Powering the Future of Procure-to-Pay: TRG Teams Up with Yooz

Posted by Rick Yvanovich

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As TRG celebrates our remarkable 30-year journey, we find ourselves reflecting on the invaluable role our partners have played in our success. That's why we're thrilled to announce our partnership with Yooz, a leading provider of Procure-to-Pay (P2P) automation solutions. This collaboration reflects our commitment to delivering best-in-class solutions to our valued clients.

But why Yooz? Let's explore the innovative features and benefits Yooz brings to the table, empowering businesses to streamline their P2P processes and drive the bottom line.

Powering the Future of Procure-to-Pay: TRG Teams Up with Yooz

Table of Content

I. Common P2P challenges & why automation matters

II. What makes Yooz stand out

III. How Yooz addresses P2P challenges

IV. Real-world example 

Common Procure-to-Pay (P2P) Challenges and why P2P Automation matters

Before we dive deeper into Yooz’s revolutionary solutions, here's a quick reminder of P2P challenges businesses are facing today and why TRG thinks it's high time to tackle them properly.

The Procure-to-Pay (P2P) process, often seen as a back-office function, plays a crucial role in any business. However, a closer look reveals a department riddled with inefficiencies that can significantly impact a company's bottom line and vendor relationships. Here's a glimpse into the key challenges plaguing traditional P2P processes:

Slow and Laborious

The average invoice processing time can range from a staggering 22 to 35 days, tying up capital and hindering cash flow.

Manual Mayhem

Repetitive, manual tasks like data entry and invoice approval contribute to high processing costs. In fact, research shows the manual processing of a single invoice can cost businesses between $7 to $16 USD.

Payment Penalties

Late payments, occurring in a significant 31% of invoices, can damage vendor relationships and potentially incur additional late fees.

Blind Spots and Missing Information

A lack of visibility into the AP process, with a staggering 3.5% of invoices unaccounted for, makes it difficult to track spending and identify areas for improvement.

Double Trouble

Erroneous or duplicate payments, a problem plaguing 70% of companies, can lead to financial losses and require time-consuming reconciliation efforts.

Fraudulent Foes

AP departments are constantly under siege by fraud attempts, requiring robust security measures to protect sensitive financial data.

Compliance Conundrum

With ever-increasing regulatory pressure, ensuring compliance with various tax and financial regulations adds another layer of complexity to the P2P process.

These challenges highlight the critical need for businesses to move away from manual, paper-based Procure-to-Pay (P2P) systems and embrace automation solutions.

P2P automation is essentially using software to streamline and automate the entire process a business goes through to buy things, from requesting supplies to paying the vendor. Imagine replacing paperwork and manual steps with a digital system!

There is no shortage of P2P solution providers in the market right now. So, why does TRG choose to partner with Yooz?

What makes Yooz stand out

What truly sets Yooz apart is its laser focus on a single mission: streamlining the P2P process with AI-powered automation for unmatched precision and efficiency.

Since its inception in 2010, Yooz boasts impressive growth, averaging over 40% annually. They serve a diverse clientele across 40+ countries, with over 5,000 satisfied clients and 300,000 active users processing a staggering 200,000,000 documents.

Behind the scenes, a dedicated team with over 1,000 combined years of research and development fuels Yooz's innovation. This commitment to progress is further evidenced by over 100 scientific publications focused on Artificial Intelligence and Machine Learning (AI & ML).

Unsurprisingly, automatic document processing remains Yooz's singular focus, and they consistently reinvest a significant portion (25%) of their income back into R&D to ensure they stay at the forefront of the technology.

With offices strategically positioned in the United States and Europe, Yooz has garnered global recognition not only for its cutting-edge technology but also for its commitment to fostering a thriving work environment. In acknowledgment of its dedication to employee satisfaction and professional development, Yooz was honored as a Great Place to Work USA in both 2023 and 2024.

