Palette introduces new features to improve financial visibility and spend management

October 30, 2013  |  Invoice Automation, Payment, Procurement

Palette introduces new features to improve financial visibility and spend management Palette has introduced version 6.2. of its core solution suite, PaletteArena. This version includes significant new features to enhance procurement functions and enable easy, in-depth analysis of an organisation’s spending. These should help users gain closer control and management over indirect spending. But also enabling comprehensive spend management analysis based on data already stored in PaletteArena deployments.

Key Enhancements

Key enhancements in PaletteArena Version 6.2 include a completely new user-guided process for creating and approving purchase requisitions before ordering;  the new PalettePunchoutLayer service, which enables mapping of all web-shops in to the PaletteBuyer procurement module; and the new PaletteSpendManagement service.

  • With PaletteBuyer, users can now create requisitions for standard items, using internal catalogues, and infrequently-ordered goods and services by free text order.   PaletteBuyer now supports integration with any supplier web shop, even if the web shop does not use the standard SAP OCI protocol (Punchout) for integrating catalogues and web shops.
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  • The new PalettePunchoutLayer service extends the range of approved purchasing catalogues available to users, and allows users to raise purchasing requisitions for almost any item from any web shop directly within PaletteBuyer for approval.  This helps organisations to control unplanned, maverick spending on indirect items. With PalettePunchoutLayer, Palette maps and maintains the connection and updates for all the web shops that users wish to purchase from.
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  • PaletteSpendManagement provides a 360° view of an organisation’s expenditure. Developed in partnership with VendorLink, a specialist in spend, contract and vendor management, the service allows users to analyse transactional data, already stored within PaletteArena, in order to gain an insight into company spending behaviours and trends. This helps to highlight potential areas for cost savings and also enables users to monitor and manage supplier performance.

New features in PaletteArena Version 6.2 also include a purchase overview by supplier, enhanced mobile capabilities and a range of additional reporting and management updates.

Comments

Palette’s CEO, Lars Ola Petters, says: “With the new version of PaletteArena, we are focusing on enhancing procurement functions for organisations and giving them much greater insight into their current financial position. This makes it easier for users to control spending on indirect items and helps to improve the bottom line through better management of costs.”

Roy de Brouwer, CEO at VendorLink, added: “PaletteSpendManagement gives companies a comprehensive overview of their expenditure on a daily basis, enabling users to analyse data according to procurement commodity, supplier, cost centre, cost type and project level.  The service gives organisations a real-time view of their position, identifying potential opportunities for savings and helping to improve the accuracy of forecasts.”

More information

PaletteArena is a complete enterprise purchase-to-payment suite, enabling users to achieve significant, measurable cost savings and efficiency gains in processing supplier invoices and purchase orders.  It includes the PaletteInvoice, PaletteMobile, PaletteMail, PaletteBuyer, PaletteContract, PaletteExpense and PaletteSupplier Portal products, giving a web-based end-to-end solution that improves invoice management from receipt to payment.  It integrates easily with accounting, information and business systems to automate and streamline accounts payable activity across the organisation.

Contact: Petra Hagman:
phone: +46 8 763 092 25
email: [email protected]


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