Invoice automation: back to basics – Kevin Kazenmayer from TradeCentric

On this episode of The Procurement Software Podcast, host James welcomes back Ward Karson, COO of Raindrop. They discuss how AI applications in source-to-pay technology can be confusing, and how organisations can best navigate the vast array of solutions available. Ward, a veteran procurement professional, shares valuable insights to help listeners stay ahead in the ever-evolving procurement landscape. Tune in for expert advice on embracing change and ensuring that new, cutting edge developments in procurement and not confused with old technology masquerading as the new. AI in Source-to-Pay: Use cases and opportunities In the latest episode of The Procurement Software Podcast, Ward Karson, COO of Raindrop, returned to discuss the transformative impact of AI on the source-to-pay space Ward discusses how generative AI is a game-changer versus traditional AI and other types of machine learning and process automation. The conversation highlighted the shift from traditional technologies like RPA (Robotic Process Automation) and OCR (Optical Character Recognition) to advanced AI, including generative AI, exemplified by tools like ChatGPT. Ward clarified that while RPA is process-focused, AI leverages data and generative AI can autonomously create content such as contracts. Ward stressed the necessity of mastering basic procurement operations before advancing to more complex technologies. He showcased how modern Source-to-Pay (S2P) suites like Raindrop enhance efficiency, cut operational costs, and minimise administrative tasks, potentially rendering Business Process Outsourcing (BPO) in transactional services obsolete to some extent. The conversation also explores the business case of choosing BPO vs. technology, and how to present the numbers in order to get the political capital required to be given the budgets. Timestamps: [00:00:48] Greenfield procurement technology investments [00:04:32] Technological advancements in spend analytics [00:05:30] Importance of Spend Analytics [00:08:41] Procurement team efficiency strategies [00:13:12] Niche category specific tools [00:15:10] Focus on Category-Specific Tools and Solutions [00:16:01] Eliminate, automate, delegate for efficiency And that wraps up another episode of The Procurement Software Podcast! Thanks to Ward for sharing his insights with us today, and thank you again for listening. We'll be back at the same time next week, so see you there. If you want to learn more about Ward, Raindrop or Procurement Software, check out the useful links below. Stay in touch! Connect with Ward Karson on LinkedIn Check out Raindrop Sign up for the Procurement Software Newsletter Book an Intro Call and let’s talk all things Digital Procurement! Connect with James on LinkedIn Follow Procurement Software’s LinkedIn Page

This week on The Procurement Software Podcast, host James Meads delves into the topic of why reviews and best-of lists may not be as helpful as they seem when choosing procurement software.The episode also touches on the lack of transparency in some top procurement tech listings, cautioning listeners to be wary of sponsored content.Tune in to gain insights on navigating the complex landscape of procurement software selection.Why Procurement Software reviews are of limited useThis episode underscores the importance of a critical approach when considering reviews and best-of lists for procurement software.It stresses that the criteria used in reviews might not always align with an organisation's specific needs, given the diversity in procurement maturity and operational requirements.The episode further highlights the significance of the reviewer's role within their company, suggesting that feedback from daily users like procurement category managers is more valuable than that from analyst firms.Additionally, the size and maturity of one's organisation are crucial factors to consider, as a solution fit for a large, mature enterprise may not suit a mid-market business or a growing tech start-up.The episode concludes by advocating for a nuanced evaluation of procurement software, taking into account the criteria used in reviews, the user's role, and the organisation's size and maturity level, to make informed decisions that best serve an organisation's unique procurement needs.Timestamps:[00:00:37] The Problem with Reviews and Best-of Lists[00:01:10] Personal Experiences and Organisational Differences[00:03:20] Relevance of Reviews from Large Enterprises[00:04:24] The Bias Towards Large Enterprise in Best-of Lists[00:05:08] Considerations When Looking at Procurement Software Reviews[00:07:37] Procurement Maturity and Organisational Stages[00:08:10] Impact of Change Management and Data Quality[00:09:04] Summary and Critical Mindset Towards Reviews[00:11:22] Conclusion and TakeawaysAnd that's a wrap for another episode of the show.Thanks again for listening, and do please leave us a review on Apple Podcasts or rate us on Spotify. Every one helps!We'll be back at the same time next week, so see you there.If you want to learn more about Procurement Software, check out the useful links below. Stay in touch! Sign up for the Procurement Software Newsletter Book an Intro Call and let’s talk all things Digital Procurement! Connect with James on LinkedIn Follow Procurement Software’s LinkedIn Page

