The need to gather and compile diverse datasets is an essential part of many supply chain processes, and poses a significant challenge for the supply chain team. Vendor invoice audit and reconciliation is a radical showcase of this challenge, since it involves data aggregation from multiple internal and external information systems.
It is a well known secret that 33 percent of supply chain invoices contain at least one discrepancy and many of us bear scars caused by haggling over payment approvals with internal stakeholders and vendors. I am here to tell you that this problem ranges from midmarket to the most prestigious and organized enterprises.
It’s not only that the existing practice can be time-consuming and error-prone, but no matter how good of an analyst you (or your colleagues) are, how well you know your operation and your vendors, the problem is data scarcity and lack of data lineage.
The availability of Machine Learning technologies and the magnitude of the problem is driving us to build Fixefy and solve it from the roots — combine all the data to a single source of truth and drive better decisions. We offer an easy and innovative data aggregation approach that empowers supply chain financial control with granular cost visibility and streamlined operations.
The Challenge of Data Aggregation in Supply Chain Finance
Data aggregation is essential for gaining a comprehensive understanding of supply chain financial transactions. However, the process of gathering and compiling data from disparate systems, with different data formats and structures, can be daunting. Operations and finance teams often struggle to aggregate information from contracts, pricelists, invoices, vendor specification spreadsheets and internal financial and engineering sources into a cohesive and unified dataset. This challenge leads to overcharges, limited cost visibility, delayed insights, and impairs decision-making.
Fixefy AI’s Data Aggregation Methodology
Fixefy AI is designed to tackle the complexities of data aggregation head-on. Rather than focusing solely on pricing and audit, the platform employs an intelligent data aggregation methodology to harmonize financial information. Fixefy AI acts as a data unifier, effortlessly gathering and compiling data from diverse sources and transforming it into a consolidated, coherent dataset.
Smart Data Mapping and Normalization
At the heart of Fixefy AI’s data aggregation approach lies smart data mapping and normalization. The platform utilizes advanced algorithms to identify patterns, relationships, and common attributes within the various datasets. Fixefy AI then maps and normalizes this data, ensuring consistency and accuracy across the aggregated dataset. By automating this process, Fixefy AI minimizes the risk of errors and accelerates data aggregation.
Realizing Comprehensive Cost Visibility
Fixefy AI’s data aggregation prowess results in comprehensive cost visibility for supply chain financial processes. Finance teams gain access to granular transactional data and cost trends across the entire supply chain. This real-time visibility empowers them to make data-driven decisions with unparalleled insights into cost drivers and potential areas for optimization.
Streamlined Financial Control and Decision-making
With a unified and aggregated dataset, Fixefy AI streamlines financial control processes. Invoicing, billing, and reconciliation become more efficient, minimizing delays and inaccuracies. Operations and finance teams can generate dynamic reports and analytics, facilitating strategic planning and enhancing decision-making capabilities.
In conclusion, the challenge of data aggregation in supply chain financial processes requires an intelligent and efficient solution. Fixefy AI addresses this issue with its data aggregation approach, enabling seamless gathering and compilation of data from diverse sources.
By providing comprehensive cost visibility and streamlining financial control, Fixefy AI empowers supply chain teams to make informed decisions, optimize costs, and drive sustained growth. Embrace Fixefy AI and revolutionize your supply chain financial management, gaining a competitive advantage in the dynamic business landscape.
