For each client, Eved can incorporate the contract terms it negotiates
with suppliers, and companies can
set up approvals processes for suppliers requesting rush payments.
“Like a card, they’re paying one
invoice to Eved,” said Mashiach.
“We’re disbursing those funds
to suppliers, so it just simplifies
the whole process and solves the
problem for companies to have to
write and process so many invoices
through their standard AP system,”
she added. Unlike, say, a meetings card, Eved’s direct integration
with the corporation’s ERP system
“automates getting all the data from
invoices … automatically back into
their financial systems, which is huge
because today [many corporations]
key it in manually,” said Mashiach.
In addition to manual processing, visibility of line-item detail in
credit card data concerned Oberts.
“You see only a total for the dollar
amount, not the various quantities
or types of items [purchased],” he
said. Plus, “the level of data captured
is limited, based on how [the ven-
dor] registered in the merchant cat-
egories set up by the card providers,
which may not correlate completely
to the goods and services purchased,”
With Dell’s input, Eved addressed
this issue by giving clients the ability
to onboard preferred vendors into a
marketplace and to categorize vendors based on the types of services
As the technology platform matured
to the point that it could manage spend
automatically, Dell was able to release
the marketing agency from that task,
giving the full contract to Eved. With
financial backing from external investors, Eved went solo the following year,
in 2015, but continues to service the
company that helped it gain its footing.
That’s good for Dell, which has
realized “double-digit percent savings” from slimming down to a
single spend-management partner,
reducing administration costs and
increasing productivity. It also reduced the costly need to expedite
payments to vendors.
Dell meetings administrators now
create business requirement docu-
mentation within the Eved system,
allowing the company to see at a
glance an event’s status, the suppli-
ers involved and their responsibilities.
Oberts estimated the model saves
administrators as much as 20 percent
of the time previously spent in the
procure-to-pay life cycle.
“The system does a good job of
maneuvering through the steps to
notify the next individual that it’s their
turn to act; that’s time saved,” said
Oberts. “It also helps with the five
Ws—who, what, when, where and
why—so the funds can be released at
the right time and the vendor knows
when to start services based on hav-
ing an approved purchase order, rath-
er than just a verbal approval.”
Cleaning up the procure-to-pay
cycle has improved Dell’s meetings
and events overall, according to
Oberts. “The new model allows the
internal team to be more valuable
in terms of what they can deliver,
be that the quality of the programs
administered or the reduced time
in reconciling,” he said. “The dif-
ference is an increase in program
quality, as [planning] time is now
focused on the overall experience
and messaging, rather than the
administrative tasks like contracts
Moving away from its start-
up status under Dell’s wing, Eved
discovered that the technology
giant’s struggles were far from unique.
“Dell’s issues were the same as For-
tune 500 companies across the board,
where they didn’t have visibility into
meetings and events spend and the
payment process was very painful
for this particular category,” she said.
Addressing that complexity up front
has proved all the better for Eved, as
it pushes its solution out of the nest
and into the marketplace.
Organization: Meetings program of multinational computer and technology
Volume: Multimillion-dollar spend for meetings since implementing
Challenge: A typical enterprise resource planning system and a mixed bag
of payment processes—statements of work, purchase cards and manual
payments—accumulated hidden costs and lack of visibility.
Approach: Dell, event procurement platform Eved and a marketing agency already
working with Dell created an electronic data interchange to share information on
funds, specific events, purchase orders and more and integrate it with the ERP system.
Solution: Dell can input a specified budget for an event. Eved processes payments up to the amount specified and disburses the funds. Dell also can source
suppliers from the more than 5,000 in Eved’s system. Reduced administration
costs and time led to double-digit-percent savings, and Dell gained greater
visibility into its spend.