This week on The Procurement Software Podcast, host James delves into the concept of creating the ideal procurement team by combining human expertise with technology. Emphasizing the importance of leveraging existing resources without expecting additional budget, the episode explores ways to maximize the efficiency and effectiveness of a procurement team and its wage bill. Join the discussion on how to merge human talent with technological advancements to elevate procurement's efficiency and added value to new heights. Building a procurement team that's fit for 2030 This episode of The Procurement Software Podcast explores the concept of optimising a procurement team by integrating human expertise with technology. James suggests restructuring the team to focus on strategic tasks by reducing category managers and introducing roles such as procurement business partners, data scientists, analysts, and admin assistants. This shift allows the team to delegate routine tasks to technology, enabling a focus on value-added activities. The episode highlights the importance of data analysis in procurement, advocating for a data scientist's role to leverage data for informed decision-making and process optimisation. Additionally, the host discusses the significance of investing in procurement technology, like spend analytics and procure-to-pay software, to easily identify savings opportunities, automate processes and facilitate self-service for stakeholders. This strategic combination of human and machine capabilities is presented as a way to create a more efficient and effective procurement team, driving value and enhancing productivity within the organisation. Timestamps: [00:00:37] Dream Procurement Team Concept [00:01:09] Budget Constraints and Assumptions [00:02:01] Current Team and Salary Structure [00:03:17] Rethinking the Category Management Team [00:04:19] Reducing Category Managers and Allocating Budget [00:05:02] Introducing a Procurement Business Partner [00:05:57] The Importance of a Data Scientist [00:06:51] Adding an Analyst to the Team [00:07:54] Hiring an Admin Assistant with Marketing Skills [00:08:59] Final Team Composition and Headcount [00:10:47] Allocating Budget for Procurement Technology And that wraps up another episode of The Procurement Software Podcast! Big thanks to you for listening. We'll be back at the same time next week, so see you there. If you want to learn more about Procurement Software, check out the useful links below. Stay in touch! Sign up for the Procurement Software Newsletter Book an Intro Call and let’s talk all things Digital Procurement! Connect with James on LinkedIn Follow Procurement Software’s LinkedIn Page

In this episode of The Procurement Software Podcast, host James Meads explores invoice automation's efficiency in reducing invoicing time and tackling employee retention issues.Guest Kevin Kazenmayer from Tradecentric shares insights on channel development, and transitioning from procurement to a supplier role.Tune in and discover how technology such as invoice automation enhances procurement efficiency.Accounts payable automation isn't sexy but it's keyThis episode delved into the transformative impact of invoice automation.With a rich background in procurement and e-commerce solutions, Kevin highlighted how automating the invoicing process can address bottlenecks in accounts payable and improve employee retention. It does this by minimizing mundane tasks.Despite a 65% satisfaction rate among Coupa users with their procurement systems, a survey revealed that a third still experience invoicing challenges, underscoring the need for focused automation efforts.Kevin emphasized the critical role of collaboration between procurement and finance departments in the successful adoption of technology.He shared success stories, including Mars Veterinary Health's operational improvements through automation, illustrating the broader benefits of investing in supplier connections.Concluding the episode, it was evident that invoice automation offers a straightforward yet significant way to enhance procurement processes, providing a quick ROI and helping to retain skilled employees by shifting their focus from repetitive tasks to more strategic activities.Timestamps:[00:01:08] Introducing Kevin Kazenmeyer of TradeCentric[00:05:23] Invoice automation challenges[00:08:06] Siloed Procurement and Finance[00:14:14] Procurement vs. Finance Perspective[00:18:07] Fixing challenges in accounts payable[00:19:52] Employee turnover and engagement incentives[00:24:23] Procurement as profit centre[00:27:03] Investing in spend management[00:31:44] Invoice automationAnd that wraps up another episode of The Procurement Software Podcast!Thanks to Kevin for sharing his insights with us today, and thank you again for listening. We'll be back at the same time next week, so see you there.If you want to learn more about Kevin, TradeCentric or Procurement Software, check out the useful links below.Stay in touch! Connect with Kevin Kazenmayer on LinkedIn Check out TradeCentric Sign up for the Procurement Software Newsletter Book an Intro Call and let’s talk all things Digital Procurement! Connect with James on LinkedIn Follow Procurement Software’s LinkedIn Page

