It’s an age-old problem in procurement: Corporate buyers lack the time to negotiate fully with all suppliers. Historically this has left untapped value on the table for both buyers and suppliers. To address this challenge, Walmart deployed AI-powered negotiations software with a text-based interface (i.e., a chatbot) to connect with suppliers. So far, the chatbot is negotiating and closing agreements with 68% of suppliers approached, with each side gaining something it values. This article offers four lessons to deliver results from automated procurement negotiations: move quickly to a production pilot, start with indirect spend categories with pre-approved suppliers, decide on acceptable negotiation trade-offs, and scale by extending geographies, categories, and use cases.

We've found that a whopping four out of five invoices don't align with their agreed-upon contract. Usually, what's incorrect is the payment terms. The contract may list payment terms as net 60, while the invoice specifies net 30 or even net 15. While this may sound like a relatively small difference, longer payment terms actually make a big difference for your company's cash flow. An additional 30 or 45 days of having money on your ledger allows your company to maximize profits via interest, external investments, and/or internal re-investments.

When a company doesn't pay a supplier when it's supposed to, it can be next to impossible to collect that money. Accounts receivable processes were designed to keep the bill collecting organized, but today, with B2B payment terms expanding longer and longer, AR has risen, out of necessity, into a more strategic part of the enterprise. For companies large and small today, the first step in strategizing the AR department was to digitize and automate: offer electronic invoices, support electronic payments and enable automated process management. But Anthony Venus and Eugene Vyborov, CEO and CTO, respectively, of AR solutions provider YayPay, say that accounts receivable is ready to take the next step in technological advancement. "Tons of companies are heading over 100 days sales outstanding, which is a huge number, to be honest," Vyborov said.

When a company doesn't pay a supplier when it's supposed to, it can be next to impossible to collect that money. Accounts receivable processes were designed to keep the bill collecting organized, but today, with B2B payment terms expanding longer and longer, AR has risen, out of necessity, into a more strategic part of the enterprise. For companies large and small today, the first step in strategizing the AR department was to digitize and automate: offer electronic invoices, support electronic payments and enable automated process management. But Anthony Venus and Eugene Vyborov, CEO and CTO, respectively, of AR solutions provider YayPay, say that accounts receivable is ready to take the next step in technological advancement. "Tons of companies are heading over 10 days sales outstanding, which is a huge number, to be honest," Vyborov said.