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April 22, 2020

Planning for Procurement Transformation, Post COVID-19

Planning for Procurement Transformation, Post COVID-19

Business disruption might delay procurement transformation, but shouldn’t derail it.

Up until very recently, when the current COVID-19 crisis became the dominant force in global affairs and business, organizations throughout the world were focusing on business transformation, including procurement. This overarching term for how a business organization runs actually results in transformation in every department and function of the organization. Now businesses are focused on facing the greatest threat many of them have ever faced.

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October 8, 2019

Poor AP Processes Open the Floodgate to Fraud

Poor AP Processes Open the Floodgate to Fraud

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

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