In this episode of The Procurement Software Podcast, host James Meads delves into the topic of whether AI could make procurement as a profession irrelevant. The discussion highlights the significance of embracing generative AI, despite privacy and confidentiality concerns. Tune in to stay ahead of the curve in the ever-evolving world of procurement technology. What impact will AI in procurement have on jobs? This podcast episode delves into the significant impact of generative AI technologies like ChatGPT on the procurement sector, particularly in automating routine tasks traditionally managed by procurement personnel. It highlights the efficiency gains from AI in drafting legal documents and managing transactional activities, which could make certain roles obsolete. The discussion points out the risk for organizations that lag in adopting AI, potentially losing a competitive edge and failing to attract skilled professionals. Despite AI's advancements, the episode emphasizes the enduring importance of human skills in strategic procurement areas where AI cannot replicate the nuanced human touch, such as in stakeholder management and supplier relationships. The future of procurement is envisioned as more strategic, with professionals focusing on value-added activities, supported by AI for routine tasks. Procurement professionals are advised to enhance their soft skills and strategic capabilities, in order to remain relevant in this evolving AI-driven landscape. Timestamps: [00:01:44] The Role of Generative AI in Procurement [00:02:49] AI's Influence on Recruitment and Efficiency [00:04:37] Real-world Application of ChatGPT in Procurement [00:05:52] The Future of Procurement Technology [00:06:14] AI's Effect on Tactical and Operational Procurement [00:10:55] Human Element in Strategic Procurement [00:11:18] The Future of Procurement Roles [00:12:21] Career Development in the Age of AI [00:14:30] The Return of Administrative Roles [00:15:43] Final Thoughts on AI and Procurement And that wraps up another episode of The Procurement Software Podcast! Thanks for listening. We'll be back at the same time next week, so see you there. If you want to learn more about Procurement Software, check out the useful links below. Stay in touch! Sign up for the Procurement Software Newsletter Book an Intro Call and let’s talk all things Digital Procurement! Connect with James on LinkedIn Follow Procurement Software’s LinkedIn Page

This episode of The Procurement Software Podcast delves into the debate surrounding the marketplace functionalities introduced by SAP Ariba and Coupa. Host James Meads discusses whether these launches are a desperate attempt to retain market share, or a very smart, strategic move. Tune in to gain insights into the evolving landscape of procurement technology. Will SAP Ariba and Coupa marketplaces be successful? This podcast episode examines SAP Ariba and Coupa's strategic use of marketplaces to maintain their market share amidst rising competition in the procurement tech sector. By integrating third-party applications, these platforms enhance customer retention, making it less appealing for users to switch to newer, more agile solutions. The marketplaces not only serve as a defence mechanism against customer defection due to factors like resistance to change and high switching costs. They also act as a new revenue stream, strengthening their business models. However, the appeal of these marketplaces might be limited for new companies starting their digital transformation, who may prefer more flexible and cost-effective solutions. The episode also discusses how partnerships and alliances between various point solutions could offer a more adaptable and tailored approach to procurement technology, presenting a viable alternative to traditional, monolithic platforms for companies seeking to optimise their procurement processes. Timestamps: [00:00:37] Big software suites debate. [00:05:30] Rise of best-of-breed solutions and impact on traditional suites [00:08:10] Marketplaces as superpower. [00:09:13] Marketplaces driving market leadership. [00:15:09] Modular suite-based products versus legacy platforms. [00:17:19] The future of marketplaces. And that wraps up another episode of The Procurement Software Podcast! Thanks again for listening. We'll be back at the same time next week, so see you there. If you want to learn more about Procurement Software, check out the useful links below. Stay in touch! Sign up for the Procurement Software Newsletter Book an Intro Call and let’s talk all things Digital Procurement! Connect with James on LinkedIn Follow Procurement Software’s LinkedIn Page

