SERUS Announces the General Availability of Its Contract Compliance Solution for Semiconductor Manufacturing
(Marketwire Via Acquire Media NewsEdge) SANTA CLARA, CA -- (Marketwired) -- 12/10/13 --
SERUS, a leader in extended supply chain management for high-tech companies, today announced the release of SERUS Contract Compliance, a new solution that will automate the tracking, review and validation process for all service invoices processed by high tech companies with outsourced manufacturing. This solution will not only reduce the outsourcing spend significantly but will also provide meaningful productivity gains for the procurement and operations organizations within semiconductor companies. SERUS' early customers are already benefiting from $10 million to $20 million in annual savings from the use of the solution. The topic of how to manage complex contracts and the associated complications for business will be discussed at a panel in advance of the Global Semiconductor Association Awards dinner. The panel, sponsored by SERUS, will feature executives from AT Kearney, Qualcomm, SanDisk, N-Able Group International and PMC Sierra, and take place from 3-5 p.m. on December 12th at the Hyatt Regency Santa Clara. Admission to the panel discussion is open to everyone and is free of charge.
Traditional ERP systems were not built to fill the needs of today's contract validation requirements for organizations with complex outsourced manufacturing environments. Too often, these companies face duplicate payments, overpayments due to uncertainty of services performed, as well as overcharging of products and services due to supplier errors or omissions. Attempts by manufacturers to implement more stringent auditing procedures have simply resulted in higher auditing costs, with few concrete improvements. SERUS Contract Compliance now automates the entire cycle, from issue of invoice, contract review, validation of services, receipt of goods and payment. This eliminates manual efforts otherwise used to perform three-way match of the purchase order, invoice and receipt.
"Not only did we immediately find overpayments, but we also improved data quality which led to substantial cost savings," said Tom Mumby, Director of Supply Chain Procurement at IDT. "Incorporating SERUS' Contract Compliance has been a tremendous boost to our overall corporate efficiency, in addition to the savings."
The SERUS platform gives brand owners precision management of their extended supply chain networks, providing consistent and timely communications and connectivity with their manufacturing and distribution service providers. The SERUS Contract Compliance solution is a new capability, built on the foundation of the platform's support for granular supply chain visibility, along with its unified data model. Only the SERUS solution is able to calculate payment charges based on work performed at partner sites, and comparing against the contract terms and invoices submitted. Mismatches or other items outside determined thresholds are flagged, ensuring service providers base invoices on stated requirements and work performed, creating closed-loop contract compliance.
SERUS is leading today's high-tech companies to superior performance with precision multi-tiered supply chain management and execution. By orchestrating data and decision making from engineering and operations to finance and procurement, SERUS informs companies in near real-time when disruptive changes occur that will impact output, inventory, costs and ultimately customer satisfaction. From a spike in demand to engineering change propagation or a supplier interruption, SERUS monitors all supply chain progress on a granular level, enabling partners to discover detailed causes and make recommendations for solving problems. SERUS customers are able to adapt on the fly and therefore deliver better outcomes through improved managerial judgment and collaborative performance between all parties. For high-tech companies whose survival depends on complex and outsourced supply chains, SERUS' cloud-based monitoring and adept analysis is the standard bearer. Customers like AMD, Oracle, Juniper, Flextronics, NVIDIA Cypress, Qualcomm/Atheros and IDT have benefitted from enhancements, such as 8-15% reduction in inventory, 10-20% reduction in excess and obsolescence charges and 8-15% increase in operational productivity thanks to SERUS' supply chain orchestration. Learn more at www.serus.com.
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