Streamline Your Workflow with Coupa Invoices for Teams

Coupa invoices for teams

[Music] hi everyone welcome we'll get started in just a minute with our session hi everyone Welcome to our latest LinkedIn live session how automation enhances efficiency for Koopa I'm Amanda Mello and I'm joined by Kevin kmm hello everyone we're really excited to be here today and explore this topic but before we begin just a few pieces of housekeeping if you have any questions go ahead and put them in the chat or feel free to connect with myself or Kevin on LinkedIn you can also send any questions to info@ Trad centric.com don't worry we'll put that email up again at the end of the session all right so Kevin and I make up the channel development team here at trade Centric we're responsible for the growth of our Network ecosystem of buyers and suppliers we do a lot of strategy sessions with our suppliers um and our customers helping them find their maximum potential in the e-procurement space and really growing and adopting the program we also spend a lot of time talking with our buyer trading partners learning about their procurement systems and what the pain points they have are within their procure to pay process the biggest issue we've been learning is invoices issues we're finding it this seems to be a really common theme the iofm recently found that 84% of ap's time is slowed down by manual processes all of these manual workarounds end up causing a lot of headaches and exceptions that impact accuracy and efficiency for them as we start to dig in on more specific challenges three main things kept coming up to be the most recurring headaches which were um receiving invoices in a lot of different formats manually reing and also having a lot of POS remaining open and unreconciled Kevin you've been dealing with buyers for over 20 years first as a supplier and now a trade Centric can you share how these things resonate with you sure man I can tell you that uh I can't say I haven't heard these challenges before and and you know unfortunately the first one seems to be the one I've heard about the most you know it all comes down to I've invested in a procurement system but my suppliers are not capable of sending invoices in the proper format a lot of lot of buyers struggle with that I my supplier every type of format possible email PDF EDI cxml what do I do I basically comes down to I'm unable to maximize the automated processes of the system that I just invested in and this ends up causing a lot of rejections and exceptions which ultimately involveed additional resources to help troubleshoot and resolve yeah and what about manual reing why do you think that one is such a common complaint that we hear well Amanda you know people are creatures of habit right we are so used to the status quo and we get used to doing the same task for so long that it just becomes an accepted way of doing business and we never really taken a step back to look at how inefficient the process is and that there could in fact potentially be a better way right so I think when you think about it the first two challenges they ultimately create that third open and unreconciled po problem and while it may be looked at as an eprocurement platform problem which you know I've heard directly from some buyers they've complained that their platform is the issue it really isn't basically their suppliers also play a part in that they can't support the technology necessary to meet the integration and automation needs of the platform that you've invested in yeah that's something we see pretty frequently really buyers have put huge investments into these systems both time and money and if their suppliers can't meet them where they're at they're never really going to have all of that spend under management which is ultim timately their goal um buyers don't want to have to find a whole new process for those non-compliant suppliers they really need suppliers to be able to fit into the processes that they've already set up they have to have invoices that have been validated enriched with data going straight into their systems like Koopa without them having to do a lot of manual intervention this is where we're finding that buyers are starting to turn to us at trade Centric to see how we can help them bridge that gap between them and their suppliers so how are we helping here trade invoice automation solution allows suppliers to keep their current invoice method but still not have to go in and manually put an invoices into a portal even if they're only producing a PDF invoice today we can provide them with a CSV template that they can extract invoice data into directly from their Erp or Finance system the data is then routed through the trade Centric platform and we enrich it and convert it into the preferred format of the buyer system in this case Koopa the clean invoice is delivered into Koopa to to match the PO and improve the reconciliation and exception process this offering is already having some great success with our buyers Kevin you've been working with these buyers tell us about some of the impact that you've seen so far with them yeah sure man so yeah definitely I've been working with a lot of our customers recently that started on this program and as we stated at the top once you take a step back and they see all the time and effort spent in the day-to-day exception and correction process you immediately see impact on the overall Time Savings and this savings has allowed our customers to reallocate AP resources to more productive supplier management tasks so just look at that number that 75% reduction is huge it's a major timesaver on invoice management and it really allows organizations much more flexibility to put resources where they need but the last one again the 30% reduction really receiving a clean invoice matched approved it allows you the flexibility to improve your cash management and shorten your overall outstanding payable cycles and 30% is pretty big to give back to you to manage your cash flow so with all these great benefits Amanda how could someone learn more about this solution yeah so this is something we're really excited about we've seen a lot of increased demand for the program recently um now it's time to get your phones out you can see there's a QR code on the screen here if this seems like something that could really help out your organization go ahead and scan that code to learn more about all the benefits of invoice automation with Koopa and other platforms yeah get those phones out and scan because reducing manual entry and minimizing the D days and accounts payable if those are important to you you want to learn more but I tell you what the biggest benefit right now is grow your overall spend under management if that's the big focus of your organization and who doesn't want to grow as much spend in their procurement platform as possible you want to learn about how our invoice automation solution can help yeah thanks so much to everyone who joined today we really appreciate you being here with us again if you have any questions we've got info at Trade Center .c on the screen feel free to connect with us on LinkedIn either directly with trade Centric with Kevin or myself and we'd be happy to answer any more questions you have thanks so much thank you