All the data from the receipt, invoice, and purchase order is available at the click of a button, so the AP team can do a three-way-match and make sure everything ties. They can also compare against budget.
This all saves a ton of time and minimizes errors. In fact, Nexus customers report a 70% reduction in time spent on procurement activities because of e-PO functionality.
Use Embedded Procurement Catalogs
Another key way to avoid the spreadsheet swamp is embedding supplier catalogs into your AP solution.
An embedded supplier catalog pulls in your pre-negotiated pricing and works directly with your e-PO functionality.
Once users find what they need in the e-procurement catalog(s), they can add them to a shopping cart and generate electronic POs with a click.
With everything in one place, ordering is seamless. And every stakeholder has the visibility they need to control costs.
Some AP automation software providers may have procurement catalogs already set up with suppliers you use. With the Nexus AP automation platform, for example, you can start ordering from suppliers like Sherwin Williams, Staples, and CDW on Day One.
Electronic procurement saves you time and provides 100% visibility.
Changing Housing Markets Drive Demand for Electronic Procurement Tools
As the housing and rental market continues to change, it’s time to make your AP automation solution do more than just allow you to process invoices and pay vendors. You should be able to add on e-procurement functionality such as electronic purchase orders and embedded catalogs. These are just as essential for increasing productivity and transparency while reducing costs.