As we face a variety of unprecedented disruptions here and across the globe, businesses are looking for ways to not only withstand the crises, but also to prepare themselves to move forward once the crises pass. Many companies found themselves with a fully remote workforce with little time to prepare. Companies that had digitally transformed their operations prior to this were quicker to respond and did so with greater efficiency. Many of these companies looked at transformation holistically across the entire business with an understanding that functions that had once resided in silos had to now live in an age of full collaboration.
In Part 1 of this two-part blog, Sophie Pope, Director of Sales, UK and Nordics, Determine a Corcentric company, looked at how organizations can better position to improve business continuity and resilience, starting with the current state of collaboration between procurement and finance. Part 2 digs deeper into the how’s and why’s of collaboration, both internally and with 3rd-parties.
Until recently, when organizations and experts talked about disruption, they were usually referring to technology and business models that effectively disrupted traditional industries. We are now experiencing a totally different kind of disruption…the COVID-19 pandemic that is changing so much of the way we conduct business in the short-term in a remote way.
Working from home due to the COVID-19 crisis is disorienting for most of us, and yet we see one bright spot emerging from it: The opportunity to automate critical operations online to replace time-consuming, manual tasks.
A Conversation with Dan Andrew, Senior Vice President of Sales at Corcentric
While many finance executives are slashing costs to weather the downturn, some view investments in technology as essential to better equip newly remote finance teams or strengthen other parts of the business.”
— Mark Maurer, CFOs Look to Ramp Up Automation Investments Amid Pandemic, Wall Street Journal: April 8, 2020
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.
For businesses in highly-regulated industries, compliance, transparency and risk management are mission critical. Especially now.
The list of industries that are becoming more regulated are growing by the year. On top of the more traditional industries like healthcare, banking, and manufacturing, we are seeing e-commerce and data processing companies have to tighten up how they do business. As our report with Supply Management Insider illustrates, all of these point to a need for greater visibility and control into your company’s procurement operations. Something that’s especially true — and potentially more difficult — during periods of severe business disruption. Continue Reading
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 have a lot of work ahead of them.
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 for procurement teams to focus on.