How today’s mid-market companies can benefit from innovative AP automation solutions
nimble [nim-buh l]
adjective, nimbler, nimblest.
1.quick and light in movement; moving with ease; agile; active; rapid:
Not all organizations are created equal. Far from it, in fact. Many mid-sized companies feel like they are getting overshadowed by large multinational enterprises when it comes to having access to purchasing solutions that meet their unique procure-to-pay (P2P) needs. At the beginning of this year we predicted that might change in 2018, and it seems like that is the case.
Mid-market companies have different P2P requirements, strategies, and budgets than the Fortune 500, so why would they need the same solutions? Instead they need an intuitive, dynamic, and transparent procurement process without the complexity—and hefty price tag—that comes with the most complex solutions. Our friends at Spend Matters® call them Nimble Buyers. The Spend Matters SolutionMap buying personas reflect different organizational needs tied to the unique value propositions served by providers.
The definition of nimble includes agile, active, and moving with ease. And when a nimble company is transitioning from manual paper-laden AP workflows to AP automation, its solution needs to be the same.
How do you know what type of buyer you are and what you need from your invoice payment processing (AP) automation solution?*
Nimble organizations are: Dynamic and results-focused with limited IT department involvement; risk-tolerant of new approaches and providers; often decentralized, rapidly growing, and/or middle market size.
Nimble organizations need: Speed to value, low pricing, and modern, intuitive, cloud-based software with optional value-added services.
Deep organizations are: Highly sophisticated, rigorous, somewhat complex, risk-tolerant, and happy to push the limits of technology to create more value.
Deep organizations need: The most comprehensive, tailorable solution for the job; best-in-class functionality with the breadth, depth, and ability to support your sophistication.
Configurator organizations are: Moderately to highly sophisticated with unique process requirements from often complex supply/value chains.
Configurator organizations need: Emphasis on flexibility, modularity, configurability and internal/external integration to ultimately support your organization’s diverse and evolving needs.
Turnkey organizations are: Outcome-focused, have a TCO (total cost of ownership) approach to implementations, and are often risk-averse and skeptical based on previous experiences.
Turnkey organizations need: A combination of software capability and supporting services to contractually deliver results and a defensible ROI; pre-loaded capabilities, content, and know-how.
CIO-friendly organizations have: A strong IT backbone, high IT influence and investment for buying decisions, with a big focus on security, standardization, control, and risk/compliance.
CIO-friendly organizations need: IT support and CIO endorsement, a new ‘skin’ atop existing systems for optimization.
Once you identify what type of Buyer you are and what you need from your AP automation solution provider, your next step is to future-proof your solution. In other words, make sure that your solution will scale as your company grows and evolves. This is particularly important for the Nimble Buyer because you tend to be decentralized and rapidly growing.
Remember: Tie your unique business requirements to those value propositions served by the AP automation solution providers you are considering and make sure they align.
In Part 2 of this series, we’ll review the Spend Matters Vendor Snapshot about Yooz and talk about why Yooz is a great fit for the Nimble Buyer.
*Buying persona profiles and needs based on content provided by Spend Matters for the March 21, 2018 webinar, 2018: The Year of the Nimble Buying Persona. Watch the full webinar replay, including the audience Q&A session, for free . Learn more about buying personas by visiting the new Spend Matters SolutionMapSM tool.