07 May Transformational P2P – A new white paper from Purchasing Insight
Despite decades of effort, many businesses struggle to implement Purchase to Pay technologies effectively and the majority of corporate spend remains uncontrolled. It may seem shocking but businesses remain seriously exposed to fraud, lack of competitiveness and supply chain disruption because they cannot put the fundamentals of P2P in place.
P2P may be simple but it’s not easy. The basic principle of a 3-way match underpins what P2P best practice is all about but it’s the detail that defeats most businesses. And binding the details together, combining and linking the people, the processes and all of the data elements presents us with a complex challenge. In the “big data” world we live in, there is very little data that does not already exist. Data input should be a thing of the past and acquiring the right data and managing it in a consistent way can deliver best practice.
The P2P problem is one of perspective. The three main stakeholders – procurement, finance and IT all see P2P in a different way and the key to success is to build a bridge between the three that builds on the synergy within those different perspectives.
And the prize is worth fighting for. 21st century P2P best practice delivers more than incremental improvements – it can be truly transformational. It doesn’t just deliver improved KPIs, more straight through processing, lower costs of transactions – it transforms the culture of a business.
Download the white paper here