2014 einvoicing Benchmark Report

Transcription

1 2014 einvoicing Benchmark Report Identifying Market Leaders Featuring insights on...»» Currently Utilized AP Automation Technologies»» Benefits of Electronic Invoicing»» Trends in AP Automation»» Innovations of AP Solution Providers Underwritten in part by

2 Contents Introduction 3 Executive Summary 4 Survey Results 5 einvoicing Features & Functionalities 12 Conclusion 21 Corcentric 22 Coupa 24 Nipendo 26 ReadSoft 28 About PayStream Advisors 30 2

3 Introduction One of the greatest fears in today s business world is that of inefficiency. This subtle nuisance can creep in and disrupt any process in any department. The best employees and tools may be in place within a company, but if they are undermined by an inefficient process, all potential growth, productivity, and glory are lost. Fortunately, in today s technologically advanced world, inefficient processes once so irreparable they could bring an organization to its knees are now being transformed into streamlined and foolproof procedures. With automation solutions that address areas in the process most prone to error, operations can move smoothly, and valuable employees can use their time to help the company grow instead of simply keeping it from floundering. For AP professionals in particular, smooth processing is vital, and with today s innovative AP automation solutions, that process is possible. Electronic invoicing is here, and it has saved the day. einvoicing has been transforming Accounts Payable for several years now, but providers of einvoicing solutions are making improvements and innovations daily. Solutions providers are competitive and ambitious, all seeking to provide the most user-friendly, efficient, and groundbreaking new solutions that can transform not only the industry, but customers entire organizations. When invoices are processed efficiently, money is saved throughout the company. Early payment discounts can be seized, various processing fees can be reduced tenfold, and paper and shipping costs can be eliminated. Additionally, the margin for error in invoice processing becomes almost invisible. Though the benefits are proven and plentiful, many organizations still hesitate to fully automate their AP departments. Solution implementation is undoubtedly a big investment, but despite prevalent fears, it is one that has huge returns. 3

4 Executive Summary In the 2014 einvoicing Benchmark Report, PayStream Advisors conducted a survey with individuals employed in many different industries, compiling data that shows what the modern working professional fears, doesn t know, and hopes to get out of AP automation. This report will illustrate the ins and outs of einvoicing by evaluating some of the top functionalities found in today s solutions, as well as introduce some of the leading solution providers that work to develop and enhance those functionalities Survey Results Show:»» Over a quarter of companies receive no electronic invoices.»» The average time it takes companies to approve an invoice is 5-10 days.»» The leading reason organizations are not considering einvoicing is because they believe that current processes are working.»» The biggest challenges in switching to einvoicing were internal change management and supplier adoption.»» The greatest problems that led to late invoice payments or missed discounts were manual routing of invoices and lengthy approval times.»» The key benefits companies achieved or expected to achieve from einvoicing are fewer lost or missing invoices, quicker approval times, and reduction of FTE/processing costs. Considering these survey results, PayStream Advisors sees a desire in companies to overcome processing challenges and streamline their AP departments. PayStream believes there is a growing trust in einvoicing adoption as the success of paper-less processing spreads. AP professionals are encouraged to look at the following survey analysis and solutions overview to discover the benefits of electronic invoice automation. Based on the number of survey respondents, PayStream believes that the survey has a confidence level of +/- 5 percent. 4

5 Survey Results respondents everyday invoice processing. Over half of those surveyed reported receiving 50 percent or less of their invoices electronically, and 20 percent of respondents electronically receive between 50 and 100 percent of their invoices. However, over a quarter receive no invoices electronically, revealing that a large portion of suppliers and buyers continue to interact with each other using paper. Regardless of how much the survey organizations are automated, most of them 98 percent of respondents are still receiving some portion of their invoices in paper format. 11.8% Figure % 15.1% Electronic Invoices Companies Receive 24.4% 26.9% 8.4% None 1-10% 11-25% 26-50% 50-75% More than 75% With an automation solution, an invoice could potentially be processed in under 36 hours. From this survey, the majority (36 percent) of respondents it is received to process an invoice, and for over 29 percent of respondents, processing takes anywhere between 10 and 45+ days. However, a substantial number (34 percent) reported that it takes under 5 days. The time to process an invoice varies depending on several factors, including how the invoice is paid. 5

