Typical Insurance Industry Client Challenges

How to ever recover lost time?

1. The purchase orders have to be prepared and approved manually;
2. Spreadsheets are used to check vendor pricing and stock availability;
3. Considerable time is spent communicating with the vendor;
4. In-house updates have to be done via phone or email so requestors know when to expect their items;
5. Items are received and invoices are manually reconciled against the original purchase order.

All this takes a lot of time — time that most teams could use for more strategic and productive activities.

PMX would enable you to automate this entire purchasing process as well as provide a web page where requestors and approvers can check on order status. Other immediate benefits of to been attained from implementing PMX would be in the administrative area were the elimination of redundant work and the reduction in data entry.

The largest recovery of time can be seen from a direct result of improved order accuracy. That PMX would provide through electronic catalogs that can be updated easily, which this allowing the requestors to order exactly what they need. One of the biggest returns in recovering time now allows for the finding new vendors, negotiating better prices, budgeting, forecasting, and continuing to improve their purchasing procedures and policies.

Making sure you get it right!

One of the biggest problems most organizations face is in the area of reconciling invoices typically within their in-house accounting system. The accounting system require specific cost elements for each item, which means the user has to know the correct code for every item purchased. A major issue is that most of the requisitions miss the cost element, and their department code. This means going back to track down the requestor, check for the appropriate code, go back through approvals, and maybe finally get a start on the reconciliation process with the accounting system. With Bellwether’s PMX, users create the request on-line and the correct accounting code is automatically assigned to each line item, based on the item category and type. PMX will enable your organization become more proactive, rather than reactive, to the company’s needs. With the timesavings, you will be able to focus and better manage vendor relationships and negotiate more beneficial contracts based on performance and accurate usage.

Michele King – Regional Sales Director
mking@bellwethercorp.com - (704) 554-4091