How Algorythma Eliminated Delays and Unorganized Spend Management

Company: Algorythma
Location: The United Arab Emirates
Industries: Information Technology, Startup Incubator, Venture Capital, FinTech, EdTech, Product Development
Website: algorythma.com
Company size: 51-200 employees
Using Precoro since: Jan 2019
Users: 74
POs per month: avg. 200
Featuring: Bachir Saadeddine, Finance Director

Meeting Algorythma

Algorythma was founded in the UAE in 2016 to foster and promote regional pioneers and innovations.

The company creates, supports, and delivers impactful AI-based products and other transformational technology to revolutionize the way people work and live.

By combining innovative ideas of scientists, engineers, designers, and writers, Algorythma solves the needs of individuals and organizations within various fields, including education, healthcare, FinTech, real estate, and others.

As Algorythma’s Finance Director, Bachir Saadeddine’s top priorities were to:

• improve tracking;
• streamline approvals;
• set up efficient spend management;
• improve the overall visibility of orders.

Considering the direct impact of purchasing tools on the operations mentioned above, Bachir focused on software solutions.

Algorythma’s Starting Point in Purchasing

For a rapidly growing company like Algorythma, keeping track of spending is challenging yet critical.

Before using the Precoro software, the company’s purchasing process was paper-based and required email communication from various teams.

The approval chain for purchase requests consisted of four steps and varied by the type and value of the expense.

Upon delivery, each order had to be matched against its receipt and invoiced via a spreadsheet.

But tracking transactions in Google Sheets was inefficient and error-prone.

Wrong dates, incorrect supplier details, and duplicated line items happened in just about every third transaction.

It was also troublesome to maintain an audit trail.

There was a necessity in improving the efficiency and operation of purchasing with increased control over cost allocation.

Bachir Saadeddine, Finance Director at Algorythma

As a finance director, Bachir was responsible for monitoring the current cash flow, but accuracy was difficult to achieve without up-to-date information and real-time dashboards.

Furthermore, following the manual allocation of spends was time-consuming.

Factors that Tipped the Scales in Precoro’s Favor

Bachir was introduced to Precoro by Algorythma’s sister company, Alef Education, a satisfied Precoro customer.

Once Bachir and the Head of Operations understood how Precoro works, they knew it would fit the bill.

Precoro could reproduce Algorythma’s current approval process while providing a quick, easy way to create and match POs and invoices without data loss.

As a result, it was perfectly suitable for purchasing goods, services, and even managing employees’ reimbursements.

Another advantage was Precoro’s transparent and straightforward pricing model based on user count.

In addition, onboarding was a straightforward and time-efficient process with the assistance of the Precoro customer success team.

Gains Algorythma Made

Three leading teams at Algorythma use Precoro today: middle and senior management, finance, and HR.

All other departments have appointed coordinators who operate requests and orders.

The process became much faster when we began having at least one person from every department use the system.

Response rate significantly increased, and tasks are assigned efficiently now.

Overall, the process flow is much smoother compared to what we used to have previously.

Bachir Saadeddine, Finance Director at Algorythma

According to Bachir, the PO processing time has been reduced, and the entire P2P cycle has been accelerated immensely.

Finally, all the company expenses are allocated within proper budgets.

Bachir is confident that choosing Precoro was the right move because the software’s real-time dashboards give him an edge when tracking cash flow and controlling budgets.

Key Takeaways

Before Precoro

• Manual paper-based procurement process with 30% error rate;
• Time-consuming approvals;
• No full or clear picture of purchase process and history;
• Difficulties with budget allocation;
• Manual Invoice and Receipt matching to Purchase Order.‌

With Precoro

• Eliminated manual and paper-based processes;
• Streamlined requisition process with predefined value-based approvals;
• Centralized collaborative hub for all purchasing transactions;
• Better utilization of data for improved analysis, reporting, and decision-making;
• 3-way matching process without manual data entry.