6 2.5% Less than 5 days 10.9% 5 10 days 34.5% days days 16.0% More than 45 days Figure 2 Average Invoice Approval Time 36.1% The majority of respondents (over 36 percent) said they pay 10 percent or less of their invoices electronically. However, 15 percent of respondents said they pay over 75 percent electronically a rewarding trend that can lead to other benefits, such as greater vendor relationships and greater ability for early payment. None 15.1% 12.6% 1-10% 11-25% 26-50% 11.8% 23.5% 50-75% More than 75% Figure 3 Invoices Paid Electronically 18.5% 18.5% 6

7 The average fully-loaded measured cost (which includes AP staff, managerial overhead, facilities, and IT support) to the majority of respondents (26 percent), was between $1 and $5. Amont the rest of the respondents, 27 percent pay between $6 and $15+ per invoice and 47 percent of respondents do not measure their processing costs. This in itself is something that can be solved with an automated process, as keeping records and tracking expenses becomes infinitely easier. Under $1 $1 - $5 25.8% $6 10 $11 - $ % Over $ % We do not measure processing costs Figure 4 Average Fully Loaded Costs of Invoice Processing 5.5% 8.6% The time and expenses incurred by invoice processing are often important factors in determining whether an AP department will automate. When asked where they stand with regards to automation, 36 percent of respondents are currently evaluating an einvoicing solution, 24 percent are currently using or are planning to implement a solution, and 40 percent have no plans to implement. This last group is reflective of a common misconception shared by many organizations: the belief that current processes are working. While there are other reasons that hold a company back, such as a lack of budget or the fear of no ROI, the belief that current processes work is often the most significant reason an organization would not consider solution implementation. 7

8 We are currently using such a solution 16.7% We are currently deploying such a solution and will go live within the next 6 months We are evaluating the usage of a solution 40.0% 7.5% We do not use an einvoicing solution and have no plans to implement one Figure % Respondents einvoicing Usage Lack of budget 16.7% We do not think there will be an ROI 12.5% No executive sponsorship 8.3% Lack of understanding of current available solutions 0% Figure 6 Lack of technical resources to manage an automated solution 8.3% Why Companies Are Not Considering einvoicing Current processes work None of these 4.2% 33.3% Other 16.7% 16.7% 8

9 Despite popular beliefs, survey results indicate that current processes don t actually work at least, not efficiently. When respondents were asked about the prevalence of problems that led to late payments and missed discounts at their organization, there were many common issues. The greatest problems were lengthy approval cycles, decentralized invoice receipts, and manual routing of invoices. The manual routing of invoices is in itself the most important manual process that einvoicing does away with. The biggest purpose of AP departments is to manage invoices but this is also the most reported problem area in AP, proving that current processes do not, in fact, work. Decentralized invoice receipt 29% Lost invoices 24% Lengthy approval cycles 58% Large number of exceptions 18% Figure 7 Missing information on invoices 18% Problems Leading to Late Payments and Missed Discounts Manual routing of invoices 68% It is important to determine what prevents companies from fixing issues in AP. In discussing their top three biggest challenges when migrating invoices from paper to electronic format, respondents felt they were held back most by three things: internal change management, the inability to gain supplier adoption, and integration with in-house and supplier systems. While the trouble with internal change management reflects the popular mindset that current processes are working, the other two challenges reflect another side of invoice processing: the suppliers. This shows the fears that often prevent companies from implementing einvoicing the fear that the supplier market will not respond to automation, and the fear of a consequential inefficient process. 9

10 Gaining supplier adoption 55.9% Internal change management 61.8% Integration with in-house and supplier systems 45.6% Figure 8 Greatest Challenges of einvoicing Solution does not function as expected 13.2% However, today s solution providers are working on software that solves these problems. Many respondents were optimistic about the benefits that come with einvoicing, and many others were already fully aware of these successful results from their own experience. PayStream asked respondents to list the top benefits they had already achieved or hoped to achieve from an electronic invoicing solution. The highest-reported benefits were fewer lost or missing invoices, quicker approval cycles, reduction in labor/processing costs, and increased on-time payments. All these reflect the central goals of an AP department, or any department, in a wellrun organization: to save time, to save money, and to pay bills on time. Fortunately, these are also the biggest goals of any quality einvoice solution provider, including the sponsors in this report. 10

