Stampli to Roll Out Procure-to-Pay Solution

Stampli introduced a procure-to-pay solution that brings all procurement processes, documents and conversations between finance team members, employees and vendors together in one workflow.

The new Stampli Procure-to-Pay software provides a single platform that includes purchase requests, purchase order (PO) creation, invoice processing, payments and discussions, the company said in a Thursday (Jan. 30) press release.

The solution will be made generally available to all Stampli’s accounts payable (AP) automation customers during the first quarter, according to the release.

“Everything happens within Stampli: Every step, every approval, every budget review and every conversation, in perfect harmony with your ERP,” Stampli CEO and co-founder Eyal Feldman said in the release.

Stampli Procure-to-Pay is designed to eliminate the challenges finance teams face when dealing with disconnected systems and conversations that take place across email, chat and meetings, according to the release.

The platform supports any type of purchase request, automatically creates POs in the user’s ERP, provides dynamic and fixed approval workflows, delivers real-time budget tracking and validation, and offers a complete audit trail across all activities, the release said.

Like all Stampli products, the procure-to-pay platform is powered by the company’s artificial intelligence copilot, Billy the Bot, per the release. In this case, the AI copilot has a newly added ability to transform free-text employee requests into the structured data required by finance.

“Stampli adapts to your processes and implements in weeks, not months, giving you complete control without disrupting your business,” Feldman said in the release.

Most retailers and manufacturers are either already investing in upgrades to their procurement technology or planning to do so, according to the PYMNTS Intelligence report “Digital Payments: Modernizing Procurement Processes.”

The report found that 31% of retailers and 42% of manufacturers are investing in procurement technology, and another 53% of retailers and 44% of manufacturers plan to do so.

In another development in this space, FISCAL Technologies and Proservartner said in December that they partnered to offer tools and consultancy services to help organizations reduce payment errors, supplier fraud and inefficiencies within procure-to-pay processes.

In October, Spendesk launched a procure-to-pay solution that it said was designed alongside the company’s existing spend management platform and provides a fully integrated procurement and spend management tool for European small- to medium-sized businesses (SMBs).

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