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Automated 3 Way Matching for AP is Here!

In our most recent webinar, SourceDay COO & Co-Founder Clint McRee, discusses how automated 3-way matching can transform Accounts Payable processes, reduce costs, and speed up transactions.

Manual invoice processing can be a very time-consuming and labor-intensive process. From the start, invoices need to be received and entered into the ERP system. This step alone can lead to huge delays, errors, and leave supplier invoices sitting for days or weeks.

“Nothing is more frustrating than when you pay the wrong amount to your suppliers and now you have to chase after it.”

Clint McRee
SourceDay COO & Co-Founder

In the webinar, Clint McRee and SourceDay Solutions Engineer Phillip Pavelka, discuss several common AP related pitfalls.

Do these issues sound familiar?

  • Do you lack visibility to supplier payment obligations?
  • Is 3-way matching a manual process?
  • Is vouchering within your ERP a manual process?
  • Do you have an automated way to provide invoice status updates to suppliers?
  • What is the opportunity cost of your AP department’s time?
  • Are you frequently overpaying suppliers?

If they do, register to watch the full webinar and learn about the supplier disconnect that effects AP departments, sit in on a Q&A, and see a live demo of SourceDay’s AP product.

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Federal Manufacturing Finds its Flow

Federal Manufacturing and SourceDay Case Study Federal Manufacturing and SourceDay Case Study

Since 1946, Federal Manufacturing has been a leader in liquid filling and capping systems. Now, using SourceDay’s supplier collaboration engine, their business is running like never before.

Using SourceDay’s PO Collaboration product, Federal buyers have been able to increase on-time delivery, improve their relationships with suppliers, and save 10 hours per week.

When I saw SourceDay in action, I realized it could solve a lot of problems for both Federal and our suppliers.

Mary Buhr
Buyer at Federal

Before using SourceDay, Federal buyers would receive incorrect PO data from suppliers that would lead to incorrect invoices, and ultimately missed delivery deadlines. Federal knew that the solution was to modernize their processes and move away from managing their suppliers and POs manually through emails, spreadsheets, and sticky notes.

Visibility Inspires Change

For the first time, Federal’s suppliers are using vendor scorecards. They have constant access to their performance grading and can self-assess, so they can be more proactive in meeting Federal’s needs and meeting their commitments.

I like that the vendors can see what we think about their on-time delivery and other factors. When you’re being graded, you try harder to get that grade up.”

Mary Buhr, Buyer at Federal

With improved vendor performance, Federal is seeing less late acknowledgments. So, their procurement team has been able to meet more commitments to customers and trust that their vendors will be able to deliver.

Read the full case study to learn how Federal is using SourceDay as a PO and supplier management solution.

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Introducing SourceDay’s Newest Products – AP & RFQ

SourceDay AP and RFQ Products SourceDay AP and RFQ Products

We’re thrilled to announce the release of our Request for Quote (RFQ) and Accounts Payable (AP) Collaboration products. Now, our RFQ and AP products can be combined with our PO and Quality products for the industry’s only end-to-end, direct spend supplier collaboration solution.

The addition of these new products will let our customers collaborate with suppliers from sourcing parts to paying for them.  SourceDay RFQ streamlines how companies manage RFQs and select the best suppliers. Our AP product automatically matches final purchase order, invoice, and receipt data. Once matched, SourceDay automatically vouchers matched invoices in the ERP, earning early payment discounts and preventing supplier overpayments.

SourceDay’s mission is to prevent the reasons companies miss with suppliers before those misses create problems throughout the business. Our new RFQ and AP products improve our ability to deliver on this promise. Market uncertainty, tariff wars, and labor shortages make it more important than ever for companies to improve visibility and trust in the first mile of their supply chain.”

Tom Kieley, SourceDay CEO

Request for Quote Collaboration

SourceDay’s new RFQ product helps us choose the most competitive suppliers that can meet our product requirements and lead-times, at the most competitive price. On top of delivering a fast ROI, SourceDay took most of the load on our implementation.” 

