Collaboration has become a key component for success in a business environment that is increasingly global. Collaboration leads to transparency into transactions and trust between stakeholders.
This blog originally appeared on Strategic Sourceror.
In June, it was reported that LOT Polish Airlines, the main airline of Poland, paid 2.5 million PLN (US$685,000) to scammers last year that sent a fraudulent invoice for a monthly aircraft payment. It appears that the invoice also had amended payment details which enabled the transaction. LOT paid the amount to a Cyprus bank account and it was immediately transferred to an account in Asia. They were able to recover about 30% of it, costing them $500,000. Continue Reading
If you have been working under the assumption that digital transformation will solve all of your problems and catapult your company into leadership status, consider this: an email with an invoice attached to it is “digital.” That invoice still has to be manually sent, received and entered into another system for approval and payment. Despite being digital, this invoicing process is labor intensive, risky and inefficient. Hardly transformative, is it?
DetermiNews this month was all about looking at source-to-pay, procure-to-pay, sourcing and contract management from the unique vantage point of the CFO. Finance is integral to every area of an organization, and that gives the CFO and financial teams a birds-eye view of everything going on at all times. No wonder the role is changing, with an increasing share of responsibility, added reporting structures and influence.
In a continuation of our discussion with Corcentric EVP and CFO Mark Joyce, we leave our focus on how the CFO role has changed in the digital age and we pick up the very popular topic of how finance and procurement can work together better. Continue Reading
In a recently released article and podcast about the evolving role of the CFO, McKinsey & Co. partner Ankur Agrawal and consultant Priyanka Prakash shine an interesting light on enterprise-wide change management in the digital age — from the perspective of finance. Of particular note are the number and range of corporate functions reporting into finance today, and how that shifting scope of responsibilities can stress a CFO’s bandwidth while also increasing their net impact.
A recent whitepaper from Corcentric and CFO.com, The Impact of Indirect Spend on Working Capital, delved into the bottom-line consequences of uncontrolled company spend — what Corcentric terms dark purchasing, and is alternately called rogue, maverick and tail spend. The most startling fact, besides the enormous cost, is just how unprepared most companies are to deal with it on a strategic level. You need an enterprise approach, instead of just whacking those rogues when – and if – they pop up.
As CFOs and CPOs are tasked with greater responsibility over a host of issues, there are four major industry themes that will likely be top-of-mind for them, this year and into the future. Although cost reductions, increases in efficiency, and visibility into valuable data are still incredibly important to the C-suite, as well as to the organization’s bottom line, there are other strategic challenges that need to be addressed.
Another Labor Day, another DetermiNews. Which means, while you’re gearing up to drive your organization’s goals in the months ahead, take a look back at the month gone by for ways to help you do that. A common theme across resources in August is how source-to-pay – S2P – and contract management are dynamic processes that are designed to both help organizations meet their current challenges, but also empower them to reevaluate how much more they can achieve. Consider this your back-to-school reading assignment.
In Part One of this two-part blog series from our colleague Reggie Peterson, Director of Supply Programs at Corcentric, he explored the (considerable) list of challenges facing procurement in regards to controlling the tail-spending mavericks and rogues who cost companies significant amounts of money. In Part Two, he takes a closer look at another component of the problem —being “oversuppliered” — and digs into the measures and strategies available to get more spend under control.
Your business can rise or fall based on the relationships you build with your customers. But are you ignoring the other essential relationships…the ones with your suppliers? Collaboration has become a key component for success in a business environment that is increasingly global. Collaboration leads to transparency into transactions and trust between stakeholders.
This blog originally appeared on Strategic Sourceror. In June, it was reported that LOT Polish Airlines, the main airline of Poland, paid 2.5 million PLN (US$685,000) to scammers last year that sent a fraudulent invoice for a monthly aircraft payment. It appears that the invoice also had amended payment details which enabled the transaction. LOT […]
Conversation with Reginald Peterson, Director of Supply Management Programs at Corcentric. If you have been working under the assumption that digital transformation will solve all of your problems and catapult your company into leadership status, consider this: an email with an invoice attached to it is “digital.” That invoice still has to be manually sent, […]
From the CFO perspective: A look back at September resources. DetermiNews this month was all about looking at source-to-pay, procure-to-pay, sourcing and contract management from the unique vantage point of the CFO. Finance is integral to every area of an organization, and that gives the CFO and financial teams a birds-eye view of everything going […]
