Spendesk, the complete spend management platform, announces the launch of its Procure-to-Pay solution, positioning Spendesk as the first European platform to fully integrate procurement and spend management for businesses of up to 1,000 employees. This launch comes six months after Spendesk’s acquisition of intake-to-procure (I2P) solution provider Okko.
“Spendesk has always been at the cutting edge of innovation in spend management and the launch of the procurement platform signals our intention to keep developing solutions that match the needs of SMBs across all European territories, supporting smarter purchasing practices.”
According to a recent Spendesk report, the average SMB handles between 50 and 500 purchase requests a month and has a median of 800 suppliers on its books. With corporate purchasing becoming increasingly complex, Spendesk’s Procure-to-Pay tool is designed to help organisations bring clarity and efficiency to procurement processes by facilitating better collaboration between internal stakeholders and streamlines workflows. The solution also offers automation features that enable businesses to save time, reduce risk and increase spend control. Handling everything from intake to payment, the tool is easy to use and allows finance and procurement teams to easily put in place their procurement processes and have them widely adopted internally. Key features include:
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- Dynamic purchase request forms, tailored to the needs of the business: Requesters are guided through the intake process so all necessary information is collected
- Bespoke procurement processes with custom workflows: Reduce risk and increase clarity by ensuring the right stakeholders are involved at the right time
- Clear visibility for each stakeholder: All parties see every step in the process and have certainty on when their approvals and actions are required
- Contracts and renewals tracking: Alerts when renewal dates approach help businesses meet contract deadlines and avoid unwanted subscriptions being renewed
- Efficient supplier management: Provides a centralised, detailed view of all suppliers enables organisations to identify dormant vendors and optimise supplier management
- Automate accounts payable: Automatically generate purchase orders, record, approve and pay invoices directly from Spendesk
- Payment flexibility: Issue virtual cards or pay bills directly from the Spendesk platform
Michael Stone, Procurement Director at Egg Events said: “Spendesk’s Procure-to-Pay solution will help us to optimise purchase management, which has been a key issue for our business. The automation of purchase orders and contract renewal alerts will enable us to gain efficiency and ensure that our spending policies and budget are respected. With purchase management and expense management all handled by the same platform, new workflows will be simple to implement while we now have full visibility of all spending.”
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Julien Chriqui, previously Co-Founder of Okko and now Procurement Product Lead at Spendesk, said: “Spendesk has always been at the cutting edge of innovation in spend management and the launch of the procurement platform signals our intention to keep developing solutions that match the needs of SMBs across all European territories, supporting smarter purchasing practices.”
Chriqui continues, “The procurement process is central to the smooth operation of a business but is traditionally a source of inefficiencies that can cause a great deal of frustration. Our Procure-to-Pay customers will be able to unify spend management and procurement in a single workflow, improving internal collaboration, and taking away the pain of procurement from individual employees and finance, procurement, legal, and IT teams. Through real-time visibility of the process, businesses will be able to make better and faster procurement decisions, streamline supplier management, and make significant cost savings.”
The Procure-to-Pay solution is designed to work alongside Spendesk’s existing spend management tools, automating everything from intake to payment, giving organisations 100% visibility and control of all operational spend. It can also be integrated with Slack.
