Maximize Value of Your Procure-to-Pay Process
Stop leakage, protect your profits, break through the performance barriers. Minit highlights issues in your process and helps you focus your improvement efforts.
Achieve Enterprise-Wide Visibility
Analyze information from fragmented systems and processes. Achieve a single, transparent view of your global operations, identify best practices and enable them across all departments, branches, and countries.
Reduce Costs, Eliminate Complexity and Inefficiencies
Reverse losses stemming from complexity, inefficiencies, payment errors, and fraud. Reduce costs of Transactional Purchasing Process and Accounts Payable Process.
Standardize Your Process, Globalize Best Practices
Improve/protect customer service, revenue & profit. Reduce maverick spending. Implement controls across the enterprise on the number of ways purchases can be transacted.
Manage Supplier Risk, Minimize Errors
Reduce supplier late-payment penalties. Align category spend with the optimal channel. Eliminate supplier non-compliance to contract. Improve supplier relations.
Baseline for Investment Into Enabling Technologies
Simplify and optimize current processes before implementing automation. Monitor performance of new processes and technology.
Optimize Your Entire Supply Chain and Accounts Payable
Reduce Order Cycle Time
Examine the P2P process and determine the percentage of invoices that don’t pass straight through the purchase-to-pay system the first time without delay or manual intervention. Compare the processing times to benchmarks or internal KPIs. Minit Process Mining can identify bottlenecks and reasons for delays or rework across the entire end-to-end value chain including sub-processes. Redefine guidelines & best practices to improve invoice matching rate.
Optimize On-Time Payment
Analyze the process with a focus on on-time payment. See the average payment term. Uncover causes for late payments. Optimize invoice approval speed. Eliminate unnecessary process steps and complexity in approval rules. Reduce the number of terms you have across any particular region. Standardize the end-to-end process and enable best-practice across the entire enterprise.
Reduce Manual Intervention
20% of the deviations from the standard process often cause up to 80% of the effort in the manual post-processing, such as price or quantity corrections. Identify when process steps require additional time such as orders canceled, deliveries late, goods damaged in transport, goods delivered to the wrong facility or placed in incorrect storage. See where mistakes occur, identify trends such as time periods when they happen, which employees are involved, or which vendors follow which process variations most frequently.
Reduce Cost per Invoice
Use Minit Process Mining for financial analysis of your P2P process. Measure the expense of each invoice that is processed, from the moment it leaves the supplier to the time the payment is made. Include sum of all salary and IT costs attribute in your analysis to uncover process paths with unnecessary costs and their causes
Eliminate Maverick Buying
Identify and evaluate negative effects of maverick buying. Uncover spending not controlled by the procurement department, and minimize instances of multiple applications in the processing of invoices (e.g., no 3-way match possible). Ensure compliance to preferred suppliers.
Capture Unused Discount Potential
Look at how much of your spend has discounts enabled and how much of this you are able to take advantage of. You’ll then be able to work out how much your purchase-to-pay operations are saving or losing as a result. Minit Process Mining offers the opportunity to identify the causes of unused discount potentials in order to gain liquidity margins.
Performance and Conformance Checking
Initiatives and projects in business process management often have a direct impact on company success. However, many companies are still much more concerned with documenting the target processes rather than with the review of the process performance of actual operations. But in practice, business processes often significantly differ from documented business processes. Minit Process Mining helps you perform a quick comparison of the set process and the actual way it is run, to automatically recognize process deviations.
How It Works?
Your procurement/ERP/invoicing system records all events from Purchase Requisition creation to Invoice Payment, marking when each event took place. From this data, our Process Mining software re-creates a model of the entire procurement process.
By adding case attributes such as vendor, purchasing organization, payment terms, cash discount dates, transport conditions to the model you can see where mistakes occur, time periods when they happen, which employees are involved, or which vendors follow which process variations most frequently.
Pinpoint where changes need to be made and focus your improvement efforts to bring the best results, whether it’s expediting approvals in your purchase request process or calculating how much money you save by reducing unnecessary rework in your P2P process.
P2P Compliance and Process Excellence With Minit
Standardize Your P2P Process
- Set your KPIs for the end-to-end process as well as for individual steps.
- Monitor your P2P process continuously. Ensure compliance and that your process is within defined KPIs.
- Uncover deviations from the process and ensure compliance.
- Measure the impact of process deviations on the overall process.
- Identify causes of lost productivity due to rework and changes.
- Identify potential fraud or gaps.
Globalize P2P Best Practices
- Uncover existing automation gaps.
- Evaluate performance of vendors and identify best-in-class vendors.
- Ensure compliance with buying policies and use of preferred vendors.
- Improve methods and tools to support operations needs.
- Improve business review/approval capabilities.
- Optimize working capital including discounts/rebates.
- Cost savings through compliance and spend visibility.
Go Beyond Process Cost Reduction with Strategic Sourcing and Contracting
- Greater transparency and control over external spend.
- Maximum flexibility to ensure the various needs of your organization can be met.
- More strategic approach to sourcing and contracting.
- Reduction of time lost in approvals of requisitions, specifications, and invoices.
- Faster delivery of needed items, reduced inventory of standard items, and better relationships with suppliers.
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