Operating a business with a decentralized workforce can present challenges when it comes to purchasing and expenditure. How do you encourage staff to spend responsibly when they have no visibility of available budget or committed spend? Email or paper-based processes are completely ineffective and fraught with inaccuracies and delays. Enforcing spending policies is near impossible, and out-of-budget purchases or duplicate payments are only uncovered after-the-fact, putting your organization and its profitability at risk.
Mitigate these risks by automating and centralizing processes with predefined policies, enable visibility and mobile access to real-time data and analytics with alerts and notifications for non-compliance.
Fraxion’s business intelligence tools provide end-to-end transactional visibility that enables spending without the risk, wherever you are. Fraxion’s BI pop-up provides a real-time snapshot into the potential impact of spend with point of decision analytics that empower users to make the right decisions - approvals have never been easier.
Budgets can be viewed at request or approval stage, based on your configuration
Make informed decisions with insight into real-time budgets
Quantify the level of risk in purchases before approving
Fraxion tracks regular spending patterns and flags potential risk, prompting further verification when irregular patterns occur
Active policy management
Configure company policies and approval hierarchies
The alerts engine triggers email-based notifications to an additional contact to ensure the necessary users are aware of a potential risk or compliance issue as it happens
Escalation ensures that spend and approval limits are not exceeded without approval, relevant contacts are notified and can intervene where necessary
Alerts highlight risk, budget contraventions and breach of policy
Analyze operational spend at a granular level, drill down to users, suppliers, departments and any spend category
Track spend to project or cost center budgets for analysis and reporting efficiency
Access detailed audit trails for every request raised in Fraxion
Take the risk out of approvals
“With Fraxion we've been able to systemize spending in an automated end-to-end process to monitor budgets, cut down on transaction
processing time, provide visibility at all stages of approval and ensure that there is an audit trail of all completed activities.”
Ruan A, Executive: Finance - Transaction Capital Recoveries
“Before Fraxion, the purchase request, ordering and approval process was largely slow, bureaucratic, manual and paper-based. Fraxion has singularly improved transparency, eliminated 90% paperwork, cut approval times in half and summarily improved productivity in procurement. Fraxion has also allowed the continuation of work processes during the COVID-19 pandemic and has ultimately been a cornerstone to the Technology Support Services Digital Transformation Strategy for Makerere University Walter Reed Project."
Albert Musinguzi - ICT Manager, Makerere University Walter Reed Project