Location: The United Arab Emirates
Industry: Information Technology, Startup Incubator, Venture Capital, FinTech, EdTech, Product Development
Using Precoro since: Jan 2019
POs per month (av.): 200
Featuring: Bachir Saadeddine, Finance Director
What is Algorythma?
Algorythma was founded in the UAE in 2016 to foster innovations in the region. They create, support, and deliver impactful products based on AI and transformational technology to revolutionize the way people work and live.
By combining the 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.
Bachir Saadeddine is the Finance Director at Algorythma. His top priorities were to: set up efficient processes with spend management, streamline approvals, improve tracking, and the overall visibility of orders. Bachir focused on software due to the direct impact of purchasing tools on operations.
For such a rapidly growing company as Algorythma, keeping track of spends is essential. Before Precoro, the company’s purchasing process was paper-based and required email communication to align different teams. The approval chain for purchase requests consisted of four steps, depending on the type and value of the expense.
Upon delivery, each order had to pass matching against receipt and invoice on a spreadsheet. Tracking transactions in Google sheet was a pain due to the high error rates. Mistakes such as wrong dates, incorrect supplier details, and duplicated item lines occurred in every third transaction.
It was also troublesome to have an audit trail.
As a finance director, staying on top of the current cashflow was Bachir’s responsibility. But it was a difficult thing to do without having up-to-date information and real-time dashboards. The tedious manual allocation of spends consumed time too.
There was a necessity in “improving the efficiency and operation of purchasing with increased control over cost allocation.”
Bachir was introduced to Precoro by Algorythma’s sister company, Alef Education, who had been using Precoro for a while and was satisfied with the result. After he and the Head of Operations learned how Precoro works, they knew that it was going to make it past their review.
Precoro could reproduce their current approval process while providing a quick and easy way to create and match POs and invoices without any data loss. It was perfectly suitable for purchasing goods, services, and even managing employees’ reimbursements.
Another advantage was its transparent and straightforward pricing based on several users. Onboarding was a straightforward process that happened under control and with the assistance of the customer success team.
Three leading teams use Precoro today: mid and senior management, finance, and HR teams. 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.”
According to Bachir, the time of processing POs has reduced, the entire P2P cycle has accelerated immensely, and all company expenses are allocated within proper budgets.
- Manual and paper-based procurement process with 30% errors rate;
- Time-consuming approvals;
- No full picture over purchase process and history;
- Difficulties with budget allocation;
- Manual Invoice and Receipt matching to Purchase Order.
- Eliminated manual and paper-based processes;
- Streamlined requisition process with predefined value-based approvals;
- Centralized collaborative hub for all purchasing transactions;
- Better utilization of existing data for improved analysis, reporting, and decision-making;
- 3-way matching process without manual data entrance.
For Bachir personally, Precoro’s most important feature is its real-time dashboards that give him the edge in tracking cash flow and having control over budgets. He is confident that choosing Preсoro was the right move.
Try it yourself and see how you can streamline your purchases with Precoro by signing up for a free 14-day trial.