Medius helps boost supplier relationships with new innovation
3 May, 2018
Medius, the leader in cloud-based AP invoice automation, today announced the launch of innovative new functionality in MediusFlow, the company’s next-generation AP invoice automation solution, that will revolutionize the too often strained and broken relationship between an organization’s AP function and its supplier base.
Traditionally the accounts payable team spends significant time manually responding to inquiries from suppliers regarding the status of an invoice in the absence of efficient visibility tools for supplier communication. Many organizations have tried to implement supplier portals in order to solve this issue as part of a P2P initiative driven by the procurement department and delivered by procurement system vendors. Yet these initiatives most often fail to align AP processes with supplier communication due to the cumbrous nature of these portals and the unwillingness of suppliers to log-on to several different portals to find the information they need.
With its sole focus on accounts payable automation, Medius has developed a supplier notification functionality within the AP invoice automation solution that truly supports the needs of both AP teams and suppliers.
Re-thinking supplier portals
The new supplier notification tool enables timely, detailed and efficient communication with suppliers, resulting in important time savings for the accounts payable team and improved relationships with suppliers. Organizations using MediusFlow can easily set up automatic email notifications to be sent to the suppliers updating them on the status of their outstanding invoices at a cadence of their choice.
Previously, the most common advice for organizations looking to reduce the time-consuming supplier inquiries was to implement a supplier portal where suppliers could log in to access information about their outstanding invoices. Unfortunately, many organizations experience challenges with supplier portals, including the onboarding of suppliers and the complexity of yet another system to manage.
“For most organizations, our supplier notification functionality eliminates the need of a supplier portal”, said Daniel Saraste, VP Product Management at Medius. “And since it’s available within the system they already use for AP invoice processing, they can get up and running quickly delivering value to the AP team as well as to their suppliers in no time.”
A quick win for greater efficiency and happy suppliers
The new supplier notification functionality in MediusFlow is a great time-saver for the accounts payable team, but will also help improve the relationship with suppliers who play a crucial role in a business’ value chain. In addition, suppliers who trust they’ll get paid in time, every time, will be more open to discuss terms and discounts during the next round of negotiations, opening up for hard cost savings and positive bottom line and cash flow effects.
“The new supplier notification functionality is a great example of how Medius focuses on innovations that remove inefficiencies and add automation to the accounts payable process”, said Daniel Saraste, VP Product Management at Medius. “Ultimately, we want to re-invent how AP is done today and this innovation is a small – yet highly time-saving and important – step on that journey.”
For more information, please contact:
- Daniel Saraste, VP Product Management, firstname.lastname@example.org
- Fredrik André, VP Global Marketing, +46 (0)709 23 93 81, email@example.com
Medius is a leading global provider of accounts payable (AP) invoice automation solutions in the cloud. The MediusFlow and Ascendo Invoice solutions automate and simplify the entire accounts payable process, enabling an unprecedented level of truly touchless invoice processing, shortened lead times, greater control, and improved visibility of financial metrics. The company has over 2,000 customers worldwide processing in excess of 52 million invoices annually, with a high density in the retail and manufacturing sectors.
Medius was founded in 2001 and is owned by the global investment firm Marlin Equity Partners. It has over 220 employees working from offices in Sweden (HQ), the United States, Australia, Denmark, Norway, the Netherlands and Poland. For more information, please visit www.mediusflow.com.