CHAPTER 01

DIGITALIZE AND AUTOMATE BACK-OFFICE PROCESSES

Business analysis

Digitalization and automation of back-office processes allow organizations to scale for increased efficiency and time savings.

Here’s why:

  • It enables faster, more collaborative workflows between different teams within a company, increasing operating efficiency. Examples include faster invoice cycles, faster spend visibility, reduced manual touchpoints with automatic invoice approvals, to name a few.
  • It captures spend data that, when attributed and categorized properly, enables two companies to rationalize spend analysis across both organizations.
 

 

 

DIGITALIZATION CREATES MORE EFFICIENT, MORE INFORMED SPEND TEAMS

The team of stakeholders that collaborates together via various back-office workflows is a spend team. This team includes procurement and supply chain, operations, finance, accounting and audit. They all evaluate the same spend, but they view it from different perspectives. These perspectives are highlighted below:

PROCUREMENT »

Optimizes spend with suppliers. They manage and analyze supplier contracts and negotiate pricing.

OPERATIONS »

Optimizes spend on a per-project basis. Their perspective focuses wholly on the project and how and when to execute it for the greatest business benefit.

ACCOUNTING & FINANCE »

Optimizes spend based on a general ledger (GL), as well as tracking actual spend against estimates, using the GL to capture different levels of granularity in spend.

AUDIT »

Optimizes company spend by overseeing supplier adherence to contracts and their execution. There are also recovery operations that take their findings and feed those back into supply chain and procurement to further optimize the supply chain. These operations are traditionally slow and expensive.

STREAMLINE SPEND FUNCTIONS ON A SINGLE PLATFORM

Within a single company, it can seem like members of the same spend team speak entirely different languages, creating silos. But these different perspectives are equally important for maximum business efficiency. When you join two spend teams from two companies due to a merger or acquisition, it further complicates the situation.
 
To solve this challenge, a newly formed organization should unite the spend team on a single platform that allows the organization to manage its entire source-to-pay process. This allows all stakeholders to collaborate faster and provides access to valuables spend analytics.
 

UNCOVER WORKFLOW BEST PRACTICES

Post-deal, if either company uses digital platforms as a part of their source-to-pay process, like invoice processing software, you can analyze performance metrics to identify snags and efficiencies. If both current companies do this, you can compare the two to determine which process is more efficient. For example, you can compare invoice processes for each company to find the bottlenecks that create delays in approvals.

You can also use industry benchmarks to measure progress. For example, Enverus best-in-class OpenInvoice PriceBook customers have close to 90 percent price book rate validation. These metrics help you make an informed decision about which workflow best practices to implement company-wide to drive economies of scale.

 

NEED HELP OPTIMIZING PROCESS POST-MERGER?

Enverus Professional Services team can help! Our team of technology experts provides assistance with technology implementation and optimization, systems integration, data management and technology stack and process analysis. We will help you accelerate integration so your new organization realizes economies of scale faster. 

We assist with:

  • Supplier analysis, engagement and onboarding
  • Alignment of OpenInvoice workflows and automation to the new entity’s business rules and corporate structure and complete ERP integration.
  • Training new employees from acquired assets on how to use OpenInvoice/ OpenTicket and support process changes.
  • Data migration including historical invoices and migrate price book data to ensure price compliance.

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