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Safer Environment for Online Trade Between Companies

According to a recent survey conducted by an online trade platform, adopting modern eProcurement solutions brings important benefits for companies.

Out of these benefits, the most relevant ones relate to obtaining better products, increasing variety of products, decreasing dependence on a limited number of suppliers, diversification of partners, reduction of stocks, reduction of operational time and, last but not least, reduction of costs related to paper.

e-Procurement is carried out with the help of a software application that includes features for managing suppliers or complex auctions. This application transmits the seller information about business operations related to the need of the customer. The customer can receive the products automatically when the stock falls to a certain level, without being required to request it from the supplier.

The solution developed by Asseco SEE, AutomationReady P2P (Procure to Pay), is a conclusive example about how we can make a link between procurement and payment within a company in order to maximise the return on invested capital. The solution allows for a collaboration between stakeholders, visibility and automation of transactions between trading partners (buyers and suppliers). By implementing this solution, companies may increase their agility, reduce costs and minimise risks, especially the “enterprise” - type companies.

At the beginning of this year one of the major banks on the Romanian market decided to implement the AutomationReady P2P and test its benefits within the company.

By means of the AutomationReady P2P platform the bank could reduce costs and increase profit, streamline the procurement processes and negotiations of agreements and also improve working capital and asset optimization.

The platform developed by Asseco SEE has been designed to support also “end-to-end” procurement processes which begin by initiating a call for proposals and end with the issuance of payment documents for uploading into a Core Banking-type system” says Andrei Paraschiv, Business Automation Manager at Asseco SEE Romania. “Our solution uses a document scan and capture service, as well as a portal for suppliers, which allows them to submit invoices electronically, exchange official documents with representatives of the beneficiary’s procurement department, upload and manage own price lists and receive email notifications on the basis of certain specific events”, said Andrei Paraschiv.  

AutomationReady P2P aims to support the decision-making process in the bank through the use of a specialised BPM-type module (Business Process Management), preserving at the same time the relevant information well organised and dated (information and associated documents), secured in a DMS-type centralised document repository (Document Management System). Having a history of previous tenders, price lists can be more easily negotiated in an “online” environment and the entire information relating to contracts, invoices and associated documents is stored in a single “360 degree-case”-type folder, with the help of which the bank can focus on the most profitable collaborations and most advantageous contracts.

To make it easier for users (the bank’s team) to work with it, the application contains a native Microsoft Suite connector and allows creating, editing and adding documents and electronic messages to purchase folders or to sale/purchase contracts.

"The AutomationReady P2P application has clear benefits for our users. Decreasing the dependence on a certain supplier, eliminating paper, reduction of consumables, reduction of operational time, diversification of partners, centralised management of contracts and invoices and ensuring compliance with legal provisions are the advantages brought to us through the implementation of Asseco SEE e-Procurement platform”, said a bank representative.