Power of PAYBOX®
Using PeopleSoft Discount Management to Improve Financial Performance
An add-on PeopleSoft discount management automation tool can significantly improve the return on organizational technology investments and drive operational efficiency throughout the supply chain. Without an add-on solution to automate many of the processes associated with discount management, accounts payable (AP) and accounts receivable (AR) departments remain over-reliant on manual, paper-based invoicing. This leaves significant room for data entry error, overlooked discounts and poor cash flow management.
How PeopleSoft Discount Management Automation Can Transform Business Processes
By leveraging sophisticated technology to streamline and automate discount management for PeopleSoft ERP systems, organizations can improve AP and AR processes and reap several important business benefits. These benefits positively affect the entire supply chain and mitigate problems caused by manual data entry and paper-based discount requests to improve the overall performance of AP and AR departments and the financial supply chain.
PeopleSoft Discount Management from Direct Insite
Direct Insite’s IOL solution is employed by large, global organizations using PeopleSoft ERP systems. As the leading discount management solution for PeopleSoft users, IOL can be customized to an organization’s unique business requirements and needs, while supporting the most common forms of discounts across the enterprise. This includes dynamic discounting and renegotiation requests, pre-determined discount payment terms, and early payment discount rates.
The benefits companies can expect to achieve with IOL include:
- Increased Labor Efficiency: PeopleSoft discount management tools automate key workflows and tasks in the discount management process to reduce the need for manual keying and data entry, which are time and labor intensive. IOL enables AP and AR departments to initiate and manage discount requests, execute trading negations and submit electronic invoices from a single portal. This frees up time for AP and AR departments to focus on more important tasks, as well as lowers the overall labor costs within an organization.
- More Accurate Discount Requests: Every time human intervention is required to import or update discounting data, it represents an additional opportunity for errors. With IOL, buyers and suppliers can propose discount terms and options through the secure portal, improving accuracy of invoices and discount requests.
- Maximizes Profitability: A recent industry survey of AP professionals indicated that only 27 percent of companies capture discounts consistently. Capturing all available early discounts can make a big difference in optimizing cash flow management. IOL not only enables organizations to capture more discounts through automation and custom notifications, but also reduces costs associated with invoice processing, labor requirements and inefficient workflows.
- Lower Processing Times: Direct Insite’s IOL can reduce invoicing processing cycles from 23 days down to five. This streamlines financial supply chains and positions organizations to capture more discounts for early payments.
- Provides Greater Visibility: IOL’s portal provides real-time reporting tools and insights into discount history, enabling executives and AP and AR departments to identify trends and make more informed business decisions. Organizations can access invoice status and information easily through the secure IOL portal.
Direct Insite’s highly-secure IOL platform supports all major payment types and improves organizations’ ability to view and capture all available discounts. With Direct Insite’s IOL solution for PeopleSoft discount management, organizations can transform their financial supply chain and drive operational efficiencies. For more information about our customized solution, call us at 954-510-3750.