Josh Owings, ERP Applications Mgr, JR Automation

Now, buyers and suppliers can easily create, deliver, and streamline collaboration of all RFQs in one place. Create and issue RFQs to new and existing suppliers, receive, interact with, and compare quote submissions without ever leaving the SourceDay platform. SourceDay customers can make quicker, more informed purchasing decisions and even notify winning bidders directly in the platform.

Accounts Payable Collaboration

Accounts Payable Product Screenshot

Like many manufacturers, reconciling mismatched invoices has always been a challenge for us. SourceDay’s new AP Collaboration product has saved us money and made our lives easier. We process 95% of our invoices automatically now, which ensures we earn early payment discounts on most of our spend. It’s a smart choice for any organization looking to make a short-term investment that pays you back in just a few short months.”

Louise Mayer, ERP Implementation Mgr, Napoleon

Our AP solution offers a 3-way matching process that quickly identifies and helps resolve supplier invoice discrepancies. You can filter by status and track the entire lifecycle, all in a single dashboard. Buyers can arrange their dashboard to view invoices at any stage of the process (mismatched, matched, vouchered or pending), clearly identify exceptions, and quickly resolve any issues.

Key Benefits of AP & RFQ

There are plenty of benefits for both buyers and suppliers using SourceDay’s AP and RFQ products. Here are just a few of the big takeaways.

  • Faster, clearer communication with suppliers and internal stakeholders
  • Less time wasted on manual tasks that can also lead to mistakes
  • Faster, more accurate processing of RFQs and Invoices to ensure companies always choose the best suppliers and never overpay.

SourceDay’s new AP and RFQ solutions can help reduce costly inefficiencies and streamline supplier collaboration.

See these new products in action and learn how you can start using them today.

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Can Your Company Survive Without Communication?

Communication in the Workplace Blog Image Communication in the Workplace Blog Image

The Economist Intelligence Unit conducted a survey in 2018 to try and estimate the negative effects of poor communication in the workplace. Of the respondents, 52% said that poor communication added significant stress to their workday and 44% percent said that a lack of clear communication led to delays or failure to complete projects. Even worse, 18% responded that they lost sales due to ineffective communication.

Even though our communication tools are more advanced than ever, effective internal and external communication is still challenging for many companies. What are the effects of poor communication between your manufacturing organization and your suppliers? And most importantly, how can you overcome them?

Avoid the Pitfalls

Missed Purchase Orders
In the short-term, missed orders mean you may have to pay for expedited shipping or an expedited rush fee to your supplier. After paying for last-minute transportation costs, you’re left with thinner profit margins and stuck spending cash that your business can’t afford to throw away. In the long-term, missed purchase orders can risk damaging your reputation with your customer.

Changes To Purchase Orders
POs are always in flux. Vendors are constantly changing details like quantity, price and due date on purchase orders. Is your ERP data accurate so your company can make adjustments to production schedules? How quickly are you able to capture these changes with your suppliers and update your ERP?

Quality Issues
Real-time communication over quality issues with your suppliers is critical to keeping rejected materials out of your inventory. Supplier quality issues can hurt your organization if customers’ orders are impacted. Knowing a supplier’s quality ratings, timeliness, responsiveness, and price are key data points that can help you when comparing RFQs and choosing a supplier to work with.

Employee Frustration
Frustration has been dubbed the silent killer of productivity. Employees need the proper tools to be productive. When orders are missed, production schedules are thrown off. As a result, management often needs to adjust work schedules and account for periods of decreased productivity while waiting for a missing part. In the long term, these changes can impact your bottom line and lead to an increased turn over rate for your employees.

