May 17, 2020

Supplier invoicing placing heavy burden on UK businesses

procurement invoicing
procurement payments
Procurement
James Henderson
2 min
UK businesses are struggling with supplier invoicing
New research has shown that the heavy burden of supplier invoice processing is leaving UK finance teams struggling with productivity.

A study by Wax Di...

New research has shown that the heavy burden of supplier invoice processing is leaving UK finance teams struggling with productivity.

A study by Wax Digital fund that 82% finance professionals surveyed said that poor invoice process management was impacting their teams’ ability to perform effectively and leading to low job satisfaction.

60% say that processing supplier invoices is the most hated aspect of the job amongst their team, 70% find it laborious and tedious, and it causes frustration for 69%.

Over half of the finance people surveyed regularly have to deal with suppliers issuing invoices with incorrect financial values and 37% said that the wrong or missing PO numbers and non-matching line items are also common problems.

For 34% missing VAT numbers were another frequent bugbear and 31% said that invoices often arrive addressed to the wrong legal entity within the business.

Finance teams are particularly concerned about the knock-on effects of manual supplier invoice management:

  • Many worry about departmental output, with 45% citing impact on organisational efficiency
  • 37% go on to say that these issues could hurt supplier relationships
  • Just over one third also fear their team will make additional manual process errors
  • A similar number show concern that their frustrated colleagues will leave their jobs

While there is a clear appreciation of the pitfalls and problems posed by invoice management, the answer is equally apparent, the report said.

Some 97% of those surveyed believe that automated invoice processing or eInvoicing would improve their team’s job fulfilment and 99% see opportunities to reallocate personnel who are manually processing invoices to more useful tasks.

46% would move people to work on process improvements and 45% would get people to find new solutions to managing errors.

Daniel Ball, director at Wax Digital says: “The fact that so many finance teams aren’t meeting their full potential should raise productivity alarm bells for UK organisations.

“As our survey shows, the ramifications of not having automated invoice management processes extend beyond organisational efficiency to team morale and personal performance.

“The big gains however come in actually being able to reduce the cost to process a purchase order requisition through to payment, which can be in the region of £25 to £40 per order. Multiply this by the vast number of orders an organisation makes and the benefits of invoice automation become clear.”

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Jul 19, 2021

Vizibl: The Future of Supplier Relationship Management (SRM)

Vizibl
Procurement
SRM
supplychain
3 min
How Vizibl is pioneering the future of SRM with more open and collaborative relationships between procurement organisations and their suppliers

Even the best procurement team on the planet can only derive so much value from their suppliers by tinkering with spreadsheets or negotiating another half-percent-per-unit from a regular bulk-buy. 

The value of relationships count in today’s fast-paced and disrupted business environment, where partnerships, future efficiencies and risk mitigation are just as vital a measure of an organisation’s maturing procurement organisation as overhead reduction.  

A recent McKinsey survey into 100 large organisations found that the more cooperative an organisation, the more financially competitive it could become. "Companies with advanced supplier-collaboration capabilities tend to outperform their peers,” it found, but also admitted that this value is not a simple thing to access. 


Visibl is a company built from the ground up with the philosophy of ‘delivering mutual value' in mind. Its digital procurement platform is designed to place collaboration at the centre of supplier relationships. Greater transparency for all stakeholders not only simplifies and quantifies contractual obligations, but also provides opportunities to discover and align on common goals and business objectives.

How does Vizibl’s platform work? 


Vizibl’s supplier relationship management platform feeds off data. By leveraging data from existing enterprise applications such as ERP, P2P, risk management, or project management systems, all stakeholders can share a central source of truth. The result is greater transparency, visibility and accountability on both sides of a contract. The platform is divided into several focus areas: 

  • Vizibl Relationships: This system helps organisations move beyond transactional interactions with their suppliers, instead building trust and applying a governance framework that is both scalable and consistent to better support core business objectives. 
  • Vizibl Workspace: Operating in one virtual workspace removes friction in collaborative endeavours and aligned initiatives. Vizibl Workspace enables partners to drive goals together, whether improved cost-savings, ESG commitments, new product launches or boosting operational efficiency. 
  • Vizibl Reporting: Measuring results is critical in achieving business objectives, forward planning and risk management. This system helps business leaders leverage actionable data to quantify and drive initiatives, support and mange supplier performance, and understand true ROI. 



Key Vizibl customers: Heineken, Vodafone, Astellas 

“Gartner lists supplier collaboration as supply chain leaders’ number one focus to solve for agility and resilience”

Speaking to SupplyChainDigital.com earlier this year in June, Mark Perera, CEO and co-founder of Vizibl said: “We work with companies across multiple industries, but regardless of sector, we really see agility and resilience as overarching topic areas in the supply chain. From a resilience perspective, that’s both in terms of operational resilience, but also strategic resilience; we see organisations looking at implementing the desired levels of flexibility and the ability to change with demand, as they look towards the future of their company.”

“Gartner lists supplier collaboration as supply chain leaders’ number one focus to solve for agility and resilience,” he added. “The mindset and process change to switch to a supplier collaboration model will be a challenge for organisations that are falling behind.” 

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