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Ten tips for optimizing your P2P function

However well developed (or not!) P2P Its role might be, there will always be at least some forms it can be improved.

The purchase to pay function tends to be one of the lower profile arms of any organization, but no doubt that is one of the most important – especially in times like these when cutting costs and renegotiating payment terms has become a key function is certainly not one of them. Even in times of constrained spending, the benefits that technology can invest in any or all stages of P2P (especially if the investment has been postponed for a significant period) may be too attractive to ignore, even for the most miserable table: not just about having count down – although that is certainly an important factor – but the chance of error reduction and overall hardening of the flabbiness little that everyone can join a large number of costly quality improvement, improved controls, improved cycle time, the possibility of assisting in the corporate social responsibility initiatives, reduction costs. The automation of the best purchases far exceeds any attempt by the AP software to handle procurement. Despite the uproar from anyone, this is the case today. In the short term, it is easy to foresee that many products do both very well. "

2. This is orders Cart (even when there is)

Those who see the acquisition as a mysterious arcane discipline (and as any procurement specialist can testify, which is quite be used as widely as possible right through the company, the mandate from above, but are simply too important and widely impacting a tool for individual users to be allowed to avoid them. When, for whatever reason a PO can not or should not be used as little as possible should be removed from the system solution – try as much as possible to standardize the non-standard and the standard itself can be hosted by a well-ordered political PO complete.

"Two essential requirements for effective P2P cycle 100% (or as close as possible) issue purchase orders in advance of supply and a simple, system easy to use workflow or process of any remaining condition for approval of invoices and resolving queries, "says independent shared Jim Whitworth specialized services. "The more labor-intensive activities tend to be references P2P buyers and management consulting bills that do not match with orders. Having a large proportion of invoices without matching OP or adequate follow through workflow presents a risk of control and possible issues budget management, in addition to the burden of unnecessary work. "

3. Put the necessary resources in reconciliation

It's funny – or it would be if it were not so expensive – the frequency with P2P serious kick in the stage of reconciliation. It seems common sense to put resources necessary – human and technological – to achieve optimal reconciliation, but judging by some of the questions raised in recent events this is still sson a relatively neglected area in many organizations. OK, so it's not as simple as just checking the boxes, but making sure to match what is spent with what has actually requested the task should not be more complicated – and if so, has to think back on the process of reconciliation and accurately evaluate the entire where the emerging issues and take steps PDQ to get solved in the future.

Avinash Iyer, director, Business Operations Solutions Xtenza, suggests taking care of the amounts of the contracted amounts? If the right amounts? Are there other charges, including taxes, valid and correct? "

4. Scale note: Over the P2P services to share

The shared services model may not be appropriate for companies smaller – but if you're operating within a large and complex organization (perhaps with an international scope) that is almost certainly going to be able to find them gold Thar Hills P2P sharing services. The arguments for shared services from the perspective of cost efficiency and are more or less self-evident – but P2P is an area that really needs to be managed effectively as part of a migration to shared services, "said Jim Whitworth." When an ad hoc place of order approval and payment process can survive under one roof, is almost certain PTP may be an efficient and low effort, low-intervention process. "

5. Bridging the gap with the acquisitions of Finance

For some (especially those with a vested interest in keeping them separate) Procurement and Finance could be considered distinct, if closely related, feuds – but many respected figures in the space right through to bring them closer consideration, if they do not merge completely, offers significant benefits across the organization.

Schmandt Tim says: "There have always been some gray areas that overlap between the functions of purchasing and finance. Instead of trying to separate these limits, I think it is healthy for companies to push more and more to blur these lines and the fusion of the two arenas. There will always be the need to have separate functions but with the technology, automation and speed of change, the game is changing. For example: With all the technology of current workflow AP, AP departments can play a vital role in assisting with the streamlining procurement providers, early payment discounts, spend analysis and vendor satisfaction. best in-class companies have recognized and exploited the value the exchange of data between functional units. We're also seeing the need to develop knowledge and experience of managing outsourcing contracts. Once Moreover, these roles have been launched to recruitment because of the similarities, but the management of outsourcing has some subtle differences. Companies that allows and consolidate the strengths of both the Finance and Procurement Group will be the winners. Instead of two separate circles today, we can predict the migration a smaller, leaner structure 'mouse-ear' = searching. "

6. Communicate regularly and correctly

Like everywhere in P2P is crucial to maintain open lines of communication between all strata of the population and each element of the process. Of Indeed, taking into account the complexity of the workflow, making good communication is even more important in P2P than in many other functions: not only all Messages at the right time. Communication with suppliers, for example (especially if the payment problems encountered) has to come from the right place according to a well thought out and strict communications policy.

