3. Improved Accuracy and Reduced Errors: Eliminate 30-40% of Invoice Exceptions
Manual data entry is often the culprit behind costly mistakes in order quantities, invoice amounts, or payment details. In fact, 33% of organizations experience financial losses due to procurement errors .
By integrating PO and expense management systems, companies can minimize human error. Automated matching between POs, invoices, and receipts ensures higher accuracy, with research showing that companies with integrated systems experience 30-40% fewer invoice exceptions, resulting in more accurate deliveries and payments .
4. 83% of Suppliers Value Payment Predictability
Predictability is a key driver of trust between businesses and their vendors. According to a survey by McKinsey, 83% of suppliers rank predictability in payments and orders as one of the top factors influencing their long-term partnerships.
An integrated PO system ensures that your procurement processes are more consistent and reliable. When vendors know what to expect and can rely on timely payments and reorders, they are more likely to offer better pricing, extended credit terms, or expedited services, ultimately benefiting your business.
5. 60% of Suppliers Offer Discounts with Reliable Payment
When vendors see that your payment processes are organized, transparent, and timely, they are more inclined to offer favorable terms. Studies show that 60% of suppliers are more willing to negotiate discounts or special terms when they trust that payments will be processed on time.
With an integrated PO and expense management system, you can demonstrate a strong track record of professionalism and efficiency in procurement, giving you greater leverage during negotiations for better pricing or delivery terms.
Conclusion: A Win-Win for Vendors and Your Business
We develop bespoke purchase order and Integrating your purchase order and expense management systems does more than streamline internal processes—it creates a more transparent, efficient, and predictable experience for your vendors.
By fostering trust, improving communication, and reducing errors, you not only strengthen your current vendor relationships but also position your company as a preferred partner in future negotiations. In turn, this leads to better pricing, faster deliveries, and improved supply chain performance—a win-win scenario for both your vendors and your business.
At Systematics, we develop custom expense management systems that integrate with systems and deliver perfect fit for your business. Have you automated your expense management process yet? What hurdles have you faced? Let’s discuss in the comments.
Table of content
- 1. Order Management: Reduce Processing Times by 60-70%
- 2. Transparent Communication: Order and Invoice Discrepancies by 37%
- 3. Improved Accuracy and Reduced Errors: Eliminate 30-40% of Invoice Exceptions
- 4. 83% of Suppliers Value Payment Predictability
- 5. 60% of Suppliers Offer Discounts with Reliable Payment
- Conclusion: A Win-Win for Vendors and Your Business