PowerDive - Preventing Payment Gridlock is a BI app for efficient management of payment practices.
• Perform cause-effect analysis of inefficiencies in the invoice processing both at the aggregated level and at the level of a single transaction;
• Categorize outstanding invoices according to their subject, type, approval status and number of days till due date;
• Identify invoices at risk of late payment and give overview of invoice ageing by due date, including current stage of processing;
• Categorize of suppliers by the number of invoices issued in particular period, document type and frequency of settlements;
• Automate the distribution of notifications to employees responsible for invoice approval at various stages of payment processing;
• Monitor the value of overdue transactions, including interest on late payments, as required by the Act on combating late payment in commercial transactions (for Polish version).
Client had difficulties in monitoring & managing its payment practices, including:
• Ineffective process of documents circulation in the organization;
• Lack of a purchase order number placed on the invoice;
• Lengthy process of identification who should approve an invoice without a purchase order;
• Lengthy approval process;
• Lack of a system confirmation of service delivery or receipt of goods stored outside of a warehouse (e. g. marketing materials).
Benefits for the client:
• Automatic identification of invoices being at risk of late payment and root cause of that;
• Enhancement of invoice approval process;
• Ongoing monitoring of KPIs and deviations from established targets;
• Early warning of possible problems in on-time payments;
• Reduced risk of financial consequences resulting from overdue payments and unreliable payment practices.