"Schedule regular team meetings with representatives from all parts of the process (the departments the creation of orders, purchasing, accounts payable, treasury, an IT person to make the system work), "urges Michael Evans, of Kansas City Southern Railroad." Communicating, especially if cash flow problems … Do not have people in the field of sampling or any other activity of automation that will transform or have an impact significant about your purchase to pay process, you must ensure that the process is so clean and optimized as possible before you start automating. "Do not automate a mess" is advice many times in this area – and for good reason. We could live in a world technologically very notable, but there are limits to what can be achieved by IT: food, even the most advanced system for a load of inconsistent, inaccurate or incomprehensible information, or applied to a field of obstacles, the process neck Bottle-prone and is casting pearls before swine.

"There are many ways that technology can help simplify the process of P2P, but the technology is only one variable in the equation, "says Juliana Sugarek CentrePoint Energy." Note that if you automate a bad process, you will lose some efficiency in the short term require extensive configuration and customization. In the long term, you will experience a further erosion of efficiency due to higher costs updating and maintaining their systems. The variable can be set that will provide the greatest gains is the process. Make sure your process is effective, efficient and well-controlled first. By putting the first process, exponential gains can be achieved through process automation. "

8. … Y that methodologically

Following on from the last point when looking at the cleaning process prior to application worth considering going on it systematically through the application of process improvement methodologies such as Six Sigma. While this may mean a larger and more complex investment advance (as many organizations do not have internal expertise to hand) the benefits can be supported by those who have gone through the pain: the application of Six Sigma not only can improve efficiency within the relevant function, but may also have knock-on benefits for those parts of the business that interact with the new streamlined process (And in the case of P2P, which is most of them …).

"There are several advantages process" here) "You get process efficiency, can get the transactional efficiency and cost efficiency. Many companies have tried to implement Six Sigma or other methodologies and the success rate has been largely uneven. The reasons are manifold. The first reason is that many companies try to adopt a Big Bang … They do not have the internal skill set or quantitative and analytical skills of the workforce to supplement what is required of a rigorous and disciplined Six Sigma. The second reason is that many investments tend to be significant enough to take the same time bringing in consultants and experts in the field to replace a lot of processes. The third reason is, P2P as a function not quite simplified in a large number of companies, but that tends to exist in silos. "

9. The future is green – so get ready for the future

As sustainability is pushed up the agenda by the government and consumer pressure, P2P must take their share of stress – and share that could be very important because before too long for a greater attention to the origins and environmental impact of products and services. Procurement functions may soon begin to collect and analyze a large amount of data about the carbon footprint of what is procured; large organizations in particular pressure.

"Managing the supply chain becomes more important to sustainability," explains Ovum Warren Wilson, "because a, organizations face increasing pressure (from consumers, regulators, even investors) to environmental responsibility, and two, accountability requires the collection and aggregation, consistent and reliable data at all steps will be very important, but so will the consumer demand. Already, consumers show a preference for 'green' products and in some cases are willing to pay a little more for them. At some point the question changes from 'Is a green product? to "How I can trust that is green? To answer that question will drive the creation of markets / adoption of standards and processes and becomes a tradable commodity. "

10. Get the right support – right from the top

It's just that is relatively rare P2P considered one of the most attractive parts of the company – but that makes it even more important that you should have secured support clear of the summit before undertaking any significant transformation program. In order to override the objections of those outside the role they might feel uncomfortable with (or just downright nasty to) anything that will jeopardize the status quo, get as close to a mandate from the top as possible and not afraid to push the point if you start hitting their heads. Any serious disruption to a function of far-reaching as P2P will have its detractors: it will be much easier to push those critics back online with the help of a friend of the board.

"Sponsoring the top is absolutely crucial, "said M & A specialist independent Graeme Ludlow." Getting a clear endorsement of an important figure in the organization sends a very powerful message that whatever the personal opinions of individuals, the company has decided that this is the way it will be. You may feel very lonely or unloved at times that is pushing through improvements and potentially problematic is finding push-back of several different parts of the company. It's funny how much less lonely in times like these when cutting on the costs and renegotiating payment terms have become increasingly important for companies as strapped for cash, all the world.

