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A Corcentric Company.

October 17, 2019

3 Things P2P Pros Need to Know About AI

3 Things P2P Pros Need to Know About AI

Eliminating the Fear of AI.

As procurement professionals across the globe embrace the Digital Transformation and all of the changes that come with it, it would be remiss not to mention the hesitancy and scepticism that P2P pros also experience when it comes to certain advanced technologies — in particular, artificial intelligence (AI). An unfounded fear looms over this forward-thinking automation, with workers and industries alike suspecting that AI will eliminate entirely the need for a human workforce. However, a recent webinar sponsored by Corcentric reveals just the opposite. The webinar, 3 Things P2P Pros Need to Know About AI, defines artificial intelligence, breaks down its specific capabilities and uncovers the key benefits it provides to procurement.

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October 10, 2019

Procurement Uses AP Automation to Build a Culture of Collaboration with Suppliers

Procurement Uses AP Automation to Build a Culture of Collaboration with Suppliers

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.

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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

October 2, 2019

Transformational ROI: Why Your Suppliers Should Embrace E-invoicing

Transformational ROI: Why Your Suppliers Should Embrace E-invoicing

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, 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?

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September 26, 2019

September DetermiNews: Monthly Review of S2P & CLM

September DetermiNews: Monthly Review of S2P & CLM

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 on at all times. No wonder the role is changing, with an increasing share of responsibility, added reporting structures and influence.

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September 17, 2019

The Evolution of Finance and the CFO, Part 1

The Evolution of Finance and the CFO, Part 1

Determine OutLoud: A two-part conversation with Mark Joyce, EVP and CFO of Corcentric.

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.

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September 12, 2019

Stop Playing Whack-a-Rogue With Your Indirect Spend

Stop Playing Whack-a-Rogue With Your Indirect Spend

Three strategies for controlling indirect spend to boost working capital.

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.

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September 5, 2019

4 Major Concerns for CFOs and CPOs in 2019 and Beyond

4 Major Concerns for CFOs and CPOs in 2019 and Beyond

The CFO / CPO Agenda: Beyond cost reductions, increased efficiency, and data visibility.

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.

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September 3, 2019

August DetermiNews: A Review of the Month in Source-to-Pay & CLM

August DetermiNews: A Review of the Month in Source-to-Pay & CLM

Putting S2P, CLM, procurement, sourcing and spend into perspective.

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.

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