Are your Purchasing and Accounts Payable (AP) processes responsible for lost time, money and talent? Now it's possible for business leaders to find out easily - without spending a fortune or being invaded by swarms of consultants.
Every organisation has a Purchase-to-Pay (P2P) process to help it acquire the goods and services needed to operate. But the way this performs will differ dramatically across enterprises.
Some variants are obvious, such as the different finance/ERP systems in place, whether purchasing is centralised or devolved, and the size and nature of annual spend and the suppliers you deal with.
But then there may be other P2P factors that set organisations apart:
Meeting a new challenge
- Unhelpful spending practices, mind-sets and quirks can embed over time — but rarely get challenged or even noticed.
- Processes that cause performance bottlenecks and add costs in ways that can seem intractable to the point where people assume that's just the way it has to be.
- Other P2P-related areas within Finance and Procurement can appear opaque: Everyone knows something is wasting resources, but no-one can quite identity why, how or what.
Some enterprises have stumbled along like this for decades and it's been bearable, especially in the years of growing revenues. But now the economic and competitive climate means. operational expenditure is under the spotlight and in today's digital-driven world, more companies are looking to transform P2P.
Put simply, to thrive in the new economy P2P inefficiency just isn't an option anymore. And there's a big upside to fixing the issue.
Optimising your Purchasing and AP processes can actually impact financial performance and give you a competitive advantage. Resources begin to stretch further and best practise P2P can add value and support growth rather than hold you back. Purchasing and AP processes can become seamless, streamlined and automated, freeing up valuable time, money and talent. It also enables unsurpassed levels of visibility and control.
How far have you come?
The good news is that P2P transformation is within reach for every organisation. In fact, you may have made important strides already, though perhaps some obstacles remain? Significant improvements can be introduced at your pace in a way that delivers the fastest payback.
The best way forward is to benchmark where you stand today — and find out what you could be doing next. You can assess your current situation in five practical steps using our Purchasing and Accounts Payable assessment tool.
Within minutes, you'll see the true picture beginning to come into focus.