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NEW IVALUA STUDY SHOWS TECHNOLOGY CHALLENGES ARE HINDERING PROCUREMENT TEAMS FROM ACHIEVING BUSINESS OBJECTIVES

BUSINESS

Lack of system integrations and actionable insights are stopping organisations from accurately measuring performance

 

Ivalua, a leading provider of global spend management cloud solutions, has announced the latest findings of a worldwide study of supply chain, procurement and finance business leaders on Effective Procurement Performance Measurement. The study revealed the challenges procurement teams face when it comes to achieving business objectives and the wide and growing gap in performance between advanced and less mature teams.

 

The research, conducted by Forrester Consulting and commissioned by Ivalua, found that procurement teams are increasingly being measured by non-cost KPIs such as revenue opportunities being created, payment performance (e.g. on time payments) and spend visibility. However, a lack of data integration between systems (44%), lack of relevant insights (40%) and insights not being made available at the right point in the process (39%) are preventing organisations from accurately measuring progress against business objectives. This is because organisations continue to face challenges when it comes to harnessing technology in procurement, with existing systems not being fit for purpose (36%), poor data quality reducing trust in information (36%) and staff having inaccurate expectations of what technology can do (34%).

 

The research went on to reveal that more digitally “advanced” procurement departments are far exceeding “beginner” procurement departments that are less digitally mature in the range of KPIs they track, how frequently they measure success and the levels of planned technology investments. Key findings include:

  • 97% of advanced procurement departments say procurement strategy is well aligned with overall business strategy versus only 14% of beginners.
  • 51% of advanced procurement departments measure performance weekly or biweekly, versus only 26% of beginners.
  • Only 16% of beginners proactively monitor suppliers’ contracts for expiration and risk, versus 94% of advanced – this is critical for helping organisations manage today’s global supply chain challenges, such as the Coranavirus outbreak.

 

“In order for procurement teams to achieve their growing list of objectives and become strategic enablers for their organisations it’s clear they need to overcome a number of technology challenges” said David Khuat-Duy, Corporate CEO of Ivalua. “As we can see from more digitally advanced procurement departments, technology adoption has helped them to align with business objectives, actively measure performance and add value in areas such as risk management. Their investments and approach to leveraging technology is building a competitive advantage.”

 

According to the study, the amount organisations are spending on procurement technology has been rising and expected to accelerate. In the past 12 months, 46% of organisations increased spending by 5-10%. In the next 12 months, 39% plan to increase spending by 5-10%, while a further 43% plan to increasing spending by 10% or more. Procurement leaders are also looking to fully digitise procurement processes (40%), becoming the preferred customers of strategic suppliers (40%), implementing new software for sourcing/procurement (38%) and improving reporting and insights (38%) to help achieve objectives.

 

“It’s encouraging to see organisations investing more in technology, which will help procurement become a key strategic enabler that goes beyond cost reduction to build a competitive advantage,” added Khuat-Duy. “Increasing adoption of technology will allow procurement teams to gain complete visibility into all suppliers and spend. This will open up further opportunities for procurement to help identify revenue opportunities, track risk and improve sustainability, helping to contribute towards wider procurement and business objectives.”

 

Download the full study here.

 

*The February 2020 study was conducted by Forrester Consulting on behalf of Ivalua and is based on a survey of 409 finance, procurement and supply chains decision makers throughout North America and Europe, as well as several in depth interviews.

 

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KASHFLOW AND YAPILY PARTNER TO SUPPORT SMES WITH DIGITAL BOOKKEEPING AND CASH FLOW MANAGEMENT

  • KashFlow continues its mission to provide SMEs and accountancy firms with software that keeps bookkeeping easy to understand and even easier to manage
  • Powered by Yapily, KashFlow will simplify bookkeeping and provide customers with one single source of truth when it comes to their financials; so they can focus on growing their business instead of complex bookkeeping
  • Yapily’s open banking API enables KashFlow customers to connect and access bank account information in near real-time, reducing the time spent on reconciliation

 

KashFlow, by IRIS Software Group, is today announcing it is working with leading enterprise connectivity platform YapilyThe partnership will enable KashFlow customers to gain real-time insight into their cash flow and provide them with a frictionless end-to-end bookkeeping service.