11 Fewer lost or missing invoices 53.6% Increased on-time payments 44.9% Quicker approval cycles 50.7% Improved vendor satisfaction 31.9% Increased ability to capture discounts 36.2% Reduction in FTE / processing costs 46.4% Figure 9 Greatest Benefits of einvoicing Better visibility across the transaction lifecycle Fewer supplier inquiries 31.9% Reduction in exceptions / discrepancies 21.7% 42.0% Fewer duplicate invoices 26.1% Other 5.8% 11

12 einvoicing Features & Functionalities PayStream Advisors believes that a solution s strong points are in its details. The following guide highlights some of the most common features available in AP automation, as well as the unique functionalities that set today s automation providers apart in excellence, quality, and innovation. PayStream would encourage AP professionals to study and evaluate the following information in order to make the best possible automation decision for their departments and their companies. Intelligent Capture Previously known as optical character recognition (OCR), Intelligent Capture is the electronic conversion of scanned images or text to a machineencoded document. This conversion speeds up the transfer of information tremendously and enables easy storage and quick retrieval of that information. The benefits of Intelligent Capture are numerous it reduces storage, paper use, and costs, improves document retention, privacy, and security, and improves vendor relationships through faster processing times. Many unique features of modern Intelligent Capture solutions are based upon the essential principles of visibility, accessibility, and security. Using this software at the beginning of the invoicing process is called front-end imaging. This is a beneficial step that electronically captures the data from an invoice as soon as it enters the organization. The software then puts that information into standardized fields to be imported to a user s ERP. In doing so, it has eliminated the manual keying of the invoice and has created a digital record which can be easily tracked throughout the entire process. In AP departments with some automation but low levels of supplier onboarding, this process is essential to keep einvoicing moving. Many companies would rather outsource this part of the invoice process, and solution providers work with them by offering customized scanning procedures or by re-routing the incoming documents to mailroom services. Other ways in which invoice information can be integrated into a customer s electronic system are numerous. Solutions support a variety of integration methods, including web-based file uploaders, , file forwarding from an ERP system, or API and custom integration. The solution will work to convert the invoice content into structured data fields, no matter where the invoice originates. 12

13 PayStream s survey results show that OCR/Intelligent Data Capture is the top feature companies are planning to implement in the next six months. Front-end imaging is another important process in companies plans, illustrating that the connection between the two is vital for departmental efficiency. Using Implementing In 6 Months 84% 86% 62% 55% 38% 31% 29% Figure 10 Usage of AP Automation Technologies 17% 14% 11% Front-end Imaging OCR / Automated Data Capture Automated Workflow Electronic Payments Purchasing Cards Once invoices are uploaded, ease-of-use and efficient processing are essential. Most providers offer a fully-visible invoicing platform that requires little to no IT involvement after integration. A solution may put the invoices into queues, prioritizing them based on savings opportunities or other qualifications. Invoice processing can cover a variety of circumstances, including PO-backed, contract backed, and/or no backing documents. Two to three-way matching with flagging capabilities is a common feature, as well as the ability for non-ap users to create invoices for AP review. Some solutions attach the workflow or spend history directly to the invoice to ensure constant visibility, and many solutions enable a one-click Excel download for exporting data for additional analysis. The way an invoice is handled after it is uploaded is just as important as how it is uploaded. This is why Intelligent Capture solutions are designed to ensure information uploaded into the ERP system is complete, intelligible, and ready to move efficiently through the AP process. Workflow Workflow and workflow management are not new concepts, but the ways in which they are viewed have changed over the years. In the past several decades, the idea around the process has shifted away from that of 13

