of a batch of goods, the payment is released within a stipulated time as per the standard operating procedure. Smart invoice processing powered by P2P Automation ensures faster processing and end-to-end traceability at all times.
A business usually has a certain portion of their executives, including business leaders, sales personnel, field executives, etc., always on the move. They need to settle their out-of-the-pocket expenses within stipulated timelines as prescribed by their enterprises. Travel & Expense Management is an out-of-the-box digital platform offered by Datamatics that allows business executives on the field to digitally capture details from invoices, receipts, and toll receipts and route them to the Finance & Accounts department of their business through their approval hierarchy. It allows them to submit expense vouchers in a digital format and settle claim amounts right from the field.
A manufacturing business enterprise exclusively depends on their suppliers and vendors to deliver their product orders on time. The P2P Automation enables them to quickly make payment for the supplies received, forms the backbone of the Supply Chain Management, and empowers them to gain a competitive edge in the product market.
CFO in the Manufacturing Industry
Company Size: 500 Mn - 1 Bn USD
Head Collection Strategy Analytics & QA in the Finance Industry
Company size: 500 Mn - 1 Bn USD
Senior Executive in the Construction Industry
Company size: 1 Bn - 3 Bn USD