Optimising financial processes

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Something to Consider: Procurement Preparing for Digital P2P Future

Something to Consider June 2018 2 

Expanding Procurement’s Influence Through Change and Innovation

Hackett Group’s latest report shows that procurement functions have made significant progress, not only in creating a digital transformation strategy but also in implementing those strategies. The gap is closing: those with a formal strategy has more than doubled since last year from 33% to 66%. Those with the resources to implement this strategy has gone up to 46%.

Procurement leaders report that these strategies have helped with cost cutting, increased agility and improved procurement’s ability to serve as a trusted adviser to the enterprise.

In our discussions with customers we refer to this as the Nike moment – we have been talking about reaping the rewards from digital transformation with analytics for a long time now: Just Do It!

These analytics techniques are set to pave the way for AI enabled RPA and Blockchain, for new levels of data accuracy, integrity and intelligence, adding value as well as increasing efficiency.

However, budgets are set to fall so companies will have to prioritise and ensure they have a clear business case of specific potential benefits.

Check out the full report here

Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.