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6 Benefits of Purchase Order Collaboration

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Looking to transform your procurement team’s purchase order process? Read on to learn 6 ways PO collaboration can improve your company’s ability to manage risk, drive collaboration, and impact your bottom line.

Since 2015, SourceDay has been disrupting the world of direct-spend procurement with cloud solutions for manual Purchase Order, Accounts Payable, Request For Quote, and Quality Control processes. Our mission is to help manufacturers and suppliers remove waste and inefficiencies from their supply chains. Here are just a few of the benefits of transforming your PO process.

1. Work Smarter

By automating day to day tasks like tracking open orders or updating PO lines, procurement teams can spend more time on strategic planning. Instead of spending time tracking all POs, you can devote more time to working with suppliers and problem solving specific PO issues.

2. Mobile PO Management

Push notifications for acknowledgments and alerts for late orders allow buyers to easily manage POs while on the go. Quickly find PO updates and browse all communication between buyers and sellers organized in a single dashboard.

3. Avoid Costly PO Errors

Avoid costly data entry errors on POs. Suppliers can import data directly from SourceDay into their system without manual entry. All PO updates are automatically transmitted back to your ERP in real-time so you can always operate with 100% accurate data.

4. Improve Delivery Times

Every time a supplier makes a change, such as a due date, the buyer has the option to approve or reject the change. With accurate data and improved communication, you can do a better job forecasting deliveries.

5. Master the Art of Inventory Management

The supplier PO dashboard mirrors the buyer’s view keeping your supply chain in sync with your business requirements. Anticipating the market’s need and only ordering what is required to do business helps keeps your overhead low. Streamlining inventory management means higher profit margins and less risk.

6. Make Better Business Decisions

Data is the cornerstone of sound business decision-making. Having access to real-time data can help with decision making and avoiding costly mistakes.

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SourceDay’s New Approach to AP Automation [Video]

Have you ever found yourself trying to understand why the price and quantity on an invoice don’t match the purchase order? Mismatched supplier invoices are one of the biggest drains on an organization’s supply chain.

Figuring out why invoices don’t match POs or receipts is extremely time-consuming and frequently requires help from multiple teams to get to the source of the error. Invoice exceptions are so common that they often create a giant backlog for your accounting team to chase down; wasting time and delaying supplier payment.

To get to the bottom of your AP issues, you have to look for errors in the ‘first mile’ of your supply chain. After POs are created, they are submitted to vendors via email. From this point on, communication between the buyer and the vendor is manually recorded or not tracked at all. When changes occur on a PO, those updates are communicated through a combination of emails, phone calls and faxes. Details can easily get lost!

Nearly 88% of manual AP documents have erroneous data-entry occurrences.

The source of discrepancies runs the gamut from incorrect pricing and quantities to PO updates that were never recorded in the ERP system. If your ERP is not updated with correct data, your AP department will, in turn, receive an incorrect invoice.

SourceDay Solution

AP is not the cause of mismatched invoices. It’s just where the problem is discovered. To truly solve the issue, you have to reconsider your manual PO and AP processes and focus on supplier collaboration.

With SourceDay’s SaaS platform, you can digitize every invoice and verify that every order is complete with automatic matching. SourceDay’s AP solution enables automatic vouchering, meaning suppliers know when they’re getting paid and you can take advantage of early payment discounts. The status of every invoice is shown through in a single dashboard so you have complete visibility from when the PO arrives at the loading dock, to when the invoice is matched and completed.

Learn more about how SourceDay dramatically increases order accuracy and the number of matching POs and invoices by getting in touch with us!

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