Case Study
Procure to pay (P2P) services are a critical component of any organization's financial operations. However, managing P2P processes can be complex and time-consuming, especially when dealing with multiple vendors and information products. With Couranto's P2P-support information management services, organizations can streamline their procurement processes and gain greater control over their spending. This case study will explore the benefits of working with Couranto's P2P services, by examining a hypothetical use case of a large manufacturing company.
Challenge:
A manufacturing company had a complex procurement process that involved multiple information and data products and supplies, across different geographies. The company spent a significant amount of time manually managing the procurement process, which included everything from sourcing suppliers, to processing invoices and payments. This resulted in a lack of visibility into the company's spending and made it difficult to identify cost savings opportunities.
Solution:
The manufacturing company decided to implement Couranto's information Asset management services to help streamline their procurement processes. Couranto’s Clarity(sm) platform was tailored to meet the specific needs of the company, and the following tools were implemented:
- Supplier Sourcing: Couranto's platform was configured to identify potential suppliers based on the company's specific procurement requirements. The platform was also configured to evaluate suppliers based on factors such as pricing, quality, and delivery times.
- Purchase Orders: The Couranto platform was integrated with the company's own eprocurement system to provide a centralized platform for generating purchase orders, thereby enforcing purchasing policies and streamlining the approval process.
- Invoice Processing: Couranto took ownership to process invoices from suppliers and manage invoice exceptions and discrepancies. Couranto also consolidated supplier invoices, reducing the number of Information Asset supplier payments by 75%.
- Payment Processing: Couranto provided the company with a centralized platform for processing payments to suppliers. The platform was integrated with the client’s own eprocurement system to automate payment approvals and reconciliations.
Result:
By implementing Couranto's P2P services, the manufacturing company was able to achieve several benefits:
Cost Savings: The company was able to identify cost savings opportunities by consolidating their supplier base and negotiating better pricing with suppliers. The company reduced their Information Asset costs by more than 18%.
Improved Efficiency: The company's procurement team was able to spend less time manually managing the procurement process and more time on higher value activities.
Increased Visibility: The company gained greater visibility into their spending, which enabled them to identify areas where they could reduce costs.
Compliance: The platform ensured that all procurement activities were compliant with the company's internal policies and external regulations.
Conclusion:
Couranto's P2P-integrated support services provided the manufacturing company with a comprehensive solution for managing their Information Asset procurement processes. By automating manual tasks and providing a centralized platform for managing procurement activities, the company was able to achieve cost savings, improve efficiency, and gain greater visibility into their spending. .
Who is Couranto?
Headquartered in Fort Lauderdale, Florida with 35 team members in New York, New Jersey, Florida, Texas, London, Tokyo and the Philippines, and global alliance partners internationally, Couranto has been providing subscription, e-content, book, license, and data management services for clients throughout North America, EMEA and APAC since 1989.
Couranto specializes in the corporate and professional services markets. We are uniquely experienced at serving the needs of this complex, multi-divisional marketplace.
Couranto is a Woman-Owned Business certified by the Women’s Business Enterprise National Council and Disability:IN and Couranto has been named one of the INC 5000 Fastest Growing Companies for five years running.