What Institutions Can Learn from Boston’s University Procure-To-Pay Journey

Posted by:
invenioLSI

Publish Date:
20 Nov, 2024

Keeping an eye on the future, Boston University (BU) has embraced a procure-to-pay transformation, with the following use case illustrating SAP’s powerful impact and our perspective on the value that experts like invenioLSI can bring to the process. Guided by the vision of Chief Procurement Officer Randall Moore, BU has modernized its procurement operations and gained better performance, serving as a compelling example for other institutions. 

 How Key SAP Solutions Powered BU’s Transformation 

SAP’s Spend Management Suite is a solution designed to bring organization-wide visibility and control over procurement spending. 

SAP Spend Management Suite: 
By implementing this suite, BU automated end-to-end processes from purchase requisitions to supplier payments, consolidating hundreds of millions of dollars spent under one highly productive, user-friendly platform. This streamlined setup now includes 40 electronic catalogs and has automated 98% of invoices, reducing manual effort significantly and accelerating payment cycles. The result? Faster order processing and seamless supplier collaboration. 

Tail Spend Management with Fairmarkit and SAP Integration: 
A central focus of this transformation was BU’s approach to tail spend, which refers to the small, often-overlooked purchases that add up over time. By integrating Fairmarkit with SAP, BU was able to automate these low-volume, high-effort transactions, while also utilizing machine learning to match suppliers quickly, reduce manual RFPs, and improve transaction management.  

Early Payment Discounts: 
BU’s proactive approach to capturing early payment discounts was another highlight. Last year alone, the system’s automation and timely payment capabilities allowed BU to capture $3.5 million in savings, highlighting the impressive ROI that comes with a well-integrated SAP system.  

invenioLSI’s Expertise in Higher Ed Transformations 

Trusted with clients worldwide, invenioLSI brings a specialized focus on higher education, knowing how to align SAP solutions with the unique workflows and requirements of universities and applying their expertise in:  

  1. - SAP Implementation & Optimization 
  2. - Organizational Change Management 
  3. - Ongoing Support and Customization

From procure-to-pay to HR and finance, invenioLSI’s customized strategy means that the technology adapts to the institution’s needs and not the other way around. Another standout capability is invenioLSI’s expertise in organizational change management. Implementing advanced technology requires careful attention to how these changes are introduced and embraced by staff. invenioLSI works closely with procurement teams to establish a focus on digital-first operations and efficiency, guaranteeing the continued value and impact of solutions over time. In addition, invenioLSI’s ongoing support and customization allow systems to grow with an institution’s needs, helping them stay relevant and competitive in procurement technology. 

Boston University’s transformation in procurement goes beyond a simple technology upgrade, with this case clearly showing the potential of these powerful transformations in higher education and their value-adding functions. When combined with targeted expertise, such as invenioLSI’s, institutions looking to embrace SAP solutions could also replicate and even expand on BU’s successes.

 

Blog Author

invenioLSI

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