Touchless matching substantially reduces the invoice processing labor while improving accuracy. In many environments 70% of PO invoices can be processed automatically.
Slingshot’s supplier portal now permits multiple signed in users for the same supplier. One user, deemed the administrator, is allowed to establish or deactivate other users. This feature puts the supplier in control of who can access the portal and what functions can be performed.
Slingshot has added “intelligent OCR” receipt recognition to its Mobile Expensestm application. Mobile Expenses is available on iOS or Android powered phones. The application allows a user to capture expenses by entering the app and taking a picture of each receipt. An OCR process converts the receipt to text and automatically fills in the expense category, receipt date, description, merchant’s name, credit card # (last 4 digits) currency, and amount.
What sets Mobile Expenses apart is its ability to improve OCR accuracy as each additional expense is captured from the same merchant. The learning process notes the expense category assignment and the location of the key fields on the receipt and uses this information the next time a receipt is processed from the same merchant. Intelligent OCR distinguishes between cash and credit card receipts where the location of the data is often different.
The Mobile Expenses app includes travel policy enforcement, a mileage calculator as well as support for company charges and pre-authorized travel. Once submitted, expense reports requiring approval are routed to all approvers and can be approved in Slingshot’s Mobile Approvalstm application, in an Email notification or on your Slingshot site. Attached receipts are visible on all platforms (mobile and desktop).
For more information contact Slingshot sales representative at This email address is being protected from spambots. You need JavaScript enabled to view it..
Slingshot’s Strategic Sourcing application (eSource) automates the process of identifying, qualifying and onboarding suppliers. RFx documents can be produced for a set of suppliers. These documents are extremely flexible and can include items to be priced, business terms, documents required and a survey. Supplier responses are recorded in Slingshot’s supplier portal. Responses are scored automatically based on price and survey responses. The RFx can be awarded as a purchase order or a contract.
Automatically Source Requisition Lines
Slingshot’s new AutoSourcetm tool creates purchase orders and RFx documents automatically to satisfy requisition lines. A requisition line is associated with a set of potential suppliers using the UNSPSC (United Nations Standard Product and Service Code) taxonomy. The product’s UNSPSC code also establishes its Spend Category. The Spend Category defines the buy channel (e.g. RFQ, RFP, Contract Release, Spot PO) and other procurement parameters.
Category Managers review AutoSourcetm actions and exceptions (e.g. “no matching supplier”) on six exception queues. The Category Manager can adjust the rules and resource the request line with one click. Automatic Sourcing frees Category Managers to focus on supplier acquisition, negotiation and other high value activities.
Set and Track Savings Achievement Goals
eSource now allows Savings Goals to be set by spend category and fiscal year. Savings are calculated by subtracting the actual purchase price from a “savings base line price” which is either the last price paid or the estimated cost supplied by the requisitioner. Actual vs. Planned savings can be reviewed for each spend category on the form below.
A new Savings Analysis report allows the user to “slice and dice” the savings achieved along 24 dimensions including Supplier, Product Class, Commodity, UNSPSC (segment, family, class and / or commodity). Multiple grouping levels can be specified as well.
Evaluate RFx Responses with the Comparison Tool
RFx responses can be viewed side by side on the new RFx Comparison Report. Simply select the responses you wish to compare. The report shows each element of the RFx (pricing, survey responses, scoring) as shown below:
Service Level Metrics (procurement cycle time)
Category Managers can now be evaluated on service level provided in addition to cost savings. The time required to fulfill a requisition line is broken down into the time to issue an RFx document plus the time to issue a PO plus the time to receive the goods or services. This information is all shown on the report below.
The data can be analyzed along 9 dimensions including supplier, product, spend category and region. These dimensions can be grouped on multiple levels.
eSource can be licensed as a “stand alone” application or, as an extension to Slingshot’s purchasing and supplier portal modules. For more information contact your Slingshot sales representative at This email address is being protected from spambots. You need JavaScript enabled to view it.
Slingshot’s Supplier Portal allows registered suppliers to collaborate and add value to the customer relationship. The goal is to promote improved efficiencies for both the supplier and its customer.
Suppliers can participate in RFx initiatives (RFQ, RFP or RFI), acknowledge and accept purchase orders, confirm shipping schedules, accept priced invoices, review performance statistics, update catalogue data (products offered and current pricing), update profile and supplier qualification data and review invoice history including a payment schedule for open invoices.
The supplier portal has been enhanced with a supplier dashboard providing “one click” access to all of the above functions. The supplier will receive Email notifications informing them of an RFx opportunity, the need to confirm a document or the need to update profile or qualification data. A link in the Email takes the supplier to the form below.
The supplier portal can be licensed as an extension to Slingshot’s purchasing and strategic sourcing modules. For more information contact your Slingshot sales representative at This email address is being protected from spambots. You need JavaScript enabled to view it.