A one size fits all approach just won’t work with purchase to pay. And that’s not just intuition or experience informing that view.
The Hackett Group reported this in their May Procurement Metric of the Month : “Many organizations define sourcing and supplier management processes by spend category as the basis for understanding how to best source and manage their suppliers. However, they often do not specify how to buy from and pay those suppliers based on the nature of the spend category and the needs of stakeholders (spend owners, requisitioners, suppliers, etc.). While companies usually have some type of “n-step” sourcing methodology, they may have tens if not hundreds of different ways to buy and pay for goods and services. This can reduce efficiency and customer satisfaction and lead to higher noncompliance rates and greater risk”
Press Release from iPayables
iPayables released InvoiceWorks version 8.441 August 10, 2010. The upgraded version includes new functionality and upgrades to the InvoiceWorks product. The three most notable enhancements are around: Managed Security, Mass Downloads and CASS Address Verification.
Managed Security – While...
At a time when wise use of resources, both from a commercial point of view and an environmental point of view, is seen as a priority, Purchase to Pay stands proud having had an environmentally friendly heart even before the green band wagon rolled into town. And that’s why I discard my cynicism when I see OB10 launching its Green program.
Let’s indulge for a while in a purchasing and finance fantasy where a CFO and a CPO have a constructive conversation about how best to manage working capital. Suppose there’s a supplier – a strategic supplier with whom the company spends a lot of money...
Purchase to Pay can sometimes be a hard sell. In a highly siloed organization where purchasing and finance see themselves as different species, getting buy in to an end to end holistic approach to purchasing is virtually impossible. But without the holistic approach some serious stuff goes wrong. Below are to top 5 problems that occur when purchase to pay best practice is ignored.
It is said that only half of advertising actually works, and you can never be sure which half. Better safe than sorry I guess. You don’t want to cut your advertising budget in half if you lose the half that works. But what about the other way round? What if you knew that 100% of your budget worked – but you chose to only spend half of it? That doesn’t make sense does it? So why then do you do it?
“Who? Me?” - Yes you! - Well perhaps you if you have anything to do with Purchase to Pay in your organization.
The Wall Street Journal yesterday high lighted a very interesting trend that is emerging as the global economy considers how sustained the modest recovery is likely to be. Like victims of some great natural disaster, peering through the rubble of what was once a thriving...
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