One of the biggest benefits we hear from people who use Purchasing Intelligence in Suplari is the full visibility behind their spending. With Purchasing Intelligence, you get a 360-degree view of everything that is happening with purchase orders (PO’s) and invoice data across your entire organization.
Imagine a purchasing system with no more mistakes, no more gaps, and no more rogue spending. All conveniently wrapped up in one simple, easy-to-read dashboard of real-time purchase data that keeps you compliant.
When we launched Suplari’s AI-driven insights platform, we knew there would be different data sets that would need to be surfaced, cleaned, normalized, and categorized. The demand for this kind of data from our customers — who are also our design partners — helped us prioritize adding Purchasing Intelligence to our procurement system.
Purchasing Intelligence does this by building off the Suplari platform to connect and analyze PO’s against data in the Contract Intelligence and Spend Intelligence packs. Read on to learn more about how our AI-driven insights can improve your procurement process.
Improvement 1: Better Compliance
Ask any financial or procurement professional — getting everyone aligned on purchasing practices can seem like an impossible task. But what really keeps them up at night? Compliance.
Compliance is not only essential to keep every department across your organization in step with each other and spend — it’s required by law. When you report purchasing and spending, you need to ensure that you are compliant with accounting regulations, especially changes that occur year over year.
Purchasing Intelligence identifies the cost centers in your organization with non-compliant spend so you can tackle those issues and get back on track. It also gives you detailed reporting to keep your accountants — and your business — happy.
Improvement 2: Manage Spend and Reduce Cost
If you take a detailed look at all the budgets across your enterprise, you’ll likely see a few areas where there’s overspending. But who has the time to constantly monitor that?
Purchasing Intelligence gives you full visibility into the five main factors influencing your organization’s spending, including PO approval violations, after-the-fact PO, budget busters, spend over PO, and delivers more insights into your spend. You can watch this unfold in real time on your Suplari dashboard.
In addition, Purchasing Intelligence streamlines the entire payment process, making late payments and the fees that come with them a thing of the past. When your payment process is automated, you save costs per transaction.
Improvement 3: Identify Fraud and Abuse
Financial and procurement professionals should never have to waste valuable time rooting out fraud and abuse. Unfortunately, fraud and rogue spending happens.
Purchasing Intelligence finds inaccuracies or abuses in your spend process. Whether someone has invoiced you twice, or employees are going outside of the approved vendors and budgets, this insights platform with find these spend items that fall out of the norm.
This gives you the support you need to find these items and stop this spending before it’s too late — and takes away the worry of missing items that might cost your organization potentially thousands of dollars.
How We Can Help
Having an all-in-one, real-time view of what is happening in your purchasing process not only holistically reveals what is going on, it relieves you from worrying about spend and compliance. You simply don’t need to spend time and energy on regulating PO’s in your organization any longer — Suplari Purchasing Intelligence does this for you.
Think of Purchasing Intelligence as another ultimate tool. You’ll find that it not only uncovers a lot of unnecessary spend, it frees you to think about and work on other things, moving your organization forward.