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EqualLevel Congratulates 2022 NPI Achievement of Excellence in Procurement Award Recipients

EqualLevel is pleased to announce that five of its customers have been honored with the prestigious 2022 National Procurement Institute’s Achievement of Excellence in Procurement Award. We are proud to partner with each of these amazing procurement organizations. The value they deliver to their organizations and the public sector is unmatched, and their accolades are richly deserved.

The National Procurement Institute (NPI) is a non-profit organization that serves public procurement professionals. Their Achievement of Excellence in Procurement Award recognizes organizational excellence in public procurement. Recipients were selected based on five categories: innovation, professionalism, productivity, eProcurement, and leadership. The AEP is the premier award in public procurement.

EqualLevel congratulates the following entities on their important achievement:

NIP AEG Award Winners

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Over $600k Saved at School Districts with EqualLevel’s Savings Advisor (ELSA)

Rockville, MD, Feb.15, 2022 – When schoolteachers or those in K-12 procurement are making purchases for their classrooms, they often just make the most convenient purchase. But, choosing the item at the top of the search results, or going with the supplier they are most familiar with, often leads to unnecessary overspending. The extra dollars spent on these small purchases can add up fast and cost schools a significant amount of extra money each year. The EqualLevel Marketplace, by consolidating supplier catalogs and punchout stores into a single marketplace for comparison shopping, provides a unique opportunity to prevent this overspending.

Our patent-pending EqualLevel Savings Advisor™ (ELSA) combines the power of artificial intelligence (AI) and a growing database of commonly sourced products for K-12 to automatically identify in real-time the lowest price for your item or the best available substitute from your approved suppliers. This feature enables shoppers to quickly swap in the best price or enter a justification for keeping their current item. Detailed reporting is available on the alternatives suggested, decisions made, and the savings achieved or missed.

To measure the impact of the EqualLevel Savings Advisor, we looked at the spend from 20 school districts utilizing an EqualLevel Marketplace with ELSA in 2021. These 20 districts were from 5 states and integrated their marketplace to 8 different ERP systems — eFinancePlus, MUNIS, Oracle, PeopleSoft, SAP, Skyward, TEAMS, and USAS. In total, ELSA was able to save these districts $642,454 in 2021. These savings were realized directly from ELSA presenting shoppers a lower price from another approved contract for an item in their cart and the shopper choosing to make the replacement. The savings for each district depended primarily on their total spend. The average savings for a district was $32,122, with the highest savings being $282,852 for one of the larger school districts.

For most districts, these savings alone were able to provide an ROI for the marketplace application in just the first year. And even further savings were achieved through the marketplace ensuring contract compliance, increasing productivity, and reducing manual data entry and errors. Also, from the ELSA savings data for these 20 school districts, the savings are increasing over time. As more contracts are added to the marketplace and as the AI engine learns more from shoppers’ behavior, ELSA can identify more alternatives and drive more savings.

For K-12 school districts, a P2P solution can do more than streamline their procurement processes and ensure compliance—it can also drive significant cost savings. By incorporating real-time analysis using an AI engine into comparison shopping, the EqualLevel marketplace is able to prevent overspending and deliver immediate cost savings to school districts that can be put towards the classroom. An EqualLevel Marketplace can complement a variety of financial systems and can be implemented in 60 to 90 days, enabling a powerful return on investment within a single fiscal year.

About EqualLevel
EqualLevel provides an innovative procure-to-pay compliance platform that guides employees to all approved contracts and monitors shopping carts to ensure they never overpay. We simplify organization-wide purchasing with our patent-pending AI powered marketplace. EqualLevel ensures access to high-level transparency on spend, compliance, and savings. We guarantee the fastest ROI with quick configuration, deployment, and adoption.

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Time is Money: Learn How to Save Both with an eProcurement Marketplace

If there’s one thing the COVID-19 pandemic has taught us in the business world, it’s that so much of what was traditionally done manually can more quickly and easily be accomplished online. This includes the manual, paper-based procurement process which has been plagued with inefficiencies in requisitioning, ordering, invoice reconciliation, and payment processing. Outdated, inflexible, and costly purchasing systems also restrict the ability to conduct broad-based procurement with the supply community.

What if there was an “easy” button for the procurement process? Over the last two decades, eCommerce has exploded in the consumer world with companies like Amazon making buying almost anything as easy as 1-2-3. By digitizing the procurement process, the shopping experience for businesses can be just as simple and can lead to increased savings and operational efficiency.

EqualLevel’s eProcurement marketplace allows organizations to quickly implement a cloud-based, multi-vendor, procure-to-pay marketplace that ensures compliance and can be accessed anywhere, at any time. Increasing transparency, efficiency, and compliance, the marketplace enables organizations to conduct business in the office or remotely, and it provides greater access into an approved, fully digital supply network.

The marketplace seamlessly integrates with existing enterprise resource planning (ERP) systems so that all approved suppliers/vendors and all goods and services managed by procurement are located in one easy-to-use, easy-to-administer system. It spans the entire procurement lifecycle, from punch-out commerce solutions to shopping for goods or services, approval workflow, catalog and contract pricing, purchase order automation,and receipt-invoice matching.

Organizations that have implemented an eProcurement marketplace have quickly recognized the many benefits of digitizing the procurement process. To list a few:

Efficiency: By automating a significant portion of the procurement process, an eProcurement marketplace leads to faster cycle times and improved productivity. The elimination of paper and manual steps also frees up time for employees to focus on more value-added activities.

