Automated Procurement Solutions
Mutual Marketplace is dedicated to helping the cooperative financial sector streamline its P2P process. As a procurement centre of excellence, we help mutuals find and create intelligent buying solutions. Our procurement solutions implement market-leading tools and best practices for organisations to maximise value from spend and garner significant savings. Catering solely for the mutuals sector, we have an in-depth understanding of the biggest sources of friction facing organisations in the procurement process.
Key Challenges in the Mutual Sectors’ Procurement Processes
Combining numerous finance functions, the procure-to-pay process entails multiple activities that involve interaction across departments and outside the organisation. Financial organisations have adopted new processes and technologies to streamline the procurement process but challenges remain to be seen.
1. Incongruent Procurement Systems across Departments
Large organisations often have different procurement tools and processes within their departments making data consolidation cumbersome. Procurement, sourcing and accounts payable teams, in particular, often optimise the procure-to-pay process to their function. Companies also use different technologies that aren’t integrated making it difficult to have one source of supplier and business data. The departmental silos create inefficient processes that are prone to error and open to numerous risks. With many organisations still having manual processes, time and cost inefficiencies remain some of the biggest challenges today.
2. Management Apathy
Top management in organisations tend to consider procurement a non-critical business activity, setting procurement enhancements a low priority. Problems facing the procurement and the accounts payable team are often put in the backburner and the technological solutions that are implemented are often band- aid solutions.
3. Management Scrutiny
The other end of the spectrum holds a management team that sees procurement as a strategic function. The procurement team is pushed constantly to improve its processes with the aim of bolstering the organisation’s financial success. Procurement teams are expected to deliver big savings while ensuring that the organisation receives the supplies, resources and products needed to operate, serve members or make a profit.
4. Implementation of Change Management
Personnel are sometimes reluctant to accept change, especially when they need to take time off from their main function to learn how to use new technologies. Accustomed to user-friendly apps and software, non-finance personnel are not keen on embracing procurement technologies designed by procurement professionals. Resentment may also arise from conceived notions that members have not been consulted prior to the implementation of changes. Combined with management apathy, there is a gap in leadership driving the success of a new P2P program. The implementers must ensure that the affected groups are moved to a point of acceptance to ensure a successful change.
5. Resistance to Governance
Personnel often see procurement processes as rigid, inflexible, bureaucratic and cumbersome. The negative perceptions on procurement’s necessary steps sometimes lead to lack of compliance manifesting in ad-hoc purchases and non- contracted spend.
As a leading provider of procurement services and software, we have witnessed multiple approaches from various organisations to addressing challenges. Through our team of procurement specialists, we provide partners with procurement solutions that help organisations streamline their P2P process, improve compliance and save more money.
Transform Your Procure-to-Pay Process
At Mutual Marketplace, we aim to improve our partners’ operations through intelligent procurement strategies. We work toward this goal by applying a combination of specialist procurement acumen and state-of-the-art technology.
Our enterprise software offers an efficient shopping cart experience throughout the procure-to-pay process. From sourcing suppliers to settling accounts payable, every step is streamlined to ensure that your organisation, your members and their clients get the right product at the right place at the right time.
With mobile capabilities and a cloud technology, our system allows your organisation to devolve purchasing throughout departments, while maintaining purchasing compliance and financial control.
Automate the procure-to-pay lifecycle
Automate the whole purchase cycle and eliminate laborious and error-prone manual tasks. From initial registration to payment, the system integrates activities from various teams allowing you to manage purchase orders, maintain compliance and more.
You can transmit orders to suppliers via EDI, use vendors’ web catalogues and receive and match invoices electronically, streamlining the whole process. Your organisation can also enjoy savings from eliminating paper-based communications and paperwork.
Advance procurement contracts
Our software allows you to manage all your contracts and purchasing activity in one place. Optimise your purchasing spend by automating approvals and identifying preferred suppliers for your organisation. At the same time, promote supplier productivity and ensure compliance by integrating contract management, catalogues, purchasing and accounts payable modules.
Simplify supply chain information consolidation
Record all procure-to-pay details and transactions throughout the organisation with our system. From requisitions to contractors to inventories, every aspect is tracked without manual processes or paper-based communication. You can easily drill down or generate reports from the general ledger, accounts payable and fixed asset modules.
Improve expenditure visibility
With an enhanced, bookkeeping and recording system, tracking costs to business units, projects, suppliers and more is made easy. You can gain an accurate and real-time view of your committed and actual expenditure and prevent budget overruns.
Technologies Proven to Transform Businesses
At Mutual Marketplace, we only implement technologies that are proven to streamline our partners’ operations. We use TechnologyOne’s source-to-pay system customising it for your procure-to-pay needs. We’ve chosen this particular system to give you the following abilities:
- Eliminate paper-based transactions and cut down costs by exchanging electronic data with suppliers.
- Enforce organisational policies and automate tasks that do not need human intervention.
- Easily consolidate all P2P activity in a central system, allowing your organisation to achieve better expenditure transparency.
- Seamlessly share and access data with authorised personnel.
- Achieve higher data accuracy across purchases, contracts and suppliers.
- Manage suppliers and simplify ordering processes.
- Simplify procurement while managing risk with an easy-to-use shopping cart interface.
- Settle accounts payable on the dot to maximise the opportunity to claim rebates.
As Australia’s largest enterprise software company, TechnologyOne’s solutions are proven to make life simpler for users. Through us, you can access TechnologyOne’s software complete with support at better rates.
Achieve Simple, Smart and Compliant Buying
Mutual Marketplace is your partner in improving your P2P process from start to end. We can also provide custom services where only a part of your process is automated or handled by our team. Our innovative solutions give organisations more control over the costs and risks in the buying process to deliver more savings in spend and time. For inquiries on our procurement solutions, contact Mutual Marketplace today.