At ReadSoft’s 12th annual User Conference last week, Maex Ament, Taulia’s CPO and Co-Founder, and I presented how customers use both ReadSoft and Taulia to strengthen their supply chain and generate millions with dynamic discounting.
From what we’ve seen so far, here’s what the typical ReadSoft user looks like:
- Using OCR, but missing opportunity to complete automated invoicing process
- Enjoying fewer inquiries for unpaid invoices, but are still contacted and asked, “When will you pay me?”
- Benefitting from reduced approval cycles, but maintaining same payment cycles
The key here is giving your suppliers visibility with a self-service portal. Not only will you eliminate supplier inquiries, but you’ll be able to capture millions in early payment discounts!
On average, over 50% of suppliers wait over 30 days to be paid. These same suppliers have limited (read: costly!) access to financing like factoring and p-cards.
Fortune 500 companies like Coca-Cola Bottling, Sealed Air, and PG&E have seen incredible results with a combination of ReadSoft’s product suite and Taulia’s supplier self-services and dynamic discounting:
- Saved $145 million in early payment discounts
- Decreased supplier inquiry calls by 50%
- Processed over 1 million electronic invoices
But how did they do it?
1. Don’t charge your suppliers fees. Ever. Period. Fees will deter your suppliers from adopting or enjoying portal usage.
2. Choose a portal that’s easy-to-use. An intuitive interface and usability of a portal makes a valuable difference in maximizing supplier adoption. Make sure your suppliers won’t feel lost when logging into the portal--eInvoicing and dynamic discounting should be simple!
3. Make all invoices visible in the portal. Provide suppliers with all the information they need and have all invoices in your ERP displayed in your portal. This eliminates supplier inquiries because all the information is at their fingertips and significantly increases spend applicable to dynamic discounting.
4. Make it scalable. Ensure processes can be automated to maximize results and strengthen supplier relationships. Automation is key here--the goal of a P2P solution is to eliminate manual work!
5. Ask for references. Get references on ERP, supplier adoption, globalization and discount savings. You need to know it’s been done before!
6. Offer suppliers incentives to join the program. With the announcement of ReadSoft’s new eInvoicing solution, remember eInvoicing alone won't do it. Give suppliers benefits far beyond process changes: strengthen the essence of their organization and give them access to cash at lower costs than alternative financing options.