During the recent Proactis ReThink '18 event we surveyed senior Finance and Procurement professionals about which spend management or eProcurement systems/tools they were considering for 2019.
The survey results highlight that many organisations have identified gaps in their spend management solution sets, and are missing out on potential cost savings and efficiencies. We found it really interesting to understand which solution areas are hot topics for these organisations and think you will too.
A large proportion (33%)
identified Supplier Management
as a key consideration. This could be due to a number of reasons:
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- Supplier on-boarding is time consuming for both parties.
- Supplier qualification is often subjective, providing little visibility of risks.
- Consistent measurement and evaluation of supplier performance is difficult.
- Keeping suppliers’ profiles and catalogues up to date is an enormous task.
of respondents were considering a Purchase-to-Pay
system. Again, there many possible challenges for such a high percentage:
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- Employees often make purchases without appropriate authorisation.
- Many purchases are made from non-preferred sources.
- There is no visibility of purchase commitments until invoices arrive.
- Costs are attributed to the wrong accounts or departments.
The same number of respondents (25%)
suggested that Contract Management
will be a focus for 2019:
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- Contracts are often filed in different places, making it difficult to know where to find a particular contract.
- Distributed contract management leads to duplicate agreements and missed opportunities for volume-based savings.
- Buyers have no visibility of contracts leading to purchases being made off-contract.
- It is difficult to measure contract compliance and risk.
indicated that eInvoicing
was a problem area, and one the they will consider. This could be due to:
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- Labour-intensive manual input and registration of invoices.
- Many suppliers are not technically ready or knowledgeable enough to eInvoice.
- The complexity of setting up transaction channels is a barrier to entry for suppliers.
- eInvoices alone don’t handle the complexity of troubleshooting exceptions.
Other considerations highlighted in the survey were:
It is clear that many Finance and Procurement professionals have identified areas for improvement in their spend management processes. Proactis remains committed to helping these organisations to rethink how they buy and sell all types of goods and services to deliver greater bottom-line value. If you are in a similar position to these organisations and are interested in finding out more, contact us today