In this episode of The Procurement Software Podcast, host James Meads interviews Rujul Zaparde, founder and CEO of Zip. They discuss the importance of embracing modernisation and digitisation in procurement. Rujul shares insights on how to effectively allocate a budget for driving change within the function, highlighting the significance of control and visibility over spend in today's procurement landscape. Tune in for valuable tips on leveraging technology to transform procurement processes and stay ahead in the ever-evolving industry. Will Intake-to-Procure replace Source-to-Pay?  In this podcast episode, the spotlight is on Zip's innovative approach to enhancing procurement processes through a user-friendly intake platform. Founded by Rujul, Zip aims to revolutionise procurement by making it more accessible and intuitive from the very start. The platform is designed to be the first point of contact in procurement, requiring minimal training due to its simplicity and user-centric design. Rujul emphasises the importance of early engagement in procurement to streamline request management, competitive bidding, and spending control. Zip's commitment to a seamless user experience, inspired by consumer tech, promises to tackle the traditional challenges of software adoption in procurement. The company not only offers a practical intake solution but also supports customers with implementation and best practices. By working in tandem with legacy systems like SAP, Zip enhances user experiences and encourages broader adoption. Central to Zip's ethos is a relentless focus on user research and feedback, ensuring the platform evolves to meet user needs, thereby driving innovation and customer satisfaction in the procurement software market. Timestamps: [00:00:41] Introducing Rujul Zaparde of ZIP [00:02:43] Starting with intake for procurement [00:04:27] Intake to pay [00:07:46] User experience in procurement [00:11:11] User experience [00:14:19] Product led company philosophy [00:19:06] Procurement challenges across industries [00:20:11] Collaboration vs. Competition [00:24:17] Challenges and opportunities at Zip [00:26:27] Understanding end user experiences And that wraps up another episode of The Procurement Software Podcast! Thanks to Rujul for sharing his insights with us today, and big thanks to you for listening. We'll be back at the same time next week, so see you there. If you want to learn more about Rujul, ZIP or Procurement Software, check out the useful links below. Stay in touch! Connect with Rujul Zaparde on LinkedIn Check out ZIP Sign up for the Procurement Software Newsletter Book an Intro Call and let’s talk all things Digital Procurement! Connect with James on LinkedIn Follow Procurement Software’s LinkedIn Page

In this episode of The Procurement Software Podcast, host James Meads announces the rebranding of the podcast and explains the reasons behind it. Initially launched as The Procuretech Podcast, the show has evolved over the years and now aligns with the procurementsoftware.site brand. Tune in to stay updated and inspired by the exciting developments in the field. How to get a budget for procurement tech This episode delves into the evolving procurement technology market, highlighting a trend towards niche solutions tailored to specific industries and geographies, driven by the unique procurement needs across sectors and regions. Companies are now focusing on developing specialised tools to address particular industry challenges, thereby enabling organisations to select technology that closely aligns with their requirements. This shift towards customisation is leading to better technology adoption and effectiveness. The episode also emphasises the importance of starting with the "why" when developing a business case for ProcureTech, advising to focus on addressing the most significant challenges within procurement processes. It draws on Simon Sinek's principle of understanding the purpose behind actions, suggesting that identifying key pain points can guide the selection of targeted solutions. Furthermore, the podcast advocates for a value-driven approach over merely cost-saving, urging consideration of technology's impact on both the top and bottom lines. Moreover, the podcast outlines various factors justifying ProcureTech investment, including cost savings through streamlined processes, risk management in complex supply chains, enhanced supplier relationship management, and the promotion of sustainability initiatives. It also touches on financial optimisation by automating tasks and potentially reallocating or reducing personnel, highlighting the multifaceted benefits of investing in procurement technology. Timestamps: [00:01:10] Rebranding the podcast. [00:05:13] Funding challenges in procurement tech. [00:08:12] Intake category and its impact. [00:14:28] Companies' approach to procurement. [00:15:21] Best of breed solutions. [00:19:19] Due diligence on IT suppliers. [00:23:15] Supply chain disruption and risk. [00:27:30-00:27:40] CO2 emissions measurement in procurement. [00:31:01] Giving up salary for tech. And that wraps up another episode of The Procurement Software Podcast! Thanks to Graham for being a great interviewer, James for sharing his insights with us today, and big thanks to you for listening. We'll be back at the same time next week, so see you there. If you want to learn more about CASME, Graham Crawshaw, or Procurement Software, check out the useful links below.   Stay in touch! Connect with Graham Crawshaw on LinkedIn Check out CASME Sign up for the Procurement Software Newsletter Book an Intro Call and let’s talk all things Digital Procurement! Connect with James on LinkedIn Follow Procurement Software’s LinkedIn Page

