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.
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.
The internet and globalization have made today’s business environment more competitive than ever before. Increasing an organization’s revenues is not enough to achieve and maintain profitability; now every function within that organization must also account for every dollar spent. That can become a challenge for Procurement when it comes to indirect spend and an even bigger challenge when it comes to tail spend.
I know we don’t have to preach to the choir. Procurement professionals are all aware of just how practical spend analysis is for them, but sometimes find it challenging to explain exactly why. Some expenses are simply hard to justify. Spend analysis is often seen only as an added value to the organization, rather than an essential piece to uncovering hidden value opportunities. In an applicable paper, Spend Matters suggests 10 ways to justify the expense for spend analysis to the financial decision-makers at your company. Here are some key takeaways…
I’ve participated in many procurement technology implementations – and not always in the same role. Like most people, my experience began on the receiving end of new technology for which I had no say in the selection or configuration. From there I moved to a leadership role on a team tasked with selecting and implementing a sourcing suite for the first time. A few years later, I was part of a consulting team at a solution provider where I regularly assisted in or led implementations as part of procurement program (re)design projects.
The search for a P2P solution (purchase-to-pay) software can be daunting and, quite frankly, mind-boggling. Identifying a tool that best fits organizational business processes, user needs and the desires of stakeholders can be downright exhausting — especially if you’ve never implemented an outside solution before. Knowing some of the key features and benefits to look for in a worthy P2P solution will help make the search a bit more bearable, and empower your organization to choose a tool that everyone will be happy with.
The heat was on in July, so we focused on helping you keep your cool when it comes to procurement technology with our P2P Starter Kit. Regardless of where your organization is on the procurement maturity curve, or what your comfort level regarding procurement solutions, our toolkit is designed to make sure you have the basics down, the facts in hand and everyone’s expectations properly managed. So you’re cool with this, right?
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 […]
