CHERRY HILL, N.J., Feb. 7, 2019 /PRNewswire/ — Corcentric, a fast-growing provider of procurement and financial process automation solutions, has been recognized as a leader by IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Payable (AP) Applications 2019 Vendor Assessment (doc #US44753119, January 2019). The IDC MarketScape study provides an assessment of the most prominent software solutions and discusses what criteria are most important for companies to consider when selecting a system.
“Companies are increasingly seeing the value of automating the accounts payable function – from a reduction in invoice processing costs and improved supply chain visibility to fewer errors and greater process efficiency throughout the enterprise. Having the IDC MarketScape recognize Corcentric’s AP automation solution is validation that our mission to help companies reduce operating costs and unlock new potential within their enterprise is being achieved,” said Matt Clark, President and COO, Corcentric.
Purchase-to-pay cycle is regarded as one of the company strengths in the report, as evidenced by Corcentric’s ability to manage invoices from purchase order requisition to payment disbursement, as well as supply chain financing. Corcentric was also touted for intangible items such as a hands-on approach to onboarding and an overall high level of AP expertise with full knowledge of the needs and challenges of a back-office operation.
The Corcentric AP suite streamlines the transaction process from purchase order and invoice creation and transmission, purchase order acknowledgement, invoice capture and virtualization, automatic three-way matching, to cost allocation, approval workflows, and payment disbursements.
“AP workflows are quickly changing as part of digital transformation initiatives. Accounts Payable is rapidly adopting new technologies to cope with the new market dynamics. As digital transformation continues to evolve within AP functions, the importance of machine learning, big data and analytics, and even blockchain will increase rapidly,” said Kevin M. Permenter, senior research analyst, IDC Enterprise Applications.
Download an excerpt of the IDC MarketScape for Corcentric.
Corcentric is a leading provider of procurement and finance solutions that transform how companies purchase, pay, and get paid. Corcentric’s procurement, accounts payable, and accounts receivable solutions empower companies to spend smarter, optimize cash flow, and drive profitability. Since 1996, more than 6,000 customers from the middle market to the Fortune 1000 have used Corcentric to reduce costs and improve working capital. Learn more at corcentric.com.
About IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
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