We are of course not trying to imply your S2P/P2P process is in chaos, but, in Chaos Theory, “The Butterfly Effect” is the sensitive dependence on early conditions in which a small change can result in massive differences in a later state. A recent discussion brought this home to me as having significant relevant in end to end business processes, not least Source/Purchase to Pay.
Put simply, relatively minor decisions, errors and omissions in the early stages of P2P (contract terms, vendor onboarding, PR/PO creation (or lack of) etc) have an asymmetric impact on the cost and effort and outcome quality of Accounts Payable. This should come as no surprise, but we keep making the same mistakes, and attempt to solve the problem with greater focus on fixing the ‘effect’ rather than the ‘cause’.
On the back of long running research into the S2P/P2P process, we shared results of a survey we have conducted with practitioners, subject matter experts and P2P leaders on the key challenges and pain points across the entire Purchase to Pay cycle, as well as in Accounts Payable specifically
Check out the recording below to hear the results first hand and to join the conversation on practical approaches and best practices that address the causes as well as impact of these issues. We discussed the low hanging fruit and quick wins for Accounts Payable, as well as some of the strategic transformation options that impact AP, with some latest insights and benchmarks from our exclusive research.