With this in mind, the latest technology advantage

It is hard to think of an area of business that can not be improved by judicious application of smart technology – and the acquisition payment function is certainly not one of them. Even in times of constrained spending, profits to be made from investing in technology in any or all stages of P2P (especially if the investment has been postponed for a significant period) may be too attractive to ignore, even for the most miserable table: not just taking template below – although that's certainly a big factor – but the reduction on the scope for error and, in general hardening of the flabbiness bit that everyone can join a lot of expensive excess baggage.

"We must invest in automation can help with corporate social responsibility initiatives, cost reduction. The automation of the best acquisitions than far any attempt by the AP software to handle procurement. Despite the uproar from anyone, this is the case today. In the short term, it is easy to foresee that many products do both very well. "

2. This is the purchase orders (even if not available)

Those who see the acquisition as a mysterious arcane discipline (and any procurement specialist I can answer, that is quite a significant part of the business) are often unaware the value of purchase orders – but for those who work inside the function there is no excuse. Purchase orders should be used as widely as the right possible through the company, the mandate from above, but are simply too important and widely impacting a tool for individuals who can work around him. If for any reason a PO can not or should not be used as little as possible should be removed from the settlement system – try as much as possible to standardize the non-standard and the standard itself can be embraced by a well-ordered political PO complete.

"Two basic requirements of a cycle P2P is 100% effective (or closest to) the issue of advance purchase orders and supply a simple, easy to use workflow system or process any remaining requirements for approvals of invoices and resolving queries, "says independent expert Jim Whitworth shared services." The without matching invoices OP or adequate follow through workflow presents a risk of possible control and budget management issues, as well the burden of unnecessary work. "

3. Put the necessary resources in reconciliation

It's funny – or it would be if no were not so expensive – the frequency with P2P serious kick in the stage of the reconciliation. It seems like common sense to put the necessary resources – human and technological – The optimal reconciliation, but judging by some of the questions raised in recent events sson this remains a rather neglected area in many organizations. OK, so it's not as simple as just checking the boxes, but make sure that match what you spend with what has actually requested the task should not be more complicated – and if so, has to think back on the process of reconciliation and its assessment of exactly where problems are arising, and take action PDQ to get solved in the future.

Avinash Iyer, director, Business Operations Solutions Xtenza, suggests taking care of the basics: "After receipt of goods, the bill must be reconciled with the purchase order and goods receipt before payment. Are the prices of goods and services adequate? Son The amounts of the contracted amounts? It was the right amounts? Are there other charges, including taxes, valid and correct? "

4. Scale note: Over P2P sharing services

The shared services model may not be appropriate for smaller companies – but if operating within a large and complex organization (perhaps with an international scope) that is almost certainly going to be able to find gold in them sharing P2P Thar hills services. The arguments for shared services from the perspective of cost efficiency and are more or less self-evident – but P2P, in particular, also can see the benefits of shared services in areas such as controls and the pursuit of excellence in employee development.

"This is an area really needs to be managed effectively as part of a migration to shared services, "said Jim Whitworth." When an ad hoc instead of order, the approval and payment process can survive under one roof, is almost certain PTP can be an efficient and low effort, low-intervention process. "

5. Bridging the gap with the acquisitions of Finance

For some (especially those with a vested interest in keeping them separate) Procurement and Finance could be considered distinct, if closely related, feuds – but many respected figures in the space right through to bring them closer to consider if they do not full merger offers significant benefits across the organization.

Schmandt Tim says: "There have always been some gray areas that overlap between the functions of purchasing and finance. Instead of trying to separate these limits, I think it is healthy for companies to push more and more to blur these lines For example: With all the technology of current workflow AP, AP departments can play a vital role in helping to streamline procurement suppliers early payment discounts, spend analysis and vendor satisfaction. best in-class companies have recognized and taken advantage of the exchange value of data between functional units. We're also seeing the need to develop knowledge and experience of managing outsourcing contracts. Again, these roles have been launched to recruitment because of the similarities, but the management of outsourcing has some subtle differences. Companies can draw and build the strengths of both the Finance and Procurement Group will be the winners. Instead of two separate circles today, we can predict the migration to a minor, leaner structure 'mouse-ear' = searching. "

6. Communicate regularly and correctly

As that everywhere, P2P is crucial in maintaining open lines of communication between all strata of the population and each element of the process. In fact, taking into account the complexity of the workflow, making good communication is even more important in P2P than in many other functions: not only all the various different parts of the process need to be aware of changes or developments within the operating environment, but it is vital that the correct parts of the function are giving the right communications policy.

