Shownotes
In this episode of The Procurement Software Podcast, host James Meads explores invoice automation's efficiency in reducing invoicing time and tackling employee retention issues.
Guest Kevin Kazenmeyer from Tradecentric shares insights on channel development, and transitioning from procurement to a supplier role.
Tune in and discover how technology such as invoice automation enhances procurement efficiency.
Accounts payable automation isn't sexy but it's key
This episode delved into the transformative impact of invoice automation.
With a rich background in procurement and e-commerce solutions, Kevin highlighted how automating the invoicing process can address bottlenecks in accounts payable and improve employee retention. It does this by minimizing mundane tasks.
Despite a 65% satisfaction rate among Coupa users with their procurement systems, a survey revealed that a third still experience invoicing challenges, underscoring the need for focused automation efforts.
Kevin emphasized the critical role of collaboration between procurement and finance departments in the successful adoption of technology.
He shared success stories, including Mars Veterinary Health's operational improvements through automation, illustrating the broader benefits of investing in supplier connections.
Concluding the episode, it was evident that invoice automation offers a straightforward yet significant way to enhance procurement processes, providing a quick ROI and helping to retain skilled employees by shifting their focus from repetitive tasks to more strategic activities.
Timestamps:
[00:01:08] Introducing Kevin Kazenmeyer of TradeCentric
[00:05:23] Invoice automation challenges
[00:08:06] Siloed Procurement and Finance
[00:14:14] Procurement vs. Finance Perspective
[00:18:07] Fixing challenges in accounts payable
[00:19:52] Employee turnover and engagement incentives
[00:24:23] Procurement as profit centre
[00:27:03] Investing in spend management
[00:31:44] Invoice automation
And that wraps up another episode of The Procurement Software Podcast!
Thanks to Kevin for sharing his insights with us today, and thank you again for listening. We'll be back at the same time next week, so see you there.
If you want to learn more about Kevin, TradeCentric or Procurement Software, check out the useful links below.
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