Automating Accounts Payable for Pharmaceutical Companies
Leverage cutting-edge AI/ML algorithms to streamline your PO-to-Pay to streamline processes, improve accuracy and boost profitability.
Accounts Payable challenges in pharmaceutical companies
High Cost of Fraud
5% of revenue lost to fraud each year by organisations with a median loss of $125,000 and some individual cases
Inefficient Payment Methods
42% companies still use checks for business payments, which are slower, costlier, and more prone to fraud
Data Deficiencies
Paper-based AP processes lack data capture, hindering financial forecasting and analysis of spending patterns for budgeting, scenario planning, supply chain management, and other crucial tasks.
Audit Inefficiencies
$1.40 per $1,000 in revenue spent as audit costs as manually processing invoices and chasing approvals can cause errors, leading to increased audit costs, compared to top performers at only 25 cents.
Strained Vendor Relationships
Company reputation can be damaged by inefficient AP function that leads to late payments, causing missed opportunities for future deals, ultimately reducing vendor loyalty and hindering future contract negotiation.
High Inquiry Volume
AP departments spend 25% of their time resolving issues and tracking down missing information from suppliers due to invoice errors.
Your AI-powered Accounts Payable Control Center
Invoices digitization and processing
Centralized access and collaboration
100% customizable workflows
2-way/3-way invoice matching
Integrated vendor Management
Stronger supply chain and treasury
Near real-time insights
Audit ready in minutes
KredX AP Automation Suite: Ready in Days, Not Months
Automate vendor onboarding and management to enable efficiency, adhere to compliance, and improve relationships.
Unlock early payment discounts and earn more than 18% return on your treasury with zero risk, with KredX Dyanmic Discounting.
Empower growth with instant AP insights to measure, visualize, and collaborate for maximized efficiency.
Boost profits and unlock rewards with every AP spend through KredX Pay, the first credit card built for earning, not just expenses.
Ready to Supercharge your AP automation?