14 14 simply controlling workers without regard for their needs or the changing workplace environment. Now, the considerations of efficiency, variation, and quality movement are being mindfully applied in the development of workflow management software. einvoicing solutions often contain workflow management functionality that incorporates these factors. Not only does the solution need to have the ability to make the electronic process more efficient than its paper predecessor, but it must be able to adapt to ever-changing workplace regulations and procedures with ease and speed. Modern solutions route documents along an appropriate workflow sequence that is highly customizable. Routing begins with the intelligent capture of key information that will then send the invoice to the appropriate user based on that information, all without intervention. There are solutions specifically designed to incorporate the delegation of authority, sending the invoices to the employees best suited for processing and approval based on detailed configuration. This eliminates the unnecessary passing of documents through many different departments when they may only need to be approved by one or two individuals. Many solutions also feature workload balancing capabilities as well as dispute management. These new technologies can sort issues with the workflow route, vendor differences, or matching failures, bringing these issues to the attention of the appropriate employees through alert systems and automated escalation procedures. Some solutions also facilitate dispute reconciliation through buyer and vendor collaboration. Visibility is an important factor in a successful workflow, and many solutions will incorporate the entire history of a transaction, enabling the combination of workflow items related to invoices into one simple view. Workflow management is vital for the efficiency of many areas of a business, but it is especially essential in the purchase-to-pay (P2P) process. eprocurement Electronic procurement is the aspect of AP alinged with the first step of the P2P process, and its main function is to automate B2B purchases of goods and services via information and networking systems. eprocurement solutions often allow buyers to instantly connect to vendor catalogs and navigate these intelligently with requisition technology that enables comparison, maintains search history, and tracks frequent purchases for later access. Solutions send requisitions for approval along customized workflow routes, and POs are generated and delivered to the suppliers, then returned and electronically matched for verification. Throughout the process, data is gathered on procurement metrics in comprehensive dashboards to aid in analysis to further improve efficiency and revenues.

15 15 Requisition is one of the cornerstones of the procurement process, but the act of paying for the product ordered is equally as fundamental. Some providers support visible electronic payment functionalities, handling payments and remittance details throughout the entire payment processes. Others may not offer payment processing features to the supplier, but allow the buyers to automate invoice approval and payment, sending corresponding notifications to the suppliers. One important option for electronic payment in AP is the use of purchasing cards. P-cards streamline the payment process of AP departments, allowing for easier ordering, consolidated invoicing, and greater visibility of company purchases. Controls can be issued with P-cards that may include quantity and value limits or product purchasing restrictions. One advantage to employees use of P-cards is the opportunity for more efficient purchasing due to fewer required approvals. Supervisors can review the purchases in scheduled summaries instead of case by case. Purchasing cards are a popular method in many companies today PayStream s survey results show that P-cards are the technology that the majority of companies (94 percent) have already implemented in their organizations. This relatively simple purchasing tool is an important aid to the P2P process. The final job of an eprocurement solution is to provide detailed reporting and analysis. A solution should be capable of generating reports and queries that provide visibility and business intelligence across transactions. Solutions with fully effective reporting functionalities will also offer analytical and benchmarking capabilities. Some providers make creating reports very easy with self-service functionalities that allow users to draw up custom reports by selecting specific data fields using drag and drop interfaces. Schedules can be set up for running reports, and an Excel one-click download is often featured for easy accessibility. Benchmarking and dashboards provide a comprehensive real-time view of performance, using KPIs to collect data and show areas for improvement. Some providers even enable customers to compare their company s performance metrics against the performance metrics of other customers, giving them a broader perspective of their position within the market. While the procurement process runs much smoother with automation, its success can increase exponentially depending on the electronic integration between the buyer and the supplier. Supplier Onboarding If an organization decides to invest in and implement a solution, they may feel that they ve only fixed half of the manual process. Ensuring that their

16 suppliers will also adopt or integrate with an automated system is a more difficult business. When asked what percentages of suppliers were sending their companies electronic invoices, the majority of respondents (40 percent) said that only 1-10 percent of their suppliers were sending invoices electronically. Only 3 percent of respondents reported over 75 percent of their suppliers were on board, and 19 percent of respondents reported they were receiving no electronic invoices from any suppliers. This last group is comparable to the amount of organizations that send no purchase orders electronically: 24 percent. Fortunately, many einvoicing providers are realizing and responding to this discrepancy. There has been a shift in the automation industry s focus towards supplier onboarding in order to encourage supplier-to-buyer collaboration. Because the ROI from implementation is very dependent on complete automation, providers are working to enhance onboarding tools with a higher ROI in mind. 9.2% 3.4% 17.6% None 1-10% 11-25% 10.9% 26-50% 50-75% Figure 11 Suppliers Sending einvoices 19.3% 39.5% More than 75% A large barrier to suppliers integrating is the transition itself. A company may be switching to automation at a healthy pace, but if their suppliers are lagging behind or showing hesitance towards integration, efficiency can suffer. One of the most impressive trends in supplier onboarding is enabling suppliers to use AP solutions for free, beginning with easy access to a free supplier s portal. From that first point of connection, providers have multiple engagement methods to encourage full network integration with suppliers of various sizes and industries. Best-practice supplier segmentation is one commonly used analytics tool, and promoting 16

