Medius and SourceDay Join Forces to Revolutionize Procure-to-Pay Operations
JACKSONVILLE, Fla., April 30, 2024 /PRNewswire/ -- Medius, a leading global provider of cloud-based accounts payable (AP) automation and spend management solutions, and SourceDay, a leading supply chain collaboration platform transforming procurement, have announced their official partnership. The collaboration brings unparalleled operational efficiency and control to the Procure-to-Pay (P2P) cycle for discrete manufacturers and distributors worldwide.
By combining SourceDay's best-in-class supplier engagement and purchase order (PO) lifecycle capabilities with Medius' advanced AI-driven invoice management solutions, this partnership delivers a first-of-its-kind alliance for optimizing end-to-end P2P performance.
Benefits of the combined Medius and SourceDay solution include:
- Highest industry PO matching through 100% ERP data accuracy and advanced 3-way match rates yields fully autonomous, touchless invoice processing for both PO and non-PO invoices.
- Up to 80% efficiency gains for buyers through streamlined supplier collaboration, enabling up to 96% on-time delivery and scale without adding headcount.
- Up to 99.7% autonomous invoice processing of PO-backed invoices; up to 94.9% Autonomous Processing of non-PO invoices, eliminating manual intervention.
- Anomaly detection capabilities enhance fraud prevention and fill gaps in existing processes, establishing a more secure and reliable financial operation.
- Real-time notifications within workflow environments reduce platform-switching for buyers, enhancing operational efficiency.
"At Medius, we're dedicated to empowering our customers with the best-in-class solutions, and our collaboration with SourceDay does exactly that," said Jim Lucier, CEO of Medius. "One of the goals of any finance organization is having better supplier relationships that allow the business to get materials on time and then pay for them with minimal impact on the business. That's what this partnership is all about."
"Our partnership with Medius represents an unprecedented step forward in improved efficiency throughout the PO lifecycle to payment, helping customers achieve a higher level of operational and financial performance," stated Tom Kieley, CEO of SourceDay. "The SourceDay and Medius collaboration not only optimizes procurement and payment processes, but significantly strengthens both supplier performance and reliability and reduces risk, setting the new standard for supply chain excellence and financial transparency in the industry."
"SourceDay's collaboration with Medius creates a significant advancement in direct material procure-to-pay," said Xavier Olivera, Senior Analyst, Spend Matters. "This strategic partnership is poised to enhance accuracy and speed in managing the purchase order lifecycle, ensuring accurate, up-to-date ERP data, better on-time delivery, and more precise invoicing and alignment with final purchase orders for fully autonomous invoice processing. Especially advantageous for organizations in industries dealing with direct material, this collaboration amplifies operational efficiency and accuracy."
The SourceDay and Medius partnership is now active, with solutions available to all current and prospective customers. For more information, please visit medius.com or sourceday.com.
For more information, please contact:
Dan Bird, Fight or Flight for Medius
Dan.Bird@fightflight.co.uk, +44 7885 670798 / Medius@fightflight.co.uk, +44 330 133 0985
Amy Crow at SourceDay, amy.crow@sourceday.com
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