If procurement wants to succeed in 2020, we need to measurably improve all of procure-to-pay (P2P). Of course, in order to do that, we have to improve how the company purchases goods and services and also how it handles supplier payments. While that seems logical and straightforward, most procurement teams neither procure nor pay. What we are left with is a situation where we need to empower those who will ultimately carry out the work.
“To transform the [Procurement] function,” wrote Corcentric Procurement Director Jennifer Ulrich recently in Spend Matters, “they’ve got to first change the way other business units perceive and engage it.” She was commenting on the fact that even highly mature Procurement organizations have a lot of work ahead of them.
When it comes to organizational change — and the many aspects of transformation — P2P is in a great position to take the driver’s seat through automation, or at least ride shotgun as finance takes the wheel. What follows are four strategies from a Corcentric webinar and IOFM white paper for procurement teams to focus on.
The end of 2019 is all about gearing up for 2020, so our November (and December) resources are all dedicated to helping you prepare for business growth as you’ll read in this DetermiNews. Process automation across procurement and payables was a focus this month, for the simple reason that it makes a major contribution to efficiency, compliance and bottom-line impact. Not a bad way to start the year. Continue Reading
Inefficiency. It’s unnecessarily slow — a time waster that saps morale, dilutes resources and is really expensive. But if you’re using a sluggish, cumbersome, error-prone manual process for your payables instead of automation, you already all that, right? Continue Reading
Procurement is going digital at an accelerating rate, and this transformation is critical for every organization – public and private. Not just for staying competitive and relevant, but for increasing the c-suite-level influence that is so crucial to driving enterprise strategy.
When it comes to Procurement, many companies regard this function as primarily limited to sourcing and pricing. Nothing could be farther from the truth, as Reggie Peterson, Director of Supply Programs at Corcentric explains.
— Institute of Finance & Management (IOFM)
Procure-to-pay (P2P) technologies are often most closely associated with the first P in their name: procure. At the same time, the efficiency of an enterprise’s payment processes have more of an impact on its growth rate than the efficiency of its purchasing processes. And it is finance – not procurement – whose ability to deliver against performance objectives is improved the most when payments are streamlined, and hampered when they are not.
Approaching supplier relationships the same way as customer relationships is the easiest path to building trust and long-term shared value. Constant communication, a focus on process automation and transparency are all key to getting your supplier relationships to a place where they can do your organization the most good. And vice versa. Continue Reading
It is consistently amazing how the conversation about a broad topic like risk is dependent on the individuals involved, and more often than not will generally be focused on specific aspects like contract management, for instance.
In fact, digging deeper into the subject with colleagues and customers, it’s surprising that a majority of what’s been written on risk in a corporate setting narrowly focuses on digital security and compliance in the context of governance, risk and compliance (GRC).
But, as a source-to-pay organization, the question has to be “What about third-party exposure?”
Maximize ROI by focusing on the procuring and the paying. If procurement wants to succeed in 2020, we need to measurably improve all of procure-to-pay (P2P). Of course, in order to do that, we have to improve how the company purchases goods and services and also how it handles supplier payments. While that seems logical […]
3 essential questions every procurement leader should be asking to better align their organization. “To transform the [Procurement] function,” wrote Corcentric Procurement Director Jennifer Ulrich recently in Spend Matters, “they’ve got to first change the way other business units perceive and engage it.” She was commenting on the fact that even highly mature Procurement organizations […]
Empowering growth through P2P automation. When it comes to organizational change — and the many aspects of transformation — P2P is in a great position to take the driver’s seat through automation, or at least ride shotgun as finance takes the wheel. What follows are four strategies from a Corcentric webinar and IOFM white paper […]
Preparing for Business Growth: A look back at a month of resources. The end of 2019 is all about gearing up for 2020, so our November (and December) resources are all dedicated to helping you prepare for business growth as you’ll read in this DetermiNews. Process automation across procurement and payables was a focus this […]
