Food & Beverage Industry
Food & Beverage Industry

Increase back office efficiency with E-Invoicing

Slider

Food and Beverages

 

Increase back office efficiency with eInvoicing

Today’s evolved consumers are increasingly demanding healthier, yet convenient, food and beverage options. Food and beverages manufacturers are therefore under immense pressure to redefine their product line, in order to protect and grow their market share.

 

Key trends

  • Competition from companies offering organic products
  • Preference for value-added products, such as those fortified with vitamins
  • Larger companies tied down by slow and complex product innovation cycles
  • Food and nutrition policy recommendations from World Health Organization (WHO) likely to cause overarching challenges for manufacturers
  • Growing focus on food safety and supply chain transparency due to increasing cases of recalls

With the growing preference for online shopping, manufacturers are also compelled to invest in direct-to-consumer food ecommerce, eliminating the traditional retailer from the equation. However, the biggest challenge they face is offering competitive differentiation to be able to stand out in an over saturated market.

 

With rising food prices, food and beverages manufacturers are focused, more than ever, on managing costs, and ensuring greater financial visibility.

Key challenges in the food and beverages industry

 

Apart from responding to ever changing consumer trends, food and beverages companies also grapple with back office challenges. Top amongst these is effectively managing accounts payable and purchasing. The key question before them is ‘how to tame the complex world of paper invoices’ and achieve greater productivity’?Apart from responding to ever changing consumer trends, food and beverages companies also grapple with back office challenges. Top amongst these is effectively managing accounts payable and purchasing. The key question before them is ‘how to tame the complex world of paper invoices’ and achieve greater productivity’?

 

Top concerns

  • Food-&-Bevrages
    Disparate systems and processes across the extended supply chain network, leading to inconsistencies and payment delays
  • Food-&-Bevrages
    Duplicate invoices and cash leaks
  • Food-&-Bevrages
    Lack of smooth information flow across the supply chain
  • Food-&-Bevrages
    Inefficient accounting and inadequate audit trails
  • Food-&-Bevrages
    Large volume of invoices and batch processing, and complex data fields
  • Food-&-Bevrages
    Longer processing time

Improve your food cost performance with Invocus

 

Invocus e-invoicing solution suite enables automated accounts payables management for food and beverages companies at a global scale. We help you do away with manual and paper based processes, and achieve greater cost savings with automated e-invoicing. By partnering with us, you can stop worrying about back office performance, and focus effectively on more strategic business imperatives, in turn achieving a stronger competitive advantage.

 

Make big savings in your back office via invoice automation

 

What we help you achieve

 
  • Easy reconciliation of order to invoice
  • Optimal cost savings
  • Increased visibility and control over AP processes
  • Greater data accuracy and better contract management
  • Effective compliance

BENEFITS OF INVOCUS PORTAL BASED TOUCHLESS E-INVOICING SUITE

 

SUPPLIER INFORMATION MANAGEMENT

  • Compliant onboarding via supplier portal for self-registration
  • Effective data management via centralized repository, hassle-free document tracking, and audit trail management
  • Supplier risk management through data enrichment, risk alerts and risk scores

SUPPLIER SELF-SERVICE E-INVOICING

  • Easy payment tracking along with status updates, and configurable alerts on pending requests
  • Any format invoicing, with ICR to extract invoices from images
  • Early payment discounts with automatic calculation of discount due dates and amount

TOUCHLESS INVOICE PROCESSING

  • Automated 2-way and 3-way matching, along with easy exception handling
  • Customizable and condition-based approval workflows
  • Downloadable pre-canned reports, with easyconversion to charts and graphs

DYNAMIC DISCOUNTING

  • Customization of your dynamic discounting program based on savings targets
  • Easy collaboration with suppliers on program roll-out, payment dates and discount values
  • Centralized tracking of program savings and supplier acceptance

See E-Invoicing In Action
 
Our Solution Consultants will show you the power of AP Automation, discuss use-cases, and help your business transform payables into strategic assets.