Procure-to-Pay (P2P)

Simplifying Source-to-Pay, Part 5

Last time, we explored how to match payment control channels to payment risk. The less the risk, the less rigorous the payment controls need to be. For example, for dealing with the risk of an unauthorized spend amount, a credit card solution might