Cost Saving: Cost-saving with an eProcurement system comes not only from ordering through preferred vendors but also from increased spend visibility. The EqualLevel Savings Advisor (ELSA) analyzes quotes to ensure the best value and uses machine learning to become smarter with every purchase. Utilizing a real-time, federated search across punchout sites, similar to Travelocity or Orbitz, data is collected from distributed sources and artificial intelligence (AI) technology uses this data to identify savings opportunities.

Compliance: Implementing a one-stop, multi-vendor punchout marketplace of all approved suppliers and contracts ensures compliance with state and federal regulations. The system automatically creates a three-bid process to determine product price, select the supplier (among approved vendors), and create the requisition or shopping cart for approval.

Transparency: eProcurement also makes it easier to conduct and analyze reports on procurement systems in order to ensure that the procedures conform to established policies. Real-time visibility into what supplies employees are purchasing and from which vendors provides valuable business insight and eliminates maverick spending.

Innovating an outdated procurement process with an online eProcurement marketplace provides a single, seamless platform to facilitate the shop-order-pay transaction. It provides employees with a more streamlined and efficient experience so they can optimize every dollar spent and every moment doing so.

When it comes to procurement, time is money. Neither time nor money should be wasted. Isn’t it time for your organization to hit the easy button and jump in?

Learn more about the EqualLevel eProcurement marketplace at https://equallevel.com/marketplace.

Blog

Why School Districts Need a Procure-to-Pay Marketplace

The 2020-21 school year is already underway. Many schools continue to struggle with and adapt to the education budget crisis created by the pandemic. Given this reality, districts can no longer afford the inefficient costs of manual, paper-based requisitioning, ordering, invoice reconciliation, and payment processes. Digitizing the procure-to-pay process is now necessary if school districts are to pursue every opportunity for savings and efficiency.

 

What is a Procure-to-Pay Marketplace?

Procure-to-Pay refers to an organization’s operational procurement process, from requisition all the way through to payment.  A procure-to-pay marketplace offers a single, seamless platform that facilitates all of the processes associated with the shop-order-pay transaction.

Organizations that have implemented an end-to-end procure-to-pay marketplace derive many benefits from their systems. To highlight just a few:

  • One-stop-shop. A single site that teachers and staff can access to easily requisition all the goods and services they require from approved supplier contracts
  • Optimize savings. Ability to identify saving opportunities in real-time to eliminate over-spending
  • On-contract, compliant spending. Automated tracking of expenditures per contract to ensure budget, contract, and policy compliance
  • Reduced overhead. Lower transaction costs by eliminating manual, paper-based procurement and payables processing
  • Business insight. Increased visibility and control across the entire procure-to-pay process informs and elevates management decisions

Further, a procure-to-pay Marketplace eliminates the wall between procurement and accounts payable by automating the reconciliation of invoices and creating easy access to historical records that support audit requirements.

Understanding the Procure-to-Pay S-O-P

SHOP.  Shopping/requisitioning is the first step in the procure-to-pay process. In this stage, buyers find the right product or utilize a three-bid process to determine product price, select the supplier, and create a requisition or shopping cart for approval.

The most efficient way to shop and create a purchase requisition is to implement a one-stop multi-vendor punchout marketplace of all district-approved suppliers and contracts.  Teachers and staff can then shop across these suppliers’ catalogs to access real-time product information, and to conduct side-by-side comparisons.  At EqualLevel, our marketplace includes a real-time search across punchout sites and an AI-powered savings advisor that checks items in the cart to suggest lower-cost identical or substitute goods.

Once a cart/purchase requisition is created, a requisition workflow is initiated. These workflows are automated and flexible, allowing them to vary between schools, departments, and in monetary value. Approvers can either accept or reject a purchase requisition after evaluating the need, verifying the available budget, and validating the purchase requisition form. Incomplete purchase requisitions are rejected back to the initiator for correction and resubmission.  Approved purchase requisitions are converted into a purchase order and transmitted to the supplier.

 

ORDER. The next step in the procurement cycle, Order, involves processing, receiving, and distributing the product.

While leveraging a supplier punchout catalog creates efficiencies, these productivity gains can increase exponentially with the integration of purchase orders. With integrated purchase orders, districts can eliminate employees’ time spent placing orders over the phone or sending a pdf via email or fax. Also eliminated is the possibility of data entry and re-keying errors by the supplier. Data is seamlessly transferred and required fields are automatically populated during PO creation.

One of the biggest benefits of integrated POs is the reduction in order processing time. The POs are submitted directly to the supplier’s fulfillment system via XML (Extensible Markup Language) or EDI (Electronic Data Interchange) where orders are then picked, packed, and shipped.

PAY.  This last phase of the procurement process, Pay, lets organizations maximize the benefits of procure-to-pay automation. Suppliers are able to submit invoices electronically, which boosts financial accuracy and processing efficiencies.

Once a goods receipt is approved, a three-way match between the purchase order, the vendor invoice, and the receipt of the good is performed. If no discrepancies exist, the invoice is automatically approved and an okay-to-pay notification is sent to the finance team for payment disbursement. A common frustration for districts processing invoices is missing or incorrect information that often requires valuable time spent hunting down the correct data. If f inaccuracies are present, the invoice can be automatically rejected back to the supplier along with the reason for rejection.

Finance and Accounts Payable Departments want to ensure vendors are billing properly and every order contains the necessary data to reconcile. Integrated invoicing via XML facilitates information accuracy, consistency, and completion. As a result, payments go out the door more quickly.

More dollars for instruction.

School administrators want all of the resources possible to ensure their students’ success. Spending more than necessary on transactions or inefficient systems eats away hard dollars that could have been focused on expanding mission-centric educational programs.

With a proven ROI for school districts ranging from 2,000 to 200,000 students, the EqualLevel Marketplace will help your schools extend their budgets and make the most of every instructional dollar.

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