Wax Digital is a well-known provider of spend management solutions throughout the continent of Europe. Based out of the United Kingdom, their impressive list of clients include Virgin Atlantic, Nissan, Sunguard and HMV. Wax Digital boasts almost 250,000 users in over 100 countries. There web3 Purchase to Pay system is a cloud-based fully hosted solution
Wax Digital’s web3 Purchase to Pay captures and audits all areas of the purchasing process, allowing the user to get a detailed view of their spending over a particular period of time. For example, you can submit your data files to Wax Digital through the system quarterly and it will interrogate your spend finding areas of savings in your requisitions, orders and receipts that may have been missed in the past or even find new cost savings opportunities.
The spend visibility piece of web3 Purchase to Pay allows for users to catch big areas of spend quickly, especially “low-hanging fruit” so to speak in areas such as marketing, printing, cleaning services and utilities. web3 Purchase to Pay allows you to easily identify areas where, for instance, no contracts are already in place with a supplier.
web3 Purchase to Pay also allows the user to easily indicate and identify areas such as revenue spend and capital spend for reporting purposes and for further investigation of cost savings.
web3 Purchase to Pay includes a dedicated supplier portal that is provided free to suppliers with no transaction fees. Looking at the supplier portal area, one immediately notices that it is very user-friendly and offers intuitive navigation.
web3 Purchase to Pay offers 6 different auction types to their clients. Features of the web3 eSourcing Online eAuction Software include:
- English, Dutch, Japanese, forward and reverse auctions
- 14 languages
- Support for suppliers in multiple time zones
- Real-time bid management and price/margin calculation
- Frequent software updates
- Buyer and vendor audited messaging facility
- Comprehensive event reporting
- Award vendor winner(s) for total auction or per lot
To setup a procurement event such as an eAuction or tendering is relatively simple as the system offers menu-based setups allowing you to click and go to select particular conditions, rules and terms for the event. The user can create custom templates (or Wax Digital can do it for you as well) by inserting relevant schedules.
Back-Office and ERP Integration
Wax Digital has developed its own hosted platform called web3 Connect that allows for fast integration into third party back-office systems and globally popular ERP systems including SAP, Oracle, Sage, Microsoft Dynamics AX, JDEdwards and many others.
Wax Digital offers cloud-based hosted solutions to all of its clients, saving them on additional hardware and software expenses. Peter Kinder, CTO of Wax Digital states, “According to some clients’ needs we can utilize a private cloud. This means that our web3 solution exists in a dedicated, private network completely separated from all other clients, removing many of the security and control concerns that organisations associate with the cloud, yet still maintaining all of the benefits that cloud computing can bring. With a private cloud you can be 100% certain that your data is secured and you also have the control to scale the size of your cloud up and down according to customer demands.
While Wax Digital may not be well known in North America, I believe that is very soon to change. Wax Digital has some extremely innovated eProcurement offerings with regards to Google Glass and Smart Watches. Watch the NLPA Blog for a future article on these innovations.