P2P in the Cloud: Insurance Companies Gain Time and Money — Bellwether
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Insurance companies often find themselves trapped with an outdated paper-based purchasing system. Productivity can be severely hampered by this and the tendency is to lessen the amount of control to accomplish more, but the expenses of the insurance company can quickly get out of hand. A procure to pay system can streamline the purchasing process step by step and help the insurance company’s expenses become more visible and trackable. This is why procure to pay is trending in the insurance companies. Tired of seeing piles of paper and nonsense transaction accounts? The e-procurement system is the one thing that can put an end to this horrible scene. E-procurement systems are confirmed to lessen work, time and also allow companies to say goodbye to tons of paperwork. One of the biggest efficiency problems faced by insurance companies is the long process of a paper-based procurement system. It is time consuming and becomes a bigger and bigger problem as the company grows larger in size. A paper-based system has many flaws and those flaws are magnified the larger the company gets. Accountants and managers may quickly realize that without e-procurement software, it’s just like wasting time and money of the insurance companies. A cloud-based e-procurement system provides easy access through the internet or virtually any mobile device and monitors the transactions in a different way. With just a push of a button, you can approve, modify or deny requests. Increased control and tracking will also solve some expense problems that the insurance companies are having. Procure to pay in the cloud allows insurance companies to completely control purchasing process and even improve the overall outlook of the company’s expenses. Accounts payable and supply management are incorporated into the procure to pay system. This is valuable to both small and large insurance companies. Increasing transparency, streamlining purchases, and gaining control of spend with the use of e-procurement system is the right solution. In just a short time, the expense problems faced by insurance companies can be controlled allowing the managers and owners to focus on the essentials of their core business. Changing insurance companies from a paper-based procurement system into procuret to pay system in the cloud is one of the most important and beneficial decisions for an insurance company. Wasting time and money will soon be a thing of the past.

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