The cloud B2B procurement services of SciQuest and Transcepta are merging into a new product that facilitates even global purchasing actions.
The companies announced their partnership Wednesday (March 4) and revealed that SciQuest business customers will be able to automate their e-invoicing processes when using SciQuest’s Accounts Payable Director product.
By introducing SciQuest customers to Transcepta’s automated e-invoicing services, SciQuest said, their businesses will be able to quickly and easily process invoices, saving time and money, while being able to take advantage of early payment discounts and gain clearer insight into their cash flow.
In partnering with Transcepta, the companies say, SciQuest business customers will be able to validate invoices with automated, electronic validation. Invoices can be submitted in an array of formats, and Transcepta converts them to a format suitable for the business. SciQuest added that the joint venture complements its existing Digital Mailroom solution, which converts paper invoices into electronic ones.
While the benefits of digital procurement practices like electronic invoicing are well-documented, SciQuest and Transcepta revealed that their solution aims to increase the adoption of digital strategies, especially within international companies. “Despite the demand for fully electronic invoice capture, many customers, particularly international organizations, are still using manual and time-consuming processes for different file formats,” SciQuest VP Product Management Eric Zoetmulder said, adding that the partnership allows business customers to have access to a global, customizable automated invoicing system.
Electronic invoicing has been heralded as the obvious solution to a global and complex supply chain. The World Bank has been working with various nations to establish government e-procurement practices. In turn, the reported success of those programs have led to stronger e-invoice adoption in nations’ private sectors.
In the U.S., a long-awaited report by the Federal Reserve exploring ways to streamline the U.S. payments system included significant findings about digital procurement and recognized the ability for electronic invoicing to streamline payments between businesses.