Procurify: Building Proactive Spend Cultures

Procurify: Building Proactive Spend Cultures

CIO VendorAman Mann, CEO and Co-Founder The way businesses used to work has evolved a lot, automation is the key here; however, operations like accounts payable (AP) are still in the old age era, manually handling everything. The challenge is not just only the manual processes but the additional expenses and wastage that come along with it. Procurify is one such company that has taken the initiative to redefine how businesses manage their AP. “We believe in a simple, yet profound idea: to be the change that improves business, and the lives of those working every day,” states Aman Mann, Co-founder, and CEO of Procurify.

Procurify’s namesake solution is a spend management software that helps its users in making more informed and insightful decisions when it comes to company spending. Bringing certainty to the financial record, the solution enables businesses to control, track and report their spend. The core features that make the software solution strong are approval routing, where one can design its approval structure based on dollar threshold, departments, locations and many more; web and mobile enables a painless way to track these items, keeping all the documents safe and secure to be accessed from across all devices. The three-way matching aspect helps businesses to match invoices, packing slips and purchase orders in one step, while user role controls manage access rights across several teams, locations and departments.

The expense tracking of Procurify enables businesses to submit expenditure forms and invoices into expense reports effortlessly, whereas cost allocation feature seamlessly split and deal out costs to match the financial structure of the companies. “We cut the fat out of old dates processes. We want to see you focused on the things that matter while we take care of the rest,” asserts Mann.

How Procurify Works?

In the procurement process, an active requisition is the first step. Procurify helps users to create online purchase order requests in seconds from desktop or mobile. Its requisition workflow authorizes financial team with the vital insights required to make informed decisions swiftly and precisely. It also enables users to check the status of their requests throughout the process while notifying them instantly if any changes happen. This brings transparency to their spend management.

The next step after the request is approval. Procurify enables the users to conveniently access the insights they need to make better approval decisions. Its key features include real-time notifications, expense management, audit log, real-time spend visibility, and centralized purchasing. The third step after approval is purchasing.

After creating the list of orders, users can quickly send it to its preferred vendor through email as Procurify automatically fills in the crucial details. Vital elements of purchase that differentiates it from its competitors are vendor management, custom purchase orders, receipt management, purchase order generation tool, catalog management, and approval history.

We cut the fat out of old dates processes. We want to see you focused on the things that matter while we take care of the rest

Receiving the purchased item is an essential link between purchase and payment in the procurement process because it is imperative to ensure that the clients received the same thing which they have ordered. Procurify keeps a record of all the purchasing at one place so that anyone can check them off as the delivery arrives. It also maintains a record of purchasing history so that the users can a have a look at the inventories that they have already purchased. Procurify also enables the users to see precisely who requested, approved, and received an order so that they can start conversations with the right people whenever they need to send an update or clarify a detail.

"A good spend culture starts with the team because great companies are built by people first"

The last step is pay, where Procurify lets its users to easily divide purchases between different locations or departments so that they can adjust entries before the end of the accounting period. It allows its users to compare an items invoice to its corresponding purchase order and packing slip, so they can know if they have been invoiced for something they did not order or have not received yet. Also, Procurify gives the freedom to its users by not compelling them to pay for the whole order at once.

With Procurify, companies can sort their debts accordingly and easily make partial payments over a certain period to take advantage of their payment terms. Companies can also create a chain of payment approvers adding another layer of protection to avoid any confusion or fraud. Moreover, Procurify also enables users to easily reimburse their employees and let them quickly match their team’s expenses and purchases to the company’s credit card statement by displaying them side-by-side.

A Great Goalkeeper on a Soccer Team

Sharing an anecdote about Procurify’s success, Mann mentions about Samumed–the world’s largest biotech startup. Earlier, the company’s lab personnel were using a single-user spreadsheet to file their purchase requests. Also, they would have to wait for their turn if someone else was working on it.

Not only this, but the $12 billion company had the poor procurement visibility also. In short, everything was old-modeled and used to take an umpteen amount of time while expanding the purchasing volume ten times. So, a point came when Samumed decided to upgrade its procurement process. The company was looking for something that can improve the procurement experience for everyone – including the lab personnel making the purchase requests, the supervisors authorizing the purchases, the buyers in charge of placing the orders, and the team accounting recording and analyzing the purchases.

Hence, they wanted a solution that had to be both great and easy to use, fulfilling the needs of all teams equally well.

During the search operation of the right solution, Samumed discovered Procurify and realized that the solution can save a considerable amount of time of lab personnel as they no longer have to enter product details every time they order something manually, or they do not have to wait for their turn while someone else enters his/her purchasing details. After Procurify, Samumed also witnessed that the total procurement volume has expanded by twenty percent and despite an increase in orders; the company has managed to save approximately fifty percent over their earlier procurement process.

Speaking high about Procurify, Cevdet Samikoglu, CFO, Samumed, says, “Procurify is like a great goalkeeper on a soccer team. When the goalkeeper does his job, people may not notice it, but it forms the foundation for the team to score goals elsewhere and win. Since we have implemented Procurify, I have heard nothing but good news about procurement, and I can think of no higher compliment for an operational platform.”

Vision and Dedication

Procurify’s vision and dedication towards its clients drive the business. The firm serves different sectors, like technology, education, biotech, aviation, healthcare, pharma, and hospitality. Beyond just helping clients in adopting Procurify, the firm’s customer success team helps them in facilitating change management. Procurify’s specialized team works with the client’s team to make them understand why a streamlined purchasing process holds a vital place in the success of any business and how they can be a part of an improved workflow. “We work alongside you, so Procurify is never annoying or burdensome. You will be live within one week, guaranteed. And you will, without a doubt, understand the process and our product,” mentions Mann.

Founded in 2012, Procurify has come a long way since its inception. The firm has recently integrated with NetSuite software to help a more extensive set of companies to up to date their spend flow. With the development, both the firms are bringing the comprehensiveness of NetSuite’s advanced module with Procurify’s indirect and service spend tracking capabilities. “The knowledge of why and the power of action is so important in organizations - revenue may be uncontrollable but spend is, and organizations can learn to leverage it to work for you and not against. A good spend culture starts with the team because great companies are built by people first,” says Mann.

Moreover, Procurify has also acquired VendorBase–an online buyer-supplier platform–which has been rebranded as Procurify Exchange (PEx). The newly branded solution is to help facilitate buyer-supplier communication, where users can send, manage and approve quotes to vendors for free. Mann, who co-founded Procurify, looks forward to adding new features to enhance the customer’s experience. He believes that understanding a business’ accounts payable culture is the first step towards making a great working system. “Knowing the why behind what you are spending is so important - Procurify gives you the visibility to see what has been purchased and why,” adds Mann. In addition to PEx, Procurify also visions to provide an enhanced version of its solution to organizations to improve their spend culture. “We look forward to continuing this amazing journey with our customers. And for those interested in what we’re interested in, try us out and join our family,” concludes Mann.

- Divya Kishore
    October 16, 2018