In this episode of The Procuretech Podcast, host James Meads is joined by Simon Geale, VP of Procurement at leading UK-based consultancy Proxima. This is a fireside chat-style episode about the latest trends in procurement technology. Simon talks about his background and role at Proxima, and the company's focus on serving large enterprise clients with complex procurement problems. They also touch on Proxima's acquisition by Bain and its potential impact. Tune in to hear their insights on how technology is shaping the future of procurement. Digital procurement: ongoing developments and trends In this episode, the exploration of generative AI's role in procurement tasks reveals a perception gap between its potential and the value offered by traditional providers. Despite acknowledging generative AI's capabilities in vendor discovery and strategy development, the episode highlights some of its potential ineffectiveness if not used properly. The discussion raises questions about software vendors being able to adapt to this gap, and also touches on the democratisation of tools like ChatGPT and its role in automating procurement tasks. We discuss the continued flourishing of digital procurement startups, which significantly expand technology options for digitisation and innovation in our profession. Emphasising the importance of realistic expectations, the episode underscores the evolving landscape where innovation is not solely dependent on budgets, and it concludes by urging effective communication about AI capabilities and limitations, in a world where the belief in the omnipotence of systems persists. Timestamps: [00:01:09] Introducing Simon Geale of Proxima [00:05:33] Interacting with Proxima clients. [00:08:29] Digital maturity and procurement. [00:13:16] Lack of dynamism among CPOs. [00:15:02] Digital transformations and failure. [00:18:49] Setting realistic expectations in procurement. [00:23:02] Perception gap in AI advancements. [00:26:41] Industry 4.0 revolution. [00:30:57] The future of ERP. [00:34:10] The future of procurement tech. And that wraps up another episode of The Procuretech Podcast! Thanks to Simon for sharing his insights with us today, and big thanks to you for listening. We'll be back at the same time next week, so see you there. If you want to learn more about Simon Geale, Proxima or Procurement Software, check out the useful links below. Stay in touch! Connect with Simon Geale on LinkedIn Check out Proxima Sign up for the Procurement Software Newsletter Book an Intro Call and let’s talk all things Digital Procurement! Connect with James on LinkedIn Follow Procurement Software’s LinkedIn Page

In this episode of The Procuretech Podcast, host James Meads discusses the use of Generative AI in spend and data analytics applications with Sam Clive, Head of Product at Rosslyn. Sam recently delivered a keynote on this topic at ProcureCon EU, and James attended this presentation and thought it would make a great podcast. They dive into the potential of Generative AI and its impact on procurement. Tune in to learn more about how this technology is shaping the future of procurement. Generative AI and spend classification: is it accurate? The episode delves into the challenges faced by traditional AI and machine learning approaches in spend analytics, mainly due to overcoming data quality issues in customer data. Rosslyn undertook the challenge to try to understand whether Generative AI could solve this problem. In collaboration with industry giants and universities, they sought an answer and a process to run some experiments. Classification is a subjective task. It has been historically difficult to standardise. To address these challenges, the episode explores the use of Generative AI as a possible solution. This technology could automate data classification, providing insights and making spend analytics more accessible, even for smaller businesses. In their recent trial, Rosslyn found that Generative AI has the potential to revolutionise data classification, improving efficiency and accuracy while democratising its use. Timestamps: [00:01:37] Introducing Sam Clive of Rosslyn. [00:03:54] Challenges in spend analytics. [00:07:19] GPT and its capabilities. [00:11:23] AI's decision-making transparency. [00:16:08] Line item data challenges. [00:19:13] Generative AI and language understanding. [00:23:12] Bringing data together en masse. [00:25:28] Generative AI-driven spend analytics. [00:29:15] Our Digital Procurement 101 Course. And that wraps up another episode of The Procuretech Podcast! Thanks to Sam for sharing his insights with us today, and big thanks to you for listening. We'll be back at the same time next week, so see you there. If you want to learn more about Sam Clive, Rosslyn or Procurement Software, check out the useful links below. Stay in touch! Connect with Sam Clive on LinkedIn Check out Rosslyn Sign up for the Procurement Software Newsletter Book an Intro Call and let’s talk all things Digital Procurement! Connect with James on LinkedIn Follow Procurement Software’s LinkedIn Page