(Chapter 7) Adventures of Ivan the CPO: 10 Technology Tools Every Procurement Team Needs In 2018

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Previously – 
  1. Chapter 1: Ivan joined his new job as a CPO, with a host of challenges which needs to be overcome.
  2. Chapter 2: Friends in Need, Indeed!
  3. Chapter 3: “Not All Those Who Wander Are Lost”
  4. Chapter 4: “ Lock, Stock, and Smoking Barrel.”
  5. Chapter 5: “Collaboration is a Two Way Street.”
  6. Chapter 6: The Invoice-Paper-OCR Game

Shape of Invoices in a Flat World

Being a global company has its complex problems. While the barriers between countries have shrunk in a rapidly digitized world, conventions and nuances within countries still remained the same.

How did this affect Ivan?  Well, since Ivan’s company had business units and relationships with suppliers spanning multiple countries, their invoice processes had to be compliant in all these countries. This was nothing sort of a nightmare for such a centralized procurement team, as not only did they need to know a plethora local rules and processes, they also needed to effectively match their standardized format with the rules of every other country.

Specific challenges like this needed help from precise experts. Zycus, through its partner network, helped Ivan connect with experienced and globally renowned specialists who could help them close the compliance gap for global automation.

Invoicing Software

Once Ivan finalized discussions with such an expert, existing integrations between Zycus and the vendor made the process rather easy. All Ivan’s team had to do was ensure their suppliers within ZSN sends across the invoices in the standard pre-agreed template. These invoices were then electronically passed to the expert, along with the “country” of origin. The vendors’ system then processes the invoice as per the rules of the land. These customizations include single / dual signatures, encryption mechanism for signatures, certificate validation, time stamps and much more.

Once processed, the e-Invoices where sent back to both Ivan’s team and the supplier as the finalized, compliant invoice. Also, the system followed invoice archive process as per the rules of the specific country for future reference.

Ivan could finally breathe in peace, as 100% of his invoices are now digital, compliant and easy to manage.

Learn how Ivan improved supplier relationship vastly and got recognized as a strategic partner to the suppliers in Chapter 8!

Procurement's Guide To Unlock Growth Amidst Uncertainty

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