Global payments technology company, Visa and @UKplc, one of United Kingdom’s largest eCommerce marketplace solutions providers, has jointly announced a partnership that will launch a cloud-based, advanced e-procurement system that extends the capabilities of existing procure-to-pay products, into business planning and improving interaction between buyers and their suppliers.
cloudBuy is an integrated solution that takes a corporate buyer through a procurement process, from sourcing, order placement, payment, through to analyzing the purchase from a cost management standpoint, in a few mouse clicks. The solution then takes the process further with in-built controls and immediate audit facilities, eliminating rogue buying and off-contract pricing as well as ensuring compliance.
cloudBuy has an exclusive partnership with Visa, which offers a safe and controlled payment environment. The payment method also ensures that buyer organizations do not lapse on payment schedules with their suppliers and that suppliers have better cash flow with shorter payment periods. The payment method will particularly benefit SME suppliers who often suffer cash flow problems because of payment delays by buyers.
“Economic forecasts in Asia Pacific markets, particularly the more developed ones, have called for austerity measures. We acknowledge that organizations are under pressure to cut costs and improve efficiencies quickly. They are looking for solutions that are not just quick fixes but provide sustainable cost management possibilities,” said Olivia Leong, Regional Head of Enterprise & Government Payment Solutions, Commercial Products, Visa, Asia Pacific, Central Europe, Middle East and Africa.
“We decided to extend Visa’s collaboration with @UKplc that started in Europe, to Asia Pacific. Through cloudBuy, we bring to market an enhanced electronic procure-to-pay solution that doesn’t just provide immediate cost savings, but will push companies to reassess their buying behaviors and payment methods to meet long-term cost management objectives,” Leong added.
Visa says that the partnership combines the strengths of the company’s issuer relationships, a proven network and a track record of bringing innovative payment solutions to the market, with @UKplc’s experience in developing and running e-commerce and cloud computing solutions for Government and corporate clients.
cloudBuy – Going Beyond Procure-to-Pay
A key differentiator of cloudBuy is its starting point. The system operates on artificial intelligence technology that analyses a buying organization’s spend detail in just days. It gives an immediate assessment of compliance to raising purchase orders, price variances for the same product across the organization locally and globally, lost opportunities with volume discounts and special promotions, as well as a global price benchmark for the same product.
The data and analysis will assist buying organizations to set realistic cost management targets even before cloudBuy is implemented.
Upon implementation, cloudBuy continues to offer data analysis that produces extensive reports that assist organizations with supplier management, contract negotiations and renegotiations, as well as real time tracking of cost management leading to better business forecasting.
“We have at hand the intelligence of having analyzed more than $500 billion of spend through our SpendInsight tool,” said Lyn Duncan, CEO, @UKplc. “cloudBuy’s client base will benefit from the knowledge gained from @UKplc’s experience in analyzing corporate buying behavior as well as price variances across the globe. We remain steadfastly committed to helping organizations improve purchasing processes and achieving their strategic business goals.”