Hyland releases new accounts payable automation solution for Workday
Direct Spend Matching solution for Workday offers three-way invoice matching and end-to-end, frictionless processing
Hyland, a leading content services provider, has introduced its new Direct Spend Matching for Workday solution. As an extension of Hyland’s current accounts payable automation integration, it helps to provide Workday customers with end-to-end, frictionless processing of invoice data and a complete view of direct spend to procurement organizations.
Direct spend or direct procurement involves the purchasing of goods and services directly involved to produce or manufacture the products a company sells. To manage this payment process, organizations use three-way matching to verify and validate supplier invoices against corresponding purchase orders and receipts. This becomes especially challenging when working with multiple enterprise resource planning systems (ERPs), disparate data sources and formats across different lines of business and tools.
Hyland’s pre-configured solution will help enable retail, hospitality and other product-based customers that need to manage direct spend to easily capture invoices and associated data by matching those values against purchase orders and delivery receipts within any ERP or point solution. Procurement documents and associated data integrate with Workday workflows, helping provide customers with expedited and rules-based routing and exception management. This sophisticated exception handling framework aims to help customers realize faster resolution and payment to their suppliers. By allowing users to quickly identify and resolve exceptions, it also aims to support the improvement of efficiencies for operational and support staff. Offering all the features and benefits of the existing Hyland AP automation solution, Hyland’s Direct Spend Matching for Workday solution aims to:
- Drive additional AP efficiencies in Workday through pre-packaged content, certified integrations, enhanced ease of use and fast deployment
- Provide complete, native visibility into procurement documentation within Workday Financials
- Provide faster resolution and payment, resulting in improved supplier relationships
- Speed month-end close with automated direct spend accruals
“Our latest AP automation solution further elevates our continued partnership with Workday,” said Don Dittmar, director of product management at Hyland. “Understanding how labor-intensive it is to sort through and match volumes of invoice and other procurement data to separate lines of business applications, we’re proud to partner with Workday on this new solution to deliver their customers reduced cycle times and better-informed decision-making throughout the procurement process.”
To learn more about the Direct Spend Matching solution, visit Hyland.com.