Author name: OuterBox Admin

Procurement Partners, a leading provider of healthcare spend management and procure-to-pay technologies, today announced it has appointed Troy Thibodeau, MBA, as Chief Marketing Officer. Thibodeau comes to Procurement Partners from Ascentis, where he led marketing, business development, and sales enablement functions. Prior to his time at Ascentis, Thibodeau led marketing, product, and operations functions across

The majority of businesses have issues with certain aspects of the procurement process. Supplier management, buy requisitioning, invoice capture and invoice matching are just a few minor parts of the process, each of which has its own set of challenges. The process of buying and selling is currently being streamlined and automated by technology. This

The majority of businesses have issues with certain aspects of the procurement process. Supplier management, buy requisitioning, invoice capture and invoice matching are just a few minor parts of the process, each of which has its own set of challenges. The process of buying and selling is currently being streamlined and automated by technology. This

Procurement metrics are performance measurement tools employed to measure and assess the effectiveness of a company’s procurement administration. These KPIs or metrics assist a company in optimizing and controlling quality, spending, time, and expense. Additionally, procurement metrics help companies maintain pace with their overall procurement policies, process goals, and business goals. Significant Areas to Track

The procurement process, in general, involves two to three different parties. They are the client company, a distributor and a vendor or supplier. However, in most cases, a client company will directly procure their goods and services from a vendor. In either situation, the role of vendor relationship management is critical to the entire process

Every business strives to reduce operating costs across the board while boosting profitability, but it’s not easy. Businesses that do not gather and analyze internal predictive analytics are more prone to make quick and unreasonable judgements. There arises a point when you need to tune out the noise and concentrate on your own business, reviewing

The procure-to-pay process is a series of interconnected and synchronized actions performed to meet a need for products or services in a timely and cost-effective way. It entails a series of steps, beginning with assessing a requirement and ending with invoice approval and vendor payment. A procure-to-pay cycle’s steps must be completed in a certain

Often referred to as Electronic Data Interchange or EDI, an EDI invoice is a digital version of an invoice or a bill that would otherwise be on paper. Sellers will send out these invoices to buyers to request payments for products they have delivered to them. It essentially involves a “computer-to-computer exchange” where two parties

OCR is an abbreviation for “Optical Character Recognition.” It is a technique that detects text within digital images or digitized documents. Any picture or a paper form document can be converted into a text-based electronic copy using OCR software.  For example, if you employ a printer to scan a paper record or photograph, the printer

ACH transactions are online, bank-to-bank funds transfer filtered with the help of an Automated Clearing House (ACH) Network. The ACH network, according to Nacha, the organization in charge of these transfers, is a traditional batch system that banks and other financial institutions use to tally these transfers for handling, which typically occurs three times per

E-invoice, also known as an electronic invoice, is the exchange of a receipt paper between the vendor and the purchaser with a unified automated format. Depending on paper-based invoicing methods needs an excessive amount of manual effort that is prone to manual error. These mistakes end in raised costs and processing lifecycles for businesses. E-invoicing: