Finance 4.0 to Supplier Field Services
Pay suppliers on the day of completing work, extend payment terms and combine all supplier invoices into one
Finance 4.0 Optimizes Finances and Provides Live Control
Same Day Pay
All Suppliers, One Invoice
Combine all supplier invoices into one invoice, once a month. Each line item is automatically aligned with extensive empirical data.
Extended Payment Terms
With Same Day Pay, enterprise buyers can now extend payment terms to maximize cash flow.
Zero Based Budgeting
Enterprises take 5-90 days to approve a supplier's invoice
The invoice reconciliation process for critical infrastructure enterprises is a manual process of the buyer, supplier and worker using email to compare excel spreadsheets with ERPs, Procure-to-Pay platforms and milestone databases. This takes up to 3-months prior to payment terms commence. This limits the marketplace to tier 1 and 2 suppliers, who have the budget to carry the 5-90 day approval process. It excludes smaller, cost-effective suppliers. (Source: Wireless Estimator 2019 https://bit.ly/2HsG3h3)
Same Day Pay creates double-digit percentage savings on multi-billion dollar services spend
Upon the buyer's live acceptance of the supplier's closeout package, invoice reconciliation is automated against Milestones, Purchase Orders, Goods Received and Invoice Received. This enables the buyer to approve the invoice moments after work is complete - or choose auto-approve - and for suppliers to receive Same Day Pay weeks before traditional supply chain financing solutions. Same Day Pay removes the barrier of entry for 1000's of qualified, small and medium sized suppliers to compete with large suppliers inside Scopeworker’s automated marketplace. Small and medium sized suppliers provide field services at double-digit percentage savings to that of large suppliers. Suppliers require no manual engagement with the buyer's ERP or Procure-to-Pay platforms for purchase requests, purchase orders, change orders, invoicing or payment.
Same Day Pay enables the enterprise to extend payment terms
Because of Same Day Pay, enterprise buyers can choose to extend their supplier payments terms. This enables enterprises to maximize their use of capital, allowing them to have more cash flow for any number of new projects. Extending payment terms ensures an enterprise's competitiveness while simultaneously improving transparency and predictability of payment processes.
All suppliers, one invoice, once a month with extensive line item data
Democratizing the supply chain creates double-digit percentage savings
Scopeworker's automated engagement with suppliers and the access to Same Day Pay enables enterprise buyers to directly engage - en masse - smaller, cost-efficient, suppliers that traditionally subcontract under the larger suppliers. Scopeworker's intuitive onboarding, automated procurement, project management and payment of field services lowers the barrier of entry for these small suppliers to compete with large suppliers. The automated marketplace brings lower prices and leverages the competitiveness of larger suppliers.
Centralized control with decentralized execution supports live Sarbanes-Oxley auditabiliy
Enterprise finance departments often struggle to gain control and visibility of market programs. Scopeworker's live transparency allows decentralized markets to have autonomy over their local strategy while allowing the finance department to have total transparency and centralized control. The transparency tells the story in real time. This enables total cost control and enables finance departments to have the freedom to explore interactive data without being limited to predefined questions, wizards or chart types. They gain live analysis of costs across projects, markets, regions and countries. The platform yields business agility, informed purchasing and process efficiency, whilst providing financial oversight that supports Sarbanes-Oxley auditability.
Live analytics drive management by exception
With live total transparency of every dollar spent, Finance departments can manage by exception. Financial coding, purchase orders and change orders are auto-aligned with procurement, invoice management, supplier SLAs and worker productivity. Financial items that require manual review can be defined at a global or commodity level. Machine-learning supports non-matching algorithms (e.g. invoices) and routes them for review and resolution.