Running a small business is complicated, even before adding the effects of Covid-19 and Brexit into the mix. Business leaders need to be more flexible and adaptable than ever before. Not only enabling their staff to work flexibly, but also in terms of ensuring the critical, but often mundane, aspects of running a business are properly managed during these difficult times. The time for manual bookkeeping processes has gone.

Through partnering with Yapily, KashFlow customers can connect and extract account information all from within the KashFlow portal – providing them with one single source of truth about their business’ financial health. This removes the friction and inefficiencies involved with manual bookkeeping and provides customers with the insight they need to move forward with confidence into the year ahead.

Typically, bookkeeping has been a manual, tedious, but essential, task for business owners.The integration of Yapily’s open banking API enables KashFlow to improve its SME customers’ experience by removing the friction, which speeds up critical processes such as invoicing, reconciliation and payroll. With these critical, but historically complicated, tasks taken care of, business owners are free to focus on what they do best – growing their business.

 

JF Sullivan, Chief Product Officer for IRIS Software Group says, “By partnering with Yapily, our customers now have a far more efficient and secure way to manage their cash flow – which is of utmost importance in this current landscape of uncertainty.

“Yapily’s core infrastructure means KashFlow customers can now control their controllables with ease. Getting a single source of truth about their financial health so they know best how to prepare for what’s ahead. They can now move forward with confidence – and thrive – in the next normal.”

 

Stefano Vaccino, Chief Executive Officer for Yapily says, “Leveraging our technical expertise, we’ve been able to provide KashFlow’s customers – a large number of which are SMEs, critical to the UK economy’s recovery – with a better customer experience and crucial insight into their financial positions. Something that is needed now more than ever with the UK in a second national lockdown.

“Through partnering with KashFlow, we’re continuing our mission to expand the reach of open banking and bring its benefits to all small businesses. We believe open banking enables fairer and better financial services for everyone. We look forward to developing our partnership with KashFlow and IRIS Software Group to fuel greater financial accessibility for their customers.”

KashFlow, by IRIS Software Group, is an innovative online bookkeeping and payroll solution. It provides intuitive cloud-based accounting software for accountancy firms and SMEs, saving business owners both time and effort by letting them manage accounts anytime, anywhere.

The new collaboration further consolidates Yapily’s position as the backbone of open banking and the infrastructure that partners need to take advantage of its benefits.

 

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VIVA WALLET SUPPORTS E-COMMERCE GROWTH THROUGH ITS MARKETPLACE SOLUTION

Viva Wallet’s PSD2-compliant payment solution for online marketplaces removes the requirement for them to become licensed providers of regulated payment services. Viva Wallet is able to handle the streamlined processing of customer transactions through a PSD2-compliant escrow account that sits under Viva Wallet’s license.

 

The rapid rise of online marketplace platforms across Europe, which act as an intermediary for buyers and sellers, has dramatically changed how consumers order takeaway food, call a taxi, rent a room, and so much more. The global pandemic has made marketplace payment solutions even more of a priority for businesses looking to maintain and grow across digital platforms, as customers seek out ways to shop and pay hygienically and friction free. A recent study by Neilsen found that 44% of global consumers now shop online at least once a week, compared to only 9% before the pandemic.i

 

The Viva Wallet solution enables such transactions to be fully PSD2-compliant while ensuring that sellers/resellers using online marketplaces are paid quickly, safely, and transparently. At the same time, Viva Wallet offers APIs for acquiring, issuing and transfers, to improve overall compliance and platform growth.

 

In the era of open banking, integrating a Viva Wallet API on marketplace platforms also offers next-day payment settlements for all sellers, instant commission pay-outs for marketplace owners, as well as customizable checkout systems and payment pipelines, making Viva Wallet’s marketplace solution a particularly easy one to use for sellers and marketplace owners alike.

 

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