17 None 1-10% 23.8% 11-25% 37.3% 26-50% More than 50% 13.5% Figure 12 POs Sent by Companies 8.7% 16.7% techniques like trigger-based messaging encourages integration through consistent communication with the supplier. With many solutions, suppliers are given easy access to an online supplier platform, usually only needing one account for multiple customers instead of many portal accounts and logins. Some solutions feature free online and mobile billing applications to create invoices, and suppliers can often use one interface to bill all of their customers. Today s suppliers often operate using Universal Business Language, an open global XML standard for electronic business documents, and most providers implement this standard into their solutions. Supplier functionalities include managing company information, configuring PO transmission preferences, receiving POs, order acknowledgement, and more. The push for greater supplier onboarding will ultimately help create a more thorough transition from paper to electronic invoicing. Often, the suppliers who do not operate electronically slow the buyers movements towards full automation, so scanning procedures are in place to handle those paper invoices. While mailroom services are beneficial to a company, it is still a much slower process than fully electronic invoicing. The trend among solution providers of aggressively onboarding suppliers will be more beneficial in the long run, as it will save money for companies who automate, and will do so more quickly. Many providers have been working to onboard suppliers to their network independent of their clients so that when a company chooses to use their solutions, they will have instant access to an expansive supplier network. An 17

18 established supplier base is a great asset to a solution provider, as it speeds up the ROI of implementation tremendously. This ROI can be seen in many areas. While immediately cutting out the use of paper may be the first and most visible result of this connection, one of the greatest and most lucrative benefits of supplier and buyer integration is the ability to easily capture discounts. Dynamic Discount Management DDM is a feature that should come with any quality einvoicing solution, because enabling dynamic discount capture is one of the greatest benefits of an automated invoicing process. Dynamic Discounting works between a buyer and supplier using discounts as incentives for early payment. For AP departments using paper-based processing, many discounts are lost due to lengthy processing times. If a company were able to catch every available discount, their savings would be tremendous. A DDM solution provides the potential to do just that. The sliding scale discounting functionality connects the supplier and buyer on a user-friendly interface, and takes into account both parties needs. Discounts decrease with time, but unlike traditional static terms, if the invoice is paid within any time of the discount period, they will still be eligible for part of that discount. Sliding scale discounting is usually funded by the buyer s working capital, but for those who want to free up their working capital to use elsewhere, there has been an increased use of third-party financing. Some DDM solutions allow easy access to this alternative method through Supply Chain Finance (SCF). Many providers are creating solutions that allow buyers to use SCF effortlessly. Providers will often make their customers information and eligibility available to third-party financing partners to enable the most suitable connections. Providers that offer DDM will usually configure the solution to work towards the customer s financial goals and strategy. Some common DDM tools allow discount configuration and discount control, and include a payable portal and an auction and trading platform. Accounting integration and remittance management are features of more robust solutions. With many DDM solutions, clients can segment their suppliers into multiple discount schemes based on demographics and transaction volume. Details of the terms of a discount are made very clear for buyers and suppliers, often with visual explanations that illustrate the process of the discount and offer example scenarios. To monitor their discounting activities, dashboards show discount metrics, and buyers are notified of early payment offerings in their account to-do list. 18