SourceDay Can Help
Companies have many tools at their disposal to improve communications such as email, fax, text, chat, and internal networks. However, with so many sources of information, details are often overlooked or ignored. The solution is a single unified platform that enables buyer and supplier collaboration through access to real-time data. With SourceDay, you can manage all of your suppliers or buyers with streamlined communication, easy to read data and PO status updates in the form of push notifications. SourceDay provides real-time information critical to a manufacturing company’s survival, including:

  • PO status updates including vendor acknowledgment
  • Past due tracking
  • Alerts for “at-risk” items
  • Shipped item tracking & historical data
  • Supplier scorecard data including reliability, quality rating, price variance & responsiveness

Contact us to learn more about how SourceDay can streamline communication for your business and create collaboration between your buyers and suppliers!

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Things Between Napoleon and SourceDay Are Heating Up

SourceDay Customer - Napoleon Grill SourceDay Customer - Napoleon Grill

We recently sat down with Jean Louis Marin, VP of IT & Louise Mayer, ERP Improvement Manager at Napoleon to learn how launching a cloud supplier collaboration platform impacted their business. We were excited to learn that after adopting SourceDay, Napoleon increased their on-time delivery by 35%, decreased invoice errors by 90%, and saved their buyers 1-2 hours a day.

For more than 40 years, Napoleon Products managed supplier pricing, quantity, and lead-time data through email, spreadsheets, and phone calls. However, as the company started to grow, their team struggled to maintain customer satisfaction and avoid product margin erosion. With SourceDay’s PO and AP solution, Napoleon gained the visibility necessary to cost-effectively deliver against the growing demand for Napoleon products.

At the root of Napoleon’s challenges, they needed to transform their purchasing process and automate manual procedures and make their supply chain more reliable. With SourceDay, Napoleon simplified their supplier communication and reduced mismatched AP invoices without having to maintain a supplier portal, go through complicated training, or support revisions.

SourceDay provides us a platform where communication is all orchestrated in one place… It facilitates a lot of the notification and communication processes by letting the users know when they have to take action on things. We see the ability for both users on the procurement side as well as the vendor side to get access to information very easily.”

Jean Louis Marin, VP of IT at Napoleon

Speedy Results

Napoleon went live with SourceDay in April 2018 and soon after noticed an improvement in buyer productivity, increased on-time deliveries, and stopped overpaying suppliers. Production plans became more accurate thanks to SourceDay’s software and Napoleon discovered a drastic increase in their ability to deliver to customers on time.

SourceDay paid for itself in less than 3 months.

Jean Louis Marin, VP of IT at Napoleon

Learn more about Napoleon Products and how adopting SourceDay changed their business.

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Spooky Supplier Portals, SpiceWorks & More [Video Chat]

Why Bad ERP Supplier Portals are a Nightmare for IT Video Chat: SpiceWorks Moderator Justin Ong (left), Dell Senior Manager of Global Programs Elie Sayegh (top right), SourceDay CEO Tom Kieley (bottom right) Why Bad ERP Supplier Portals are a Nightmare for IT Video Chat: SpiceWorks Moderator Justin Ong (left), Dell Senior Manager of Global Programs Elie Sayegh (top right), SourceDay CEO Tom Kieley (bottom right)

SourceDay and SpiceWorks joined forces on Halloween for a video chat discussing the top reasons users and suppliers get spooked by a bad portal experience, and how to find a better way.

Watch as Dell’s Senior Manager of Global Programs Elie Sayegh, and SourceDay’s CEO Tom Kieley, sit down for a virtual, IT-focused conversation moderated by SpiceWorks‘ Justin Ong

Supplier portals can be a nightmare for IT professionals, but they don’t have to be. In the full video chat, Why Bad ERP Supplier Portals are a Nightmare for IT, Kieley and Sayegh deep dive into several topics including:

  • Top reasons supplier portals fail
  • How to drive supplier adoption 
  • Ways to improve supplier ERP data quality
  • Modern methods to streamline supplier collaboration 

Supplier adoption can be a constant worry and time suck for IT pros when dealing with supplier portals. In the full video, Sayegh discusses why this doesn’t have to be the case and how a cloud-based partner like SourceDay can be the key to success with suppliers. 

