In this second blog post for Sourcing Focus, Wax Digital’s Daniel Ball outlines the next two pain points and remedies for procurement perfection in small and medium enterprises.
Analysts anticipate that Source to Pay software will see a rise in adoption amongst SMEs this year and beyond. To quickly recap, Source-to-Pay takes the legwork out of the entire sourcing and purchasing cycle. I see it addressing five critical purchasing pain points which are the essential components of success and ROI from bringing this software on board. In my first post on this topic I discussed the initial pain point in the cycle – selecting your preferred suppliers. In this second post I will outline the next two pain points and remedies. Read More
Leading procurement analysts have predicted that 2013 will be the year that Source to Pay software takes off in small to medium sized businesses. But what exactly is it, why is it needed and why now? Wax Digital’s Daniel Ball outlines the facts.
In January the highly regarded procurement analyst Jason Busch heralded 2013 as ‘the year of Source to Pay adoption in small to medium sized enterprises’. But at a time of continued economic uncertainty for most, can it really be the case that adding yet another cost line to already stretched IT budgets is considered a smart move? The answers lie not only in software becoming more accessible through the cloud but also in the increasing supply chain efficiency and financial pressures facing smaller organisations as they grow. Read More
Lynn Browell, Associate Director of Financial Services at County Durham & Darlington NHS Foundation Trust talks to Hospital Management about invoicing within a healthcare setting.
It could be easy to think that public health organisations are awash with inefficient processes and fail to control their finances adequately. But many of us run tight ships, where financial process and strategy is directly linked to the organisation’s goals and where cash flow and spend visibility is a ‘must have’. In fact, being under the lights of public scrutiny means those of us in hospital management who strive to be business-like take that role very seriously indeed.
At County Durham and Darlington Foundation Trust one example of this is the fact that our purchasing and supply strategy is directly linked to our business goals. As an organisation we’re focused on delivering the best possible care for the best possible budget – that’s about balancing quality and efficiency in every single process. In recent years we have worked to streamline our financial and purchasing processes to the maximum, giving us a clear picture of our cash and spending position at all times. In fact, the private sector could learn a thing or two from our approach. Read More
Daniel Ball, Director at Wax Digital analyses how small and medium enterprises can perfect their procurement processes in this exclusive blog post for Sourcing Focus.
Earlier this year the highly regarded procurement analyst Jason Busch heralded 2013 as ‘the year of Source to Pay (S2P) adoption in small to medium sized enterprises’. But at a time of continued economic uncertainty for many, can adding another cost line to already-strained IT budgets really be a smart move? When it’s one that can deliver significant short term payback and resource reduction, the answer must surely be yes.
For many SMEs the first questions may be ‘what is Source to Pay’? Put simply, S2P systems deliver big cost savings by providing the tools to negotiate the best possible deals from suppliers, ensure employees buy compliantly from those suppliers and reduce process overheads by automating the exchange of orders and invoices. Read More
Peter Smith of Spend Matters UK/Europe takes a look at the new Wax Digital product offering, simplified out into three modules; web3 Source-to-Pay, P2P and eSourcing.
Click here to read Peter Smith’s take on the new Wax Digital web3 product offering.
The UK’s number one eProcurement software vendor Wax Digital has made buying purchasing and sourcing software easier than ever with the radical simplification of its licensing model for its on demand web3 platform.
Launched alongside Wax Digital’s new website and digital procurement resource centre Source Material, Wax has done away with its previous nine integrated software modules, consolidating them from a licensing perspective into just three straightforward options:
- web3 S2P – a fully integrated platform for managing the entire source to pay cycle
- web3 P2P – automating and controlling purchasing from requisition to matched invoice
- web3 eSourcing – for driving best value through electronic tenders and auctions
With the UK government looking to replicate Germany’s mittelstand model and succeed in its mission to make the mid-market even more critical to the economy, Daniel Ball looks at how this sector can retain a grip on its finances as the business expands.
Providing 1 in 5 British jobs and delivering over a quarter of all UK revenues, the mid-market sector really is the beating heart of the UK economy. And whilst recent scares have given way to cautious signs of improvement, the success of our economy remains reliant on growth in this sector and it is essential that the government continues its support of the mid-market and enables this evolution.
Lord Heseltine recently unveiled his recommendations for growth in the UK. In a report commissioned by Downing Street, he criticised the government for not having a strategy for growth and wealth creation and outlined the need for a national plan, urging the government to put concrete plans in place to support those mid-size organisations now preparing for growth after the recent banking and euro crises. Read More
Expense Reduction Analysts, a leading global cost and purchase management consultancy, has adopted Wax Digital’s web3 eSourcing solution to enable hundreds of consultants worldwide to help businesses reduce costs.
Intuitive and web-based, web3 eSourcing is fully integrated into Expense Reduction Analysts’ Knowledge Management System (KMS) and directly linked to existing project and client management applications. Used by potentially over 750 consultants across more than 30 countries and 16 languages, web3 will handle thousands of tenders for their clients’ non-production spend, processing everything from office supplies to utilities and energy.
Expense Reduction Analysts is appointed by public and private sector organisations around the world to help reduce costs and increase profits, with purchasing playing an important role. This required a platform provider with the ability to deliver globally and consultants from Australia to Mexico are now benefiting from Wax’s web-based approach and on-going support. Read More
Car manufacturing giant Nissan is transforming its procurement strategy across Europe with the help of Wax Digital web3 Purchase-to-Pay.
The solution will enable 3000 Nissan employees to raise requisitions electronically, as well as providing goods receipting, supplier management and invoice matching capabilities.
Billions of pounds of spend is set to go through web P2P, as the company aims to modernise and standardise financial management processes across Nissan’s European operations.
Nissan Europe is implementing Wax Digital web3 P2P (Purchase to Pay) to help engineer a major overhaul of its procurement strategy and financial management processes across Europe and beyond.
The web3 P2P system will enable 3,000 Nissan employees to raise requisitions electronically, ensure they are authorised and approved according to a strict corporate approvals hierarchy and issue approved orders automatically to suppliers.
This project is integral to the Nissan Power 88 midterm business plan through which the company aims to achieve a global market share of 8% and increase its corporate operating profit to 8% by 2016.
David Singh, Business Development Director at Wax Digital partner Sapphire Systems, talks to Fresh Business Thinking about enhancing the UK’s national economic performance through mid-market organisations.
The UK’s mid-market sector is critical to the success of our national economic performance and now as we start to head out of recession, the government is keen to encourage significant growth in this sector.
But as an organisation grows and becomes mid-sized, financial management can often become increasingly complex for the CFO. Tightly managing the purchase to pay process becomes more critical, as does visibility of what is being purchased. How many organisations can truly say they have the complete financial picture if they don’t have control and visibility on their purchasing processes? Read More