The collaboration aims to simplify and enhance the vendor sourcing, selection and procurement processes for organizations across the globe, the companies said in a Tuesday (Oct. 31) press release.
A challenge faced by procurement teams is the gap between business decision-makers and procurement professionals, according to the release.
“The divide between business decision-makers and procurement teams can result in suboptimal vendor choices, delays in implementation, budget overruns and missed cost-saving opportunities,” Procurify Chief Revenue Officer Heather Simmons said in the release.
To address the issue, the new partnership brings together solutions from the two companies, according to the release.
Olive Technologies allows buyers to collaborate on tech purchasing decisions, offering transparency to everyone involved in the decision-making process, the release said.
Procurify’s spend management software streamlines workflows from procure to pay, providing organizations with real-time visibility and control over all business spend, per the release.
With the integration of the two companies’ solutions, organizations can use a source-to-pay workflow, the release said. The collaboration helps identify and address business challenges associated with vendor selection, purchase, implementation and renewal while maintaining communication and understanding between business, IT and procurement.
People who will be using the software can evaluate it before purchase, while procurement teams can focus on securing the best deal and return on investment (ROI) from the chosen solution, Olive Technologies CEO and Co-founder Chris Heard said in the release.
“Olive and Procurify will help businesses make informed, data-driven decisions and smoothly execute procurement transactions,” Heard said.
PYMNTS Intelligence found that chief financial officers across the healthcare, finance, insurance, retail and manufacturing sectors are investing or planning to invest in new solutions for procurement functions.
These CFOs and their organizations are looking to ensure that their systems improve the efficiency of their processes during normal business conditions and enable quicker responses to disruptions, according to “Digital Payments: Modernizing Procurement Processes,” a PYMNTS and Corcentric collaboration.
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