19 DDM is not offered in all automated solutions, but its popularity is growing as its success becomes more well-known. A balanced AP department will want to have full access to this amazing and beneficial business tool. Unique Features & Functionalities While there are many varying features throughout a provider s solutions, the overall model and integration characteristics can also vary. With many providers, a customer can bundle features or integrate them separately. Some providers offer an open-source software model, allowing customers to maximize any investment in buyer-supplier connectivity. This flexibility modeled by service providers can create similar open-mindedness in their clients, broadening the market and making room for new innovations. Other providers create all their own applications in order to maintain common features and consistency throughout their system. A provider s technological architecture and platform often enables customizable solutions to be easily integrated in the capabilities infrastructure. An open-architecture solution allows others, such as thirdparty developers or IT departments, to easily build add-ons or applications for the system. A provider may also offer a design and development service themselves in order to help customers create their own apps that are even more integrated with the provider s solution. The development of mobile solutions is driven by the need for comprehension and consolidation. Many solutions are fully mobile; some offer a responsive design using web-based applications that effortlessly adjust to any mobile device, while others build their solutions into native applications to create more streamlined integration with the user s mobile tool. Some providers have created collaborative B2B networks with their applications, integrating supply-chain processes and other AP transactions with real data and content sharing. Mobile solutions help buyers stay on top of discount opportunities, suppliers payment schedules, and deadlines, and they often feature multi-lingual and multi-currency capacity so that access to processing is truly global. Along with mobility, security and compliance are important in a solution as well. Some providers may have experience with high-security clients and can offer more robust security measures. A well-rounded provider will aid a company in compliance with ever-changing tax and business regulations, often using their reporting features to maintain comprehensive audit trails. Solutions companies employ extensive research to employ today s best practices in their solutions design. This is a useful tactic when dealing with companies that may be more averse to change, especially if they believe 19

20 their methods are working effectively enough. By demonstrating a focus on best practices, solution providers show that they prioritize efficiency for their clients on their clients terms, rather than only reaping profits. Implementation Many providers go above and beyond during implementation to ensure that their customers are fully comfortable with their new solution. Some hold workshops that create open collaboration between the experts and clients in order to develop tailored, scalable programs. The implementation process itself will usually involve an expert experienced in the delivery and management of solutions who is assigned to the implementation and training phases. For the most effective results, a provider will want the customer to become self-sufficient in using the software. Many solutions are designed to be so intuitive they don t require intensive training or maintenance, though the provider will often maintain a close relationship with the customer as long as they continue to use their service. Providers often offer extensive customer support to assure continued ease-of-use. This may involve a ticketing system that tracks the statuses of support tickets submitted by customers. Additionally, a provider may assign a management team to the client for the length of their service contract. Some providers incorporate managed services, offering best-practice webinars or office hours for questions and discussions. Others may give routine updates, allowing customers the opportunity to upgrade to a more current model and letting them choose the upgrade cycle best-suited for their business model and schedule. Variables that affect the length of implementation can include scope of project and customer readiness. Implementation commonly takes between 2 and 6 weeks, though some providers can configure their solutions in days. Most providers have minimal up-front costs and, as with most SaaS systems, feature a subscription fee and/or a gain-share model. Resulting ROI may vary depending on applicable spend, approval cycle time, payment terms policy, or other factors, but some providers may offer a guarantee on ROI. 20

21 Conclusion PayStream Advisors believes paper processes are soon to be artifacts of the past. As this report s analysis shows, the biggest barriers against automation are built upon fear of losing money and fear of inefficiency. However, PayStream believes these fears can be eradicated with einvoicing, as many of these survey results have already confirmed. While there is still widespread use of paper invoices, over 15 percent of respondents report they send over 75 percent of their invoices electronically, and 34 percent report their average time of invoice approval is less than 5 days. PayStream believes that these percentages will only continue to grow with each coming year. PayStream works closely with many solution providers dedicated to growing those numbers and to making the transition from manual to automated processes effortless. Included in this report are the profiles of several unique and innovative companies that give special focus to the area of einvoicing. PayStream Advisors has summarized their solutions features and functionalities, highlighting what makes each of them especially unique within AP. 21

