Purchase to Pay – where does it all go wrong?
Too often, we use Purchase to Pay (P2P, PTP) as “code” for Accounts Payable or “Invoice to Pay”. Whether trying to address payment on time challenges, supplier engagement issues, delayed receipting, master data quality or PO reconciliation, the issues that create most “heat” from executive stakeholders rae caused to “the left hand side” of the process, upstream.
In essence, “bad buying” tends to lead to “poor paying”. This is one of the reasons why end-to-end process thinking is critical and “silo-busting” is a key strategy for success.
We were delighted to welcome Phil Spence to share his experiences, challenges and successes in driving Source & Purchase to Pay improvements that drive EBITDA and Free Cash Flow. Our discussion included;
- Looking at the “end to end” process with a “clean sheet”
- The importance of technology independent process design
- Supplier (as a key stakeholder in the process) engagement
Phil Spence is European Business Process Owner, PTP at LKQ Corporation, the $13bn provider of alternative and speciality parts to repair and accessorize automobiles and other vehicles.
An experienced Shared Services director focussed on delivering significant improvements to EBITDA and FCF, Phil has a wealth of experience in process redesign, process implementation, process simplification and automation, in the UK, Europe and globally.
You can watch and listen to our discussion below