JACKSONVILLE, Fla.,
April 30, 2024 /PRNewswire/ --
Medius, a leading global provider of cloud-based accounts payable
(AP) automation and spend management solutions, and SourceDay, a
leading supply chain collaboration platform transforming
procurement, have announced their official partnership. The
collaboration brings unparalleled operational efficiency and
control to the Procure-to-Pay (P2P) cycle for discrete
manufacturers and distributors worldwide.
By combining SourceDay's best-in-class supplier engagement and
purchase order (PO) lifecycle capabilities with Medius' advanced
AI-driven invoice management solutions, this partnership delivers a
first-of-its-kind alliance for optimizing end-to-end P2P
performance.
Benefits of the combined Medius and SourceDay solution
include:
- Highest industry PO matching through 100% ERP data accuracy and
advanced 3-way match rates yields fully autonomous, touchless
invoice processing for both PO and non-PO invoices.
- Up to 80% efficiency gains for buyers through streamlined
supplier collaboration, enabling up to 96% on-time delivery and
scale without adding headcount.
- Up to 99.7% autonomous invoice processing of PO-backed
invoices; up to 94.9% Autonomous Processing of non-PO invoices,
eliminating manual intervention.
- Anomaly detection capabilities enhance fraud prevention and
fill gaps in existing processes, establishing a more secure and
reliable financial operation.
- Real-time notifications within workflow environments reduce
platform-switching for buyers, enhancing operational
efficiency.
"At Medius, we're dedicated to empowering our customers with
the best-in-class solutions, and our collaboration with SourceDay
does exactly that," said Jim
Lucier, CEO of Medius. "One of the goals of any
finance organization is having better supplier relationships that
allow the business to get materials on time and then pay for them
with minimal impact on the business. That's what this partnership
is all about."
"Our partnership with Medius represents an unprecedented step
forward in improved efficiency throughout the PO lifecycle to
payment, helping customers achieve a higher level of operational
and financial performance," stated Tom Kieley, CEO of SourceDay. "The
SourceDay and Medius collaboration not only optimizes procurement
and payment processes, but significantly strengthens both supplier
performance and reliability and reduces risk, setting the new
standard for supply chain excellence and financial transparency in
the industry."
"SourceDay's collaboration with Medius creates a significant
advancement in direct material procure-to-pay," said
Xavier Olivera, Senior Analyst,
Spend Matters. "This strategic partnership is poised to
enhance accuracy and speed in managing the purchase order
lifecycle, ensuring accurate, up-to-date ERP data, better
on-time delivery, and more precise invoicing and alignment with
final purchase orders for fully autonomous invoice processing.
Especially advantageous for organizations in industries dealing
with direct material, this collaboration amplifies operational
efficiency and accuracy."
The SourceDay and Medius partnership is now active, with
solutions available to all current and prospective
customers. For more information, please visit medius.com or
sourceday.com.
For more information, please contact:
Dan Bird, Fight or Flight for Medius
Dan.Bird@fightflight.co.uk, +44 7885 670798 /
Medius@fightflight.co.uk, +44 330 133 0985
Amy Crow at SourceDay,
amy.crow@sourceday.com
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/medius/r/medius-and-sourceday-join-forces-to-revolutionize-procure-to-pay-operations,c3971135
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