SAN FRANCISCO--(BUSINESS WIRE)--Zip, the world's leading Intake and Procurement Orchestration platform and Intake-to-Pay suite, today launched new enterprise capabilities that enable businesses to drive compliance, strengthen integrations across other tools, and scale faster as the company helps customers, including publicly traded companies such as Northwestern Mutual, Coinbase, and Snowflake, save billions. The company also announced that Fortune 300 and leading digital banking and payments company, Discover, has selected Zip as its global enterprise procurement solution as part of its organization-wide procurement modernization initiative.
Broken Procurement Processes Are Costing Enterprises Billions
Disparate purchasing systems and policies, fragmented procurement workflows, and increasingly complex industry regulations are slowing enterprises down. Instead of focusing on the vendor and sourcing innovations that drive top-line growth, procurement leaders are bogged down managing rogue spend and complex risk exposure at scale. In fact, procurement leaders cite limited data and insights, outdated systems, and lack of collaboration and integration as the top procurement challenges according to a recent study by KPMG. Large organizations need a new way to accelerate procurement processes, reduce business costs, and drive revenue.
Zip’s New Enterprise Capabilities Accelerate Procurement and Drive Savings
Purpose-built for large organizations in highly-regulated and complex industries, Zip is introducing new enterprise capabilities to help procurement leaders orchestrate the entire procurement lifecycle and fully integrate Zip across any tech stack.
Zip Premier, a new suite of enterprise capabilities, empowers customers to:
- Enforce controls through more granular permissions by subsidiary, document, and other platform surface areas
- Stay audit-ready by maintaining comprehensive audit trails for requests, permissions, vendors, and more
- Increase visibility and control with automated integration monitoring and real-time alerts
As part of Zip Premier, Zip is also introducing the world's first Orchestration Library, a catalog of over 100 pre-designed workflow templates based on the best practices from the leading global enterprise customers. These workflow templates eliminate the need to design intricate purchasing workflows and can be seamlessly enabled with a single click. Now customers can rapidly implement essential procurement processes, such as new software requests, category management, and vendor offboarding, and easily leverage the learnings from the world class organizations that use Zip to power and accelerate critical procurement processes.
“As a financial services company, there are a multitude of regulatory and policy requirements that all converge on our procurement process. Our goal was to unify disparate systems and governance teams onto a single efficient and user-friendly platform to reimagine what procurement could look like at Discover—and that’s why we turned to Zip,” said Jason Moore, Sr. Director Procurement Operations at Discover.
"With a single-point of entry for all requests with full stakeholder transparency, we've improved collaboration and eliminated over 3,000 business approvals annually by centralizing approvals on Zip. We're now able to quickly make system updates in response to business changes in days, rather than weeks."
“Zip is a great fit for larger organizations with a complex system landscape,” says Magnus Bergfors, VP of Research at Ardent Partners. “With new capabilities that deliver more granular permission and user controls, more comprehensive audit trails, and improved integration control and monitoring, Zip meets the needs of larger, regulated companies that have higher requirements around auditability and user management.”
New Integration Platform Unifies Workflows Across Teams
Zip is also introducing a new low-code Integration Platform to empower customers to build custom integrations with pre-built APIs—eliminating the need for costly system integrators, dedicated engineering resources, and time-consuming ongoing maintenance. Integrations can be customized with minimal IT resources, accelerating integration development and enabling true procurement orchestration processes across virtually any system. Unlike traditional Integration Platform as a Service (iPaaS) solutions, Zip’s Integration Platform allows for deeper integrations into Zip’s Procurement Orchestration Platform, supporting procurement-specific workflows such as contract management and real-time purchase request status updates across different systems. With the latest advancements, Zip offers the most flexible and comprehensive range of integration-specific capabilities of any procurement provider—from flat file and native connectors to the highly customizable development environment in the Zip Integration Platform, along with a robust and extensive public API.
“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,” said Rujul Zaparde, CEO and Co-founder of Zip. “Developed alongside our largest enterprise customers, our new capabilities streamline the entire spending process, delivering enterprise-grade performance with consumer-grade flexibility so our customers can drive compliance and scale with speed.”
Zip is the modern answer to business spend and has helped customers save over $4.4 billion. Powering global payments in over 140 countries, Zip, on average, enables 90%+ purchase order backed spend and delivers a 5x faster purchasing process to customers worldwide.
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About Zip
Zip is the world’s only Intake-to-Pay platform. Providing an intuitive starting point for any employee to initiate a purchase or vendor request, Zip helps businesses gain clear and timely visibility across all business spend by dramatically improving the employee experience. The platform’s no-code configuration and intelligent workflows integrate disparate systems, enabling businesses to automatically route requests for faster approval across finance, legal, procurement, IT, security and other teams. Zip consolidates all the steps and tools used across finance and procurement processes in one platform. Leading enterprises and high-growth startups like Northwestern Mutual, Snowflake, Canva, Airtable, Webflow, Databricks, along with hundreds of other customers use Zip to streamline their Intake-to-Pay processes, while delighting their business users.