"Schedule regular team meetings with representatives from all parts of the process (creating departments orders, purchases, accounts payable, treasury, an IT person to make the system work), "urges Michael Evans, of Kansas City Southern Railroad." Communicate especially if cash flow problems … Do not have people in the field of making promises for when payments are made. "

7. Order process First …

If you are preparing for a major application system or any other activity automation that will transform and impact significant about your purchase to pay process, you must ensure that the process is so clean and optimized as possible before you start automating. "Do not automate a mess" is advice many times in this area – and for good reason. We could live in a world technologically very notable, but there are limits to what can be achieved pigs.

"There are many ways that technology can help simplify the process of P2P, but the technology is only one variable in the equation," CentrePoint Energy says will experience a further erosion of efficiency due to the increased costs of updating and maintaining their systems. The variable can be adjusted that offer the greatest gains is the process. Make sure your process is effective, efficient and well-controlled first. By putting the first process, you can achieve exponential gains through process automation. "

8. … And that methodologically

Following the last point: when you look in the cleaning process before the application is worth considering to go about it systematically through the application of methodologies process improvement and Six Sigma. While this may mean a larger and more complex investment up front (as many organizations do not have internal expertise to hand) benefits can be supported by those who have gone through the pain: the application of Six Sigma not only can improve efficiency within the relevant function, but may have also leverage effect for parts of the business that interact with the new streamlined process (and in the case of P2P, which is most of them …).

'There are several advantages to the implementation of Six Sigma or process improvement methodology to other P2P ", says Ramesh Krish Amgen sson (listen to podcast Ramesh on "The application of Six Sigma methodologies for the purchase to pay process" here) "You get efficiency of processes, you can get transactional efficiency and cost efficiency. Many companies have tried to implement Six Sigma or other methodologies and the success rate has been uneven mostly. The reasons are manifold. The first reason is that many companies try to adopt a Big Bang … They do not have the inmates tend to exist in silos. "

9. The future is green – so get ready for the future

As sustainability is pushed up the agenda by government and services. Procurement functions may soon begin to collect and analyze a large amount of data about the carbon footprint of what is procured; the Large organizations in particular must take steps now to prepare for what will be required of them in the procurement arena instead of waiting, or even be surprised by, the requirements set by the government or consumer pressure.

"Managing the supply chain becomes more important to sustainability" Warren Wilson, Ovum said, "because, one, organizations face increasing pressure (from consumers, regulators, even investors) for liability environmental, and two, accountability requires the collection and aggregation, consistent and reliable data to all steps of product life cycle, from cradle to tomb – that is, the chain of supply (and distribution). Software can help automate the process and make it practical … Regulatory pressure will be very important, but so will the consumer demand. Already, consumers are showing a preference for 'green' products and in some cases are willing to pay a little more for them. At some point the question changes from 'Is it a green product? to "How I can trust that is green? To answer that question will encourage the creation of markets / adoption of standards and verification processes. Investors also have an interest – for example, as consumers begin to favor companies with better environmental records, such as carbon becomes a tradable commodity. "

10. Get supported by the right – right at the top

It is fair to say that P2P is relatively uncommon considered one of the most attractive parts of the company – but that makes it even more important that you should be guaranteed a clear support of the summit before undertaking any significant transformation program. In order to cancel the objections of those outside do not be afraid to push the point if you start hitting their heads. Any serious disruption to a function of far-reaching as is P2P to have its detractors: it will be much easier to push those critics back online with the help of a friend of the board.

"The sponsorship of the top is absolutely crucial, "said M & A specialist independent Graeme Ludlow." Getting a clear endorsement of an important figure within the organization sends a powerful message that whatever the personal opinions of individuals, the company has decided that this is the way it will be. You could feel very lonely or unloved at times when you're pushing through improvements and potential problem is finding push-back from several different parties the company. It's funny how much you feel less lonely – and much less "push-back you have to deal with it – if the project has the guiding hand of the Chief Financial Officer by their fruits. "

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This article was first published time in the Shared Services and Outsourcing Network (sson) – Read here: title = "www.ssonetwork.com"> http://www.ssonetwork.com/topic_detail.aspx?id=5268&ekfrm=6&utm_source=ssonetwork.com&utm_medium = SMO & utm_campaign = DIRECTORIES & mac = SSON_External_Listing_2084

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About the Author

Jamie Liddell has worked in journalism since he was a 17-year-old cub reporter for The Tico Times, Costa Rica’s highly regarded English-language weekly newspaper. Holding an MA in English from Clare College, Cambridge University, Jamie came to the Shared Services & Outsourcing Network from the world of overseas property publishing where he worked on the industry’s best-selling publications for the UK and Ireland, and gave seminars at consumer and b2b exhibitions and conferences internationally.

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