With less purchasing complexity, fewer suppliers and smaller contracts to manage it would be easy to think that P2P was a luxury rather than a commodity in the mid-market. Following our consultation with leading mid-market experts we believe there is a real business case for mid-market P2P.
The financial pressures that medium sized companies are currently facing includes rising supplier costs coupled with downward customer price pressure, creating a vice that’s squeezing margins; so much so that three quarters of medium-sized UK organisations have halted their growth plans recently. These organisations must do anything possible to ensure they are buying at best value from their suppliers and without having historically invested in spend management the likelihood is that there’s much room for improvement.
Whilst we tend to think of market sectors in isolation existing as SMEs, mid-sized or large enterprises, in reality the boundaries between these divisions are quite blurred. Rather like the football leagues where the spectre of relegation and dreams of promotion linger all season, the top half of the mid-sized league share as much with large enterprises as they do with those at the other end of their own division.
Yet the biggest reason why mid-sized organisations need P2P is because they have a completely separate challenge too. Whilst their purchasing and supply complexity might not quite equal that of a giant enterprise, medium-sized companies still have a high financial processing burden with many supplier orders, invoices and payments being processed largely manually.
Finance systems in the mid-market offer cold comfort for organisations wanting to implement best-practice processes for spend control and we see thousands of man hours annually wasted in many organisations thanks to inefficient manual invoice processing with approvals after the fact.
That’s why Wax Digital has launched web3 Professional, its SaaS eProcurement platform that offers mid-sized organisations rapidly deployable, highly intuitive spend control that can automate practically all of the resource intensive accounts payable processes.
To do so we’ve distilled our decade of experience working with some of the world’s leading purchasing teams. Orders are delivered electronically to suppliers, whatever their size or technical capabilities, and electronic invoicing rates – with a guaranteed 3-way match in most cases – can be driven in excess of 90% by volume.
With web3 Professional we’re looking to make spend control and process automation accessible right across the mid market, with a return on investment case that speaks for itself.
