Fraxion product overview
Fraxion is a procurement software tool that maximizes time and cost savings and guides smarter purchasing decisions to reduce operational spend. The software replaces manual processes and automates and accelerates purchasing and approval workflows. It also proactively manages business spend with insights, transparency, and compliance.
Fraxion’s cloud-based procurement software provides purchase requisitioning, expense, and approval management with advanced analytics. It empowers organizations to automate the procurement cycle and streamline procure-to-pay processes with complete visibility and policy compliance.
With Fraxion, authorized users can review real-time budgets at decision points and the impact of spend before incurring. Additionally, teams can analyze and report on spend by supplier, employee, and budget, and gain transactional spending insights with the software’s advanced business intelligence and reporting tools.
Pros of Fraxion
- Fraxion speeds up AP processes by allowing companies to link invoices to orders and requests to approve invoices. This also eliminates overpayments and duplicate invoices.
- The software facilitates the submission of expense claims and ensures compliance with corporate spending policies while simplifying and expediting reimbursement processes.
Cons of Fraxion
- Some users commented that Fraxion’s reports and dashboards need improvement.
- Software implementation was tedious, according to other users
Breakdown of core features
Fraxion’s interface provides quick data entry for purchase requisitioning that channels spend to approved suppliers. Users can drag and drop supporting documents to verify requests and generate purchase orders from approved requests.
The software offers flexible multi-level approval workflows. From simple to complex structures, Fraxion’s powerful routing engine fast-tracks requests with spend thresholds and multi-level escalation. Its email notifications and in-app alerts initiate action and manage risk.
Fraxion comes with electronic invoice capture, approvals, and matching features. Businesses can avoid overpaying with two or three-way matching capabilities and invoice approval processes. The system also has bulk updating capabilities that supports document uploads and variance alerts that enable accuracy and internal control in the AP workflow.
PunchOut and catalog
With Fraxion, companies get simplified purchasing and access to products with approved suppliers. Businesses can leverage their approval workflows and ensure secure purchasing from contracted suppliers. Customers have improved online shopping experiences within Fraxion and access products from PunchOut catalogs or curated goods and services in hosted internal catalogs. The software allows companies to get rid of rogue spending and optimize spend with contracted vendors that provide the best value.
(Last updated on 02/02/2022 by Liz Laurente-Ticong)