Honestly, adoption with SourceDay has been a non-issue across the board. 99.9% of our vendors have adopted it and love it.

Elie Sayegh, Senior Manager of Global Programs at Dell
SourceDay CEO Tom Kieley (left), SpiceWorks Moderator Justin Ong (top right) & Dell Senior Manager of Global Programs Elie Sayegh (bottom right)

In recent years, Dell has been focused on modernizing its supplier collaboration process. Sayegh and SourceDay have been a massive part of that transformation. With Sayegh at the helm of implementation, and SourceDay’s cloud platform working as the engine of their supplier portal, Dell has been able to globally scale their new approach.

Check out a few spicy moments from the Q&A portion of our SpiceWorks video chat.

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Automated 3-Way Matching for VISUAL and SyteLine [Webinar]

SourceDay Webinar Automated 3 Way Match for Infor Visual and Syteline SourceDay Webinar Automated 3 Way Match for Infor Visual and Syteline

Do you know how much invoice processing costs your company? This manually intensive, error-prone, and costly task directly impacts your company’s bottom line. In our recent webinar, SourceDay Director of Alliances Colby Young, and SourceDay Solutions Engineer Phillip Pavelka discuss the benefits of investing in a purpose-built AP solution for your procurement process.

The first challenge accounts payable teams face is the manual task of monitoring whether a supplier invoice has an associated receipt within VISUAL/SyteLine. This receipt signals the beginning of the vouchering process. Costs increase exponentially when the receipt and PO in your ERP do not match. But what if there was a solution for your ERP environment that offers automation across this lifecycle including: 

  • Notification of a new receipt within VISUAL and SyteLine
  • Matching against an up-to-date PO and invoice
  • Automatic vouchering within your ERP once there’s a match

SourceDay provides a collaborative platform for your AP, your buyers, and your suppliers. With transparency, you can easily fix mistakes and make sure you have a match inside of your ERP. Learn more in our full webinar about how your business can benefit from using one solution for the entire procure to pay process.

See how automated 3-way matching for VISUAL and SyteLine can help change your accounts payable process, reduce costs, and increase the velocity of your business.

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Powering Napoleon’s Procurement with SourceDay — VISUAL Focus 2019 Recap

Napoleon & SourceDay: Powering Procurement and AP Automation with Supplier Collaboration Napoleon & SourceDay: Powering Procurement and AP Automation with Supplier Collaboration

Over the course of 4 days at VISUAL Focus 2019, we met so many inspirational procurement leaders at breakout sessions, networking events, and at our booth!

But, one of our favorite memories from the event was presenting alongside Napoleon Products in our session, Napoleon & SourceDay: Powering Procurement and AP Automation with Supplier Collaboration.

Napoleon Products ERP Improvement Manager Louise Mayer and SourceDay COO Clint McRee took the stage for a candid conversation on how Napoleon modernized their procurement processes using SourceDay’s PO Collaboration and 3-way invoice matching. Through SourceDay’s centralized platform, they are now able to complete vouchering for thousands of POs and invoices across hundreds of suppliers.

During the session, Louise Mayer described the all-too-common supply chain challenges Napoleon faced.

Napoleon’s Key Challenges

  • 10+ price discrepancies per day that eroded profit margin
  • Manual PO process led to inefficiencies
  • Late customer shipments
  • Expedite fees due to late deliveries
  • Mismatched invoices
  • Late & incomplete deliveries caused by incorrect lead times and quantities

At the root of these challenges were significant inefficiencies in the first mile of their supply chain — supplier collaboration. Napoleon needed to transform their purchasing process and automate manual procedures and make their supply chain more reliable.

With SourceDay, Napoleon has simplified their supplier communication without having to maintain a supplier portal, go through complicated training, and support revisions.

