Supply chain management covers the complete (production) flow of goods or services – starting from the supply of raw materials (or inputs in case of services) to the finished product. Typically, a company will maintain a network of suppliers to move products, from the raw material stage to the consumption stage.
The supply chain is also the ‘face’ of the business for consumers. The stronger a business’s supply chain, the better its reputation and sustainability in the long run. This means, suppliers play a vital role in a business’s success, making it necessary to organize and optimize the supply chain to make it more effective and resilient.
In the past, supply chain management was all about availability, movement of the asset, and cost. Today, supply chain management focuses on managing data, products, and services bundled into solutions.
Meanwhile, buyers have also realized that supply chain management affects product/service quality, delivery, customer experience, costs, and profitability to a large extent. Let us see how our solution can help you realize these gains.
Faster, transparent process
The average small-to-mid sized business can take up to 25 days to process one invoice, when it is done manually. SkyscendPay allows you to on-board a supplier in as less as 30 seconds (via temporary login credentials sent through email). You can create multiple supplier accounts, each with a unique ERP ID, giving you visibility over all your suppliers. The entire process is transparent, and you know what stage you are at every step of the way. Our system even supports multiple roles for buyers and sellers (like AP, AR, finance, admin), with the facility to create additional users.
Low-cost invoicing
Typically, processing an invoice manually costs between $15 and $30, and this is relative, taking into account the time and effort spent on processing an invoice. Invoice automation does away with manual interventions (you only have to intervene when you are validating the data). The data is quickly analyzed by an AI-based OCR (optical character recognition), extracted, and presented in an easily readable format on our dashboard, reducing costs drastically. Our solution also has the ability to pull invoices from your ERP in bulk, which further saves time.
Improved accuracy
Current OCR solutions have an accuracy of upwards of 90%. SkyscendPay uses a proprietary OCR system, which has an accuracy of 98%. The system is further strengthened by AI, increasing accuracy with every invoice processed. And the best thing is, SkyscendPay can handle invoices is heterogeneous formats, like pdf, word, fax, email, and much more. This is important because suppliers don’t often present invoices in the same format, leading to confusion and delays.
Fraud protection
Abnormal security reports that there has been a 200% increase in BEC (Business Email Compromise) attacks stemming from fraudulent invoices. Clearing fraudulent, incorrect, or multiple invoices is a nightmare for any accounts payable department. SkyscendPay uses blockchain technology to create a ledger of every transaction, presenting a single source of truth to buyers, sellers, and financiers.
Further, buyers and suppliers can review each invoice on the system and approve or reject them, according to the data presented. If an invoice is rejected, suppliers don’t have to re-enter the details. They can validate the information and re-submit. This process not only built trust between all parties but also increases transparency.
Easy auditing
During typical invoice auditing, error rates can be as high as 25%. On Skyscendpay, all the data is visible on a central dashboard. This dashboard can generate reports on demand, further aiding auditing. You will also be notified in case there is a change in any invoice so you can take the necessary action.
Each invoice that is submitted into the system must be approved by the buyer, and there are no automatic approvals. This keeps you on top of any changes, further reducing instances of fraud or incorrect approvals. No more manual reconciliation. Experience touchless invoicing for the first time!
Early payment discounts
Delayed payments are one of the major reasons why suppliers are unable to sustain (50,000 small businesses wind up in the US every year). 60% of small businesses realize invoice payments after the due date. 1 in 3 small businesses faces cash flow problems.
To solve these issues, SkyscendPay has onboarded financers who provide payments against invoices for a fee. Our supply chain financing and dynamic discounting options enable buyers to manage their working capital needs while offering early payments to suppliers. In fact, on SkyscendPay, suppliers can realize payments in as little as 2-3 days.
Conclusion
Modern supply chains generate a large amount of data, and it is often challenging to manage this barrage of information and maintain efficiency at the same time. Manual invoice processing is a thing of the past.
Moreover, in a world of high competition, you need to pull out every trick in your repertoire to increase efficiency and improve profits. Invoice process automation is the future, and companies that realize this, stand to make monumental gains in their supply chains.
SkyscendPay stands at the cutting edge of this transformation and offers a host of features and capabilities to help you transition to a faster, quicker, and easier invoice processing system. To learn more, please contact us at contact@skyscend.com.