As companies continue to grow in size and complexity, the procurement process often becomes a cumbersome and frustrating task for both employees and procurement teams. To address this issue, Zip has announced the launch of its new enterprise capabilities, including a low-code integration platform that enables users to build their own integrations with services not supported by Zip’s existing connectors.
The Problem of Byzantine Procurement Processes
Buying even the most basic items for work can be an arduous task within larger companies. The procurement process involves multiple stakeholders, including finance, legal, and security teams, which often leads to inefficiencies and frustration for employees. Moreover, the current state-of-the-art solutions are fragmented and difficult to integrate with each other.
Zip Premier: A New Enterprise Suite
To address this problem, Zip has launched Zip Premier, a set of new enterprise capabilities designed to streamline the procurement process. This suite includes more granular permissions, tools for maintaining audit trails, and real-time alerts for when things go sideways. With Zip Premier, companies can manage everything from purchasing requests to vendor onboarding and invoicing in a single platform.
The Need for Integration
Zip’s new low-code integration platform allows users to build their own integrations with services not supported by the company’s existing connectors. This feature is particularly useful for IT teams, who often need to connect legacy or bespoke systems to Zip. Zaparde acknowledges that it’s unlikely that regular employees will want to build integrations into financial systems, but he believes that this platform will help IT teams build and maintain these connectors more efficiently.
Competing in the Procurement Market
Zip is not alone in the procurement market, with competitors like Coupa, SAP, and Workday vying for a share of the market. However, Zaparde argues that Zip’s advantage lies in its ability to tie together disparate systems and processes. "Traditional procurement solutions don’t meet the complex needs of modern enterprises who face an intricate web of fractured procurement processes across many business teams and systems," he said.
Enterprise-Grade Performance with Consumer-Grade Flexibility
Zip’s new capabilities are designed to deliver enterprise-grade performance while maintaining consumer-grade flexibility. This allows customers to drive compliance and scale quickly, without sacrificing usability or efficiency. With the launch of Zip Premier and its low-code integration platform, the company aims to simplify procurement processes for enterprises and make it easier for them to manage their spending.
100 Pre-Built Workflow Templates
To help new customers onboard more easily, Zip is launching 100 pre-built workflow templates. These templates cover a range of common use cases, including working with contractors, managing auto-renewals, and vendor offboarding. With these templates, companies can quickly set up their procurement processes and start benefiting from the efficiencies offered by Zip.
Co-Founder and CEO Rujul Zaparde on the Problem
"The problem is very horizontal and ubiquitous because this issue of an employee needing to buy something to do their jobs is very common across industries," co-founder and CEO Rujul Zaparde said. He also stressed that the problems get more painful the larger a company becomes — and even more so when it’s an enterprise in a regulated industry.
The Future of Procurement
As companies continue to grow and become more complex, the need for streamlined procurement processes will only increase. With its new enterprise capabilities and low-code integration platform, Zip is well-positioned to address this need and provide a simpler, more efficient way for enterprises to manage their spending.
Key Takeaways
- Zip has launched its new enterprise capabilities, including a low-code integration platform that enables users to build their own integrations with services not supported by the company’s existing connectors.
- The new platform allows IT teams to connect legacy or bespoke systems to Zip more efficiently.
- Zip is competing in the procurement market with competitors like Coupa, SAP, and Workday.
- The company’s advantage lies in its ability to tie together disparate systems and processes.
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