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 and promote regional innovators 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: set up efficient processes with spend management, streamline approvals, improve tracking, and improve the overall visibility of orders. So Bachir decided to focus on software because of the direct impact of purchasing tools on operations.
For a rapidly growing company like Algorythma, keeping track of spending is challenging yet critical. Prior to using Precoro’s 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 on a spreadsheet. But tracking transactions in Google sheets was inefficient and had errors like wrong dates, incorrect supplier details, and duplicated line items in just about every third transaction.
It was also troublesome to have an audit trail.
As a finance director, Bachir was responsible for monitoring the current cash flow, but accuracy was difficult without up-to-date information and real-time dashboards. And following the manual allocation of spends was time-consuming.
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, a satisfied Precoro customer. Once Bachir and the Head of Operations understood how Precoro works, they knew that it would pass review.
Precoro could reproduce Algorythma’s 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 scheme based on user count. Onboarding was a straightforward and easy process with the assistance of the customer success team.
Three leading teams at Algorythma use Precoro today: middle 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 been reduced, and the entire P2P cycle has been accelerated immensely; finally, all the company expenses are allocated within proper budgets.
- Manual and 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.
- 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.
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.
Try for yourself! Discover how you can streamline your purchases with Precoro by signing up for a free 14-day trial.