22 Corcentric Founded in 1998, Corcentric is a leading provider of cloud-based financial automation solutions. Corcentric s Accounts Payable and Accounts Receivable automation solutions have enabled organizations around the world to reduce costs, streamline processes, and provide visibility needed to make critical business decisions. As a true multi-tenant solution, COR360 delivers high scalability and quick configuration. Corcentric s product provides a global purchase to pay (P2P) solution with multi-lingual functionality and smartphone capability. Clients have the ability to utilize the entire P2P solution or any individual aspect of the solution, and all client implementations are managed by Corcentric employees with over 20 years of AP experience. COR360 is offered as a hosted service, integrates easily through ERP connectors with any accounting system, and supports the full P2P lifecycle. Corcentric offers a Supplier Network that transitions suppliers to submitting einvoices with zero supplier fees. Their Invoice Virtualization Centers deliver outsourced invoice conversion services through scanning and data capture to convert paper, ed, and faxed invoices to an electronic format. They also provide a self-service supplier portal and e-payment services to streamline supplier payments. COR360 has several features dedicated to efficient approval workflow. These include SmartRouting, which captures and uses key information from the invoice to automatically route it to the appropriate user, and Straight Through Processing, a three-way match feature that automatically matches invoices to PO lines, eliminating the need for human intervention. Clients have full capability to design and modify this workflow process as business needs change via a system admin tool. The COR360 solution offers realtime dashboards with full reporting and analytics capabilities, as well as ad hoc reporting options. Corcentric provides in-depth training upon solution implementation, and customer support is available online and via a 24/7 hotline. Website Founded 1998 Headquarters McLean, Virginia Other Locations Cherry Hill, NJ; Fairfield, NJ; Atlanta, GA; McLean, VA; Downers Grove, IL; Coral Springs, FL 22

23 Number of Customers 3303 Number of Employees 205 Target Verticals Retail, Healthcare, Banking, Higher Education, Transportation, Manufacturing, Media & Entertainment, Leisure & Hospitality Awards / Recognitions SSAE16 certified, PCI Compliant Solution Name COR360 23

24 Coupa Founded in 2006, Coupa Software is a leading provider of cloud-based financial applications solutions. Over 450 customers in 40+ countries use Coupa to drive efficiency and reduce business costs. Coupa solutions enable AP departments to become more strategic and helps customers realize a rapid return on their investment. Coupa supports every currency, includes 20+ languages, and is 100 percent mobile. Over 1 million suppliers transact more than $120B annually, and Coupa s solution is easily integrated to any ERP (SAP, Oracle, Netsuite, etc.). Coupa is also easily extendable to add Expense Management, eprocurement, Sourcing, and Analytics. Coupa customers go live quickly (within months) and the solution provides AP automation that eliminates paper processes and provides matching, exception handling, and workflow. Their solution has a very high adoption rate because it is easy to use by AP, company employees, and suppliers. Coupa provides invoice entry through OCR, AP, suppliers (via one-click actionable notifications, Coupa Supplier Network, CXML, EDI), or employees (self-service invoicing). Supplier integration requires little effort, as Coupa does not charge supplier fees and registering on the Coupa Supplier Network (CSN) takes suppliers less than 2 minutes. Coupa keeps suppliers notified of invoice status through the CSN. In addition, push notifications automatically ed to suppliers will be included in the Q4, 2014 release. Coupa supports Discount Management (early pay and dynamic discounts) and it prioritizes work queues based on the value of the invoice. Both are key for AP departments looking to be more strategic, positively impact the bottom line, and focus workloads (right invoice, right time). Website Founded 2006 Headquarters San Mateo, CA Number of Customers 450+ customers in 40+ countries Number of Employees 275 Target Verticals Financial Services, Healthcare, Retail, High Tech, Food & Beverage, Oil & Gas 24

25 Solution Name Partners / Resellers Awards / Recognitions Coupa Invoicing KPMG, Accenture, Deloitte, IBM 2014 Forrester P2P Leader 2013 Best in Biz Awards International Fastest Growing Company 2013 AlwaysOn OnDemand Top