How Yooz addresses P2P challenges

The traditional P2P process is riddled with inefficiencies, but Yooz's innovative automation solution dismantles these challenges head-on. Here's how Yooz conquers the most common myths surrounding P2P automation:

Myth: Too Expensive

Yooz Conquers with Savings and Zero-Risk: Yooz boasts an impressive 80% cost reduction compared to manual processing. Streamlined workflows, reduced errors, and fewer manual tasks translate to significant financial savings. Yooz empowers you to "do more with less,” freeing up resources for strategic growth initiatives.

Furthermore, Yooz offers a free, no-obligation trial period. As a SaaS-based solution, Yooz requires zero IT-costs, free, and transparent updates. 

Even better, all functions and features are included in your monthly subscription with unlimited users or managed companies.

Myth: Too Long to Implement

Yooz Conquers with Speed: Unlike cumbersome legacy systems, Yooz gets you started fast. Their streamlined implementation process ensures you can experience the benefits of automation in a matter of hours, not months.

As you will see in a real-world example below, a 2-hour setup is enough to fully adapt Yooz to a client's needs.

Myth: Won't Connect with Existing Systems

Yooz Conquers with Plug-and-Play: Yooz seamlessly integrates with most existing accounting and ERP systems - more than 250 of them. New connectors are built and introduced almost every day. 

Myth: Unsafe

Yooz Conquers with Security: Security is at the forefront of Yooz's design. They employ robust security measures to protect your sensitive financial data in the cloud, from automated detection of forged documents and inconsistent data to Regulatory compliance. 

Myth: Difficulty to Obtain User Acceptance

Yooz Conquers with Simplicity: One hour of training is all a Yooz client needs. You can access all Yooz functionality anywhere, any time on your smartphone or tablet. In-app e-mail feature makes it easier to share and collaborate internally and even with third-parties

Still not convinced? Here’s the story of a 4-star 182-room Novotel hotel that once grappled with a manual invoice processing system, managing 300 invoices per month, and how Yooz's advanced features addressed their needs.

P2P automation for hospitality

A Real-World Example: Yooz Transforms Hospitality Operations

The newly acquired hotel faced the daunting task of streamlining accounting processes to ensure seamless operations across its multi-site operation.

With just 45 employees and a high volume of invoices, the goal was clear: automate invoice entry and approval to enhance efficiency and accuracy.

Enter Yooz – a solution perfectly tailored to meet the hotel's specific challenges such as:

- Complex Workflow: Yooz's flexible workflow handled both manual and automatic selection of the right approver for each invoice, expediting approvals.

- Data Retrieval Challenges: Powerful search functionalities with advanced full-text search enabled hotel staff to quickly locate specific invoices electronically.

- Transparency and Communication: Yooz provided a clear overview of the entire invoice process, including real-time alerts for any delays. This improved communication and identified bottlenecks.

The implementation of Yooz was nothing short of transformative. With just one hour of training, the hotel was able to seamlessly integrate Yooz into its operations, immediately reaping the benefits.

The positive impact extended beyond the initial implementation. The hotel chain successfully rolled out Yooz across 15 additional sites, even with varying ERP systems, demonstrating Yooz's scalability. Today, Yooz efficiently manages over 2,000 invoices per month processed by 40 users.

"Two hours of set-up were enough to adapt Yooz to our needs. A solution that was very easy and fast to set up; in 15 days we were fully operational!"

Maxime Nicolas

Controller, Novotel

Yooz: The Future of P2P Automation

TRG is proud to partner with Yooz, a company at the forefront of P2P automation innovation. By providing our clients with access to Yooz's solutions, we empower them to:

  • Reduce Costs by 80% compared to manual processing.
  • Cut Cycle Time to Hours and secure early payment discounts.
  • Gain Instant Visibility into spending and eliminate lost documents.
  • Ensure Security with Yooz's robust cloud-based security measures.

Ready to unlock the transformative power of P2P automation? Contact TRG today to learn more about Yooz and how it can benefit your business!

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Topics: Financial Accounting Management Software, Digital Transformation

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Rick Yvanovich

 Rick Yvanovich
 /Founder & CEO/

With TRG International Blog, it is our mission to be your preferred partner providing solutions that work and we will make sure to guide your business to greatness every day.

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