To benefit from a better user experience, faster implementation, higher adoption rates and significantly increased spend under management, businesses are looking to find best-of-breed procurement and sourcing platforms and move away from their corporate ERP and finance systems. This is not a new trend, but changes in integration developments are now making this process a lot easier.
One of the biggest barriers is the connection between best-of-breed solutions and back office systems something IT used to be responsible for – creating and maintaining the links between the two systems, often using middleware technology. This involved a large amount of resources causing the procurement teams’ wishes to buy best-of-breed platforms being over-ridden by IT and finance because of the perceived integration difficulties.
Today’s technology allows the corporate systems to be more flexible and smoother due to different innovations including cloud based and new hosting services available.
“Of course, the original aim was to overcome the common challenge of procurement and finance data being in separate silos, reducing an organisation’s ability to analyse spend and streamline the purchase-to-pay process.”
said Daniel Ball, Director, Wax Digital
However, integration with other relevant third-party system is now also available and procurement can benefit from a whole new range of information in order to improve and develop the full source to pay process.
There is a completely new trend: iPaaS – Integrated Platforms as a Service, which is a cloud based integration service, making connection with any back office systems a lot easier and quicker. Procurement is now able to choose a best-of-breed platform with and reassure their IT department that connecting and building processes across any back office systems will require less effort and resource.
At Wax Digital we recently launched web3 Connect – our own iPaaS – which easily connects best-of-breed eProcurement software with any relevant third-party data source – from ERP and finance software to business data sources and even social media.
Read the full article in Spend Matters