How can you save over $120M in supplier discounts in less than three years?
1. Increase portal adoption by avoiding supplier fees.
Before switching to a new eInvoicing, supplier self-services and dynamic discounting solution, this Fortune 500 utilities company was only receiving 25% of invoices electronically. Their old provider eventually started to charge supplier fees, lowering adoption and eInvoice submission even more. Suppliers won’t want to change their business processes and have to pay for it.
2. Make sure the migration to a new P2P platform is quick and seamless.
Once they moved to a more comprehensive P2P solution, it only took three months to develop and implement the solution since it was already certified with their ERP and took minimal IT resources. Once the solution went live, 600 suppliers migrated to the new platform within 6 weeks--pretty impressive, if we say so ourselves!
3. Offer your suppliers full visibility and give them the ability to answer their own questions.
These suppliers can send and view invoices electronically, and at any time of the day. Previously, suppliers could only see what was submitted through the portal, but not any other invoices or past history. Now, they have full visibility into any of their invoices, eliminating the need to call this company’s AP department and ask for payment statuses.
4. Implement an early payment discounting program for your entire supply chain.
Both this company and it’s suppliers have the ability to offer or accept early payments in exchange for a discount on each and every invoice, regardless of how they’re submitted. For the savings from a discounting program to translate to millions added to the bottom line, all invoices need to be offered for early payment.
Read more on Aberdeen’s Case-in-Point top performer spotlight here.