How can you increase control, realize more negotiated savings and minimize maverick spending? The answer lies in digitization. Modern businesses require digital solutions that automate key procurement and AP processes while simultaneously making things easier for the end-user.
Thankfully, organizations that already have a financial or ERP system in place don’t have to rip and replace their tech stack to digitize and modernize. Instead, you can simply augment your existing technology with digital add-ons that enhance your current benefits.
IBM Maximo: Procurement and AP Automation
Take a look at IBM Maximo, which offers intelligent solutions for contract and asset management. A simple way to extend the procurement value of IBM is by adding a centralized supplier base, enhanced catalog management and direct punch-out functionality. These additions simplify the purchasing process so employees can buy the products and services they need to keep the business running, while giving finance and procurement teams more control and visibility.
With this new functionality, users can punch out directly from Maximo to Vroozi’s Marketplace to search and select items from approved suppliers. The selected goods then auto-populate the Maximo purchase request, ensuring correct and current data. This is critical in complex settings where accuracy saves both time and money. Once the purchase request has been approved by the appropriate parties, it becomes a purchase order and is transmitted through Maximo.
By implementing a modern, cloud-based marketplace, business buying can be as easy as shopping on Amazon or Google, and users can take advantage of pre-negotiated discounts anytime, anywhere and from any device. With businesses still adjusting to working remotely, tools that allow employees to run procurement and AP operations remotely are now considered essential.
Improving usability and accessibility also boosts employee adoption. Equipped with a modern marketplace and catalog, your employees will be significantly more likely to comply with your procurement processes, leading to more spend under management. High adoption rates directly drive increased savings, compliance, risk mitigation and spend visibility.