Two weeks ago, Taulia and TELUS hosted a half-day session on the Road to Payables Success in (a very chilly!) Toronto. The kick off to this global series of workshops had a full house! Attendees discussed trends in Payables automation and supplier financing as well as a deep dive into supplier enablement and implementation best practices.
We shared a few Trump Smoothies and enjoyed a workshop style setup that truly fostered learning from all sides of the table. A few major telecommunications companies were in attendance which made for an especially dynamic exchange - and I’m not talking about telephone tag! But really, everyone shared knowledge and came away with a stronger understanding of what Payables Success means today and will look like in the future.
Gary Silsbe, Director of Finance Operations at TELUS, presented the organizations path to transforming their payables department into a revenue generator - adding millions to the bottom line through automating and maximizing supplier discounts - while strengthening relationships.
First, TELUS’ manual and lengthy invoice process required the payables team to scan and index over 20,000 paper and PDF invoices each month. One team would scan an invoice, and a remote team would index and post them. The separation of these teams resulted in many duplicate and inaccurate invoice entries, which added even more time and financial resources spent on managing eInvoices.
Second, the TELUS payables team spent a large portion of their time answering supplier inquiries on invoice and payment statuses. They needed a way to streamline communication while strengthening relationships within their supply chain.
Consequently, the TELUS payable department was missing out on millions of dollars of revenue generated through early payment discounting.
Within 12 weeks of implementation, TELUS had over 500 enrolled suppliers in their vendor portal, allowing them to capture over $250,000 in supplier discounts in this short time frame. They're trending towards over $1,000,000 annually in discount savings.
TELUS has seen a dramatic reduction in the amount of paper invoices received, the number of invoice errors and cost and resources associated with their process before eInvoicing. Also,
“Our suppliers just love the solution. They now have visibility into their invoice and payment information and can get paid earlier. Just less than a year after implementing Taulia, we’ve noticeability improved supplier relationships and are trending towards capturing over $100,000/month in supplier discounts.”
-Gary Silsbe, Director of Finance at TELUS
Questions From the Audience
- Are vendors required to register for access to the portal?
- Do you charge the vendor an enrollment fee to get access to invoice and payment information?
- Can you have different discount profiles by supplier?
For answers to these questions, watch our previously recorded full webinar with TELUS. Want to catch us at a live event? View our upcoming events and webinars.