BirchStreet Systems launches operational insights, an interactive reporting and analytics solution designed to help customers achieve operational goals for purchasing and accounts payable processes and yield substantial cost savings. Operational insights is the first product in the ongoing ‘Insights’ series targeted specifically to the unique needs of the hospitality industry.
Operational insights enables users to track key purchase order and invoice metrics, monitor confirming and late PO rates, trace "straight through" or "no-touch" invoice rates, benchmark against peers, and more. This solution will provides the visibility and control needed to reduce costs and enhance productivity and also leads users to the potential sources of issues for proper corrective action.
As a result, substantial savings can be achieved. For example, organizations have the potential to save an average of $500,000 in invoice handling costs annually by improving their straight-through processing rate from 50 percent to 75 percent when processing 1,000,000 invoices per year.
"Operational Insights was developed specifically to address the unique challenges of the hospitality industry where margins are tight and operational efficiency is crucial," Valerie Layman, BirchStreet’s chief product officer, said in a statement. “In addition to driving better decisions with the right data insights, our customers can now benchmark their organization’s operational performance against industry peers. BirchStreet maintains the most comprehensive hospitality industry procurement data set, providing relevant and targeted insights which directly benefit our customers.”
Operational insights provides businesses with the ability to meet their key purchasing and accounts payable operational objectives by:
- Gaining visibility into properties and suppliers that do not conform to processes and require corrective actions.
- Improvement in touchless invoicing rates by ensuring a focus on electronic forwarding of invoices.
- Mitigating risks of excessive reliance on confirming POs by identifying key suppliers' failures to maintain catalogs.
- Benchmarking operational performance against industry peers through BirchStreet’s hospitality customer base.