26 Nipendo Founded in 2007, Nipendo is a leading provider of cloud-based Procure-to- Pay (P2P) automation. Based on customizable business rules, the solution can be easily configured to support even the most complex P2P processes, making it suitable for all spend types including highly complicated direct spend processes (e.g. purchasing of parts and raw material for manufacturing, where purchase order and invoices can include hundreds of line items). Nipendo has a proven track record of large-scale implementations, along with rapid onboarding of thousands of suppliers to achieve over 95 percent supplier participation. Thanks to the advanced validation capabilities of the Nipendo platform, over 90 percent of supplier invoices are automatically processed, approved for payment, and reconciled to the buyer s ERP without any manual intervention, typically within less than 3 minutes. The remaining invoices are efficiently routed along an approval workflow. In addition to P2P automation, the Nipendo Supplier Cloud offers extended benefits to buyers and suppliers through dynamic discounting and supply chain financing, including non-banking options through its partnership with Integrate Financial. Nipendo is the only company that offers a unique pricing model where fees are applied only to invoices that are fully-reconciled without manual touch, allowing customers to realize a guaranteed ROI on the solution. The solution is delivered exclusively as a cloud-based Software-as-a-Service (SaaS) model. Nipendo employs multiple levels of security to ensure the safety of its clients information, including highly protected private cloud infrastructure. Website Founded 2007 Headquarters Burlington, MA Other Locations Israel Number of Customers 18,460 Number of Employees

27 Target Verticals Aerospace and Defense, Consumer Goods, Energy and Utilities, Engineering and Construction, Financial Services, Healthcare, and Manufacturing Partners / Resellers IBM, Microsoft, PNM Soft, SAP SB1, SynerTrade, Top Image Systems, Integrate Financial Awards / Recognitions Gartner Cool Vendor (2014) Spend Matters 50 Providers to Watch (2014) Supply & Demand Chain Executive 100 (2014) 2013 Green Supply Chain Award (Supply and Demand Chain Executive) 27

28 ReadSoft Founded in 1991, headquartered in Sweden, and with operations in 17 countries, ReadSoft is a global provider of business process automation applications, including accounts payable automation, accounts receivable, sales order processing, and multichannel mailroom automation. Their applications simplify business for large and small organizations, enabling them to perform processes more efficiently, manage data with greater visibility and agility, and as a result, improve customer satisfaction and bottom-line profitability. ReadSoft s solutions give companies full control of the processing of business-critical document data from a single platform. Their conversion software enables suppliers to send einvoices any way they prefer, yet allows the buyer to receive it in the format they require. Buyers will always receive the correct invoice content, as automated checking of sums, supplier data, dates, tax amounts, etc., ensures they only need to verify invoices without exceptions incorrect invoices will be automatically rejected back to the supplier. Complete einvoices are posted in the ERP system immediately, routed for approval, and require no manual interaction. Non-PO-based invoices are auto-routed for coding, approval, and posting, and unresolved PO-based invoices are automatically sent into a workflow for discrepancy handling. Images of all invoices and their processing status are readily available throughout the entire process. ReadSoft s intuitive and user-friendly supplier onboarding tool empowers businesses to monitor and maximize their ROI by effectively getting all of their suppliers, large and small, to start sending electronic invoices. Their einvoicing solution allows suppliers to send invoices in many ways, including standard integration and formats, virtual printers, and invoices sent from the ReadSoft s web interface. With ReadSoft s onboarding tool, customers have access to a range of supplier onboarding programs to complement or support those without internal onboarding resources. They can send invites and reminders to their suppliers using ready-to-use templates, and they can stay up-to-date as they monitor potential savings and ROI in real time. Website Founded 1991 Headquarters Helsingborg, Sweden 28

29 Number of Employees 600+ Number of Customers 12,000 Target Verticals B2B market segment, applicable to all verticals Solutions Name ReadSoft Reach Partners / Resellers SAP, Oracle, Microsoft, Fujitsu, Knowledge Lake, Lawson, Gimmal, Medius, Palette, IFS, Altec, IBM, Accenture, Deloitte, NMS Imaging, DataBank IMX, DISC, DocuSource, Optiform, ACOM 29

30 About PayStream Advisors PayStream Advisors is a technology research and consulting firm that improves the way companies plan, evaluate, and select emerging technologies to achieve their business objectives. PayStream Advisors assists clients in sorting through the growing complexities of IT applications related to business process automation with the goal of making objective, analytical, and actionable recommendations. Wherever business process automation technology is an issue, PayStream Advisors is there to help. For more information, call (704) or visit us on the web at 30