To sum up the discussions that took place at Toning Up Purchase to Pay to Attain Touchless Processing in London yesterday, here are our top take aways:
- If you want to drive change in P2P, don't think you can do it alone - finance and procurement need to work together
- Establish process owners who are not involved in ops but are there to govern
- No point having a global process if nobody complies with it
- Reference P2P in shareholder presentation reports
- A global process owner that reports into the CEO
- Look at when you pay invoices - don't pay early
- Metrics drive behaviour, which drives improvement. Use league tables - they work!
- If you need evidence for the past horror do an audit
- There is a â‚¬900m opportunity to save costs in indirect spend among the companies that participated in the American Express study
- Automation alone won't work: standardise, align and optimise your processes
- There isn't a single technology silver bullet - you need a basket of approaches
There's a lot more to come today as we have Surrey County Council, Rolls-Royce, Finnair and Pearson speaking. And that's all before lunch!
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