Something to Consider May 2018 1
The Purchase to Pay cycle and its broader cousin ‘Source to Pay’, are considered the low hanging fruit of efficiency improvement, ‘making buying simple’, driving out waste and optimising working capital.
Today’s end to end process owner has many tools at their disposal, from performance management, optimised purchasing and payment policies, related process controls, integrated source-to-pay technology suites, and RPA ‘robots’ to automate some of the effort sapping repetitive data entry processes.
However, the reality is that most P2P process owners do not have timely insight into what the current process actually is in practice, where errors and waste occur, and how to genuinely drive efficiency, effectiveness and cash conservation across the cycle.
Even our latest productivity tools have unintended consequences and play their part in producing their own waste and error, whilst further obscuring anomalies.
The answer to faster, better insight lies in data, and the ability to dynamically analyse performance, exceptions, outliers and trends. Smart analytics shine a light on process, transaction, and data issues that help us ‘chase the waste’ out of the process – driving greater alignment and efficiency between functions and across technology silos.
We are exploring these insights and the practical application of Smart Analytics in P2P/S2P with experts in our upcoming webcast. For timings and to register your attendance, click 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.