In Purchase-to-Pay, it is the exceptions to the process that requires most of the effort by the Accounts Payable team, often with a ripple effect across the entire end-to-end process. Even companies who have successfully automated most of their direct material transactions with high rates of electronic payments continue to struggle with the biggest frustration […]
The idea of Evaluated Receipts Settlement – making payment based on receipt information without matching to an invoice – is an approach that’s been around for decades, most notably cited in the 1993 best seller, “Reengineering the Corporation”, by Michael Hammer and James Champy. The concept is simple: If your Purchasing Department and your suppliers […]
There are many ways of reducing the cost of processing Accounts Payable transactions, including labor arbitrage. However, some organizations have focused their efforts on driving efficiency in the Procure-to-Pay process (P2P) through electronic invoicing resulting in significantly reduced labor, as well as increased efficiency throughout the process. A Peeriosity PeercastTM in the Accounts Payable research […]
Ask any leader of a Shared Services organization what their key measures are for Accounts Payable and they will most likely know them, as well as how much they have improved year over year. However, ask them the same question regarding the full scope of the Procure-to-Pay process (“P2P”) and, often, neither they nor anyone […]
Procurement can negotiate the best deal on the planet, however, the benefits will never be realized if users intentionally or unintentionally bypass preferred vendors. Coordination across the entire Procure-to-Pay (“P2P”) process is essential to avoid the savings being an impressive PowerPoint slide but never seeing the bottom line. A recent Peeriosity PeercastTM in the Accounts […]
The most efficient processes enabled by the world’s most advanced technology platform will never reach their optimal potential if internal customers don’t know how to use them. Getting the right message to the right customers is critical for success in any business, including the business of Shared Services. A recent Peeriosity PeercastTM specifically discussed the […]
“What gets measured gets done” is a mantra known to all Shared Services leaders. This implies that Key Performance Measures (“KPIs”) are actionable, balanced, and consistent with service level agreements, cascaded to individuals, and tied to their performance. Within the Peeriosity Accounts Payable research area, members can perform custom research and benchmark their Accounts Payable […]
Shared Services organizations around the globe have recovered millions of dollars in lost profit for their companies through formalized recovery service processes within their Accounts Payable functions. A PeercastTM in the Peeriosity Accounts Payable research area featured a global Shared (Business) Services organization that is the leader in their industry and has suppliers in over […]
Background Most companies aspire to find the optimal balance between global scale and local flexibility. From an efficiency view, a single global payment-processing center may be optimal, but depending on any number of factors, may not be practical. Member companies within Peeriosity for Shared Services recently completed a benchmarking exercise, which included information on their […]
There is no doubt that the technology exists to design a seamless, and paperless, Procure-to-Pay process within any organization. Once designed, the term “herding cats” comes to mind when describing the challenge of fine-tuning the roles and responsibilities of people within the Procure-to-Pay process. However, when the roles of people within the process are well […]