SourceDay paid for itself in less than 3 months…

– Louise Mayer

The SourceDay Approach

With SourceDay, Napoleon is able to see more accurate lead times and quantities so they can keep production plans on target.

By streamlining and error-proofing the acknowledgment process across procurement, accounts payable and vendors, Napoleon is able to improve on-time delivery.

Before SourceDay, inaccurate supplier invoices led to overpayments. With SourceDay, Napoleon can more closely monitor POs and see mismatches where they originate.

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How UEC Modernized Their Procurement Processes with SourceDay

Universal Electric Corporation Production Floor Universal Electric Corporation Production Floor

“You shut down your customer if you don’t get a part.” Brian Maden, a global supply manager at Universal Electric Corporation (UEC), knows the effects of delayed deliveries first-hand.

For over 95 years, Universal Electric Corporation used manual processes to collaborate with suppliers on orders. UEC’s buyers spent a significant amount of time adjusting production timelines based on delays. These outdated processes led to lost orders, missed acknowledgments and delayed order receipts.

We have a steady flow of 1,400 to 1,500 purchase order lines and a missed acknowledgment can throw everything out of sync.

-Maden

Changing lives

After searching for a solution, Maden discovered SourceDay. He was impressed that SourceDay combined all of UEC’s PO data from every key vendor for every buyer in a single dashboard. Universal Electric Corporation’s ERP system, CloudSuite Industrial (Syteline), and SourceDay share data automatically. No more scrolling through lines of spreadsheets and manually copying the data into Syteline. This integration makes it simple to anticipate, plan for, adjust, and minimize any disruption. In addition, acknowledgments, email notifications, and promise dates are automated through SourceDay, meaning Maden never misses a change.

Implementing a cloud-based SaaS solution, like SourceDay, allows UEC to simplify its supplier communication. As a result, Maden saw a decrease in the number of disruptions to production plans due to delays. With fewer late deliveries, UEC was able to actually increase production.

Learn more about SourceDay and how we help manufacturers and distributors, like UEC, improve their supply chains and grow their businesses.

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How Dell Transformed Supplier Collaboration [Webinar]

Learn from Dell’s Director of Supply Chain Gentry Pate, Spend Matters’ Analyst Nick Heinzmann, and SourceDay’s very own CMO Sarah Moore as they discuss how to digitally transform the ‘first mile‘ of a supply chain.

Market forces and global trade trends are making supply chain operations increasingly complex. Organization in the first mile of your supply chain’s operations is essential. Nick covers a few of the crucial steps to ensure your supply chain is set up for success.

How Dell Transformed Supplier Collaboration | Spend Matters Webinar (11:34)

In the full webinar, Pate shares how his team adopted the steps above. By using SourceDay’s PO Collaboration tool to eliminate tactical tasks and proactively manage its supply chain, Dell’s investment paid off by improving supply chain efficiency.

As the director of a global services parts program, spanning more than 160+ countries and dispatching more than 12 million parts annually, Pate knows the challenges of managing complex and fragmented supply chains first hand. While auditing their PO process to understand how time was being spent, Dell found that their planning team was spending 58% of their total time on POs that amounted to less than 20% of the total budget. In order to become more efficient, Pate used SourceDay to automate the PO process for the low-cost parts.

Using SourceDay’s PO Collaboration tool and analytics, Dell was able to set minimum and maximum order volumes to reduce safety stock and automate nearly 90% of procurement for certain commodities. Some planners automated between 70-90% of their decks and shifted their attention from day to day tactical work to strategic planning.

This was the first step we needed to get to. Let’s get the busy work out of the way so we can move forward on our autonomous journey… We’re no longer looking at part-to-planner ratio, we’re looking at part-to-planner activites.

Genry Pate, Dell’s Director of Supply Chain

Learn more about Dell’s journey with SourceDay and how you can transform your supply chain.

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