One of Australia’s largest super funds, Cbus Super (Cbus), has chosen financial process automation experts, Valta Technology Group (Valtatech), to implement, integrate and manage a Source to Pay solution to drive automation across its accounts payable, financial and procurement process functions.
Cbus, who provide superannuation and income stream accounts to more than 780,000 members and manage over $48 billion worth of infrastructure and property assets in Australia and overseas, have integrated Valtatech’s new Source to Pay (S2P) technology platform to enable greater efficiency across the super fund’s back-office functions.
Cbus and Valtatech’s partnership, which began in January 2018, has now been expanded into a full source to pay managed service, utilising Valtatech’s expertise to tailor technology for the requirements of the superannuation industry.
Valtatech’s new end to end S2P platform provides a complete ecosystem to improve Cbus’s ability to leverage its procurement outcomes for the benefit of its members. Reducing costs, risks and improving value delivery across the fund; while providing the visibility and insights Cbus requires to improve risk mitigation, due diligence processes and governance.
S2P and P2P technology and process expert, Jussi Karjalainen, who is Founder and Managing Partner of Valtatech, says: “Alongside our S2P solution and managed service, our partnership with Cbus ensures their team can leverage the best people, processes and technology to transform their finance and procurement functions. Valtatech is extremely proud to partner with Cbus and look forward implementing a solution to build Cbus’s procurement capability further.”
CBUS’s new S2P technology platform, which will be implemented, integrated and managed by Valtatech, includes:
• A full procure-to-pay system including financial governance/approval steps
• A contract management repository to help speed up contract negotiations and link contracts with the full Source to pay value chain
• Simplified options for tactical contracting, to ensure contract terms are adhered to and that the business can move at speed
• A systemised supplier relationship management framework to better track and measure supplier performance
• Harnessing data to enhance fund’s ability to build insights to better inform budgeting, financial performance, procurement activities and decisions
• Integration with Cbus’ Peoplesoft ERP system, while providing improved insight and controls across sourcing, contract management, purchasing, accounts payable automation, analytics and supplier relationship management, supplier catalogue enablement and electronic invoicing (e-invoicing)
Jussi Karjalainen continues: “Gone are the days when any organisation’s sourcing and procure to pay processes can be entirely manual or requiring manual keying of information, with its inherent data entry quality risks. Valtatech’s leading, non-disruptive approach, alongside our reach and experience, are the perfect fit for Cbus.
“As a leading Industry Super Fund, Cbus is built to benefit their members. As such, they are continuingly improving and gaining better insight into their processes, with a view to driving efficiencies and maximising returns.”
Valtatech’s team of experts have completed more than 80 Finance and Procurement transformation and Shared Services projects, in Europe and in the Asia Pacific. Leveraging the latest technology and their expertise to deliver and implement some of the most recognised S2P, P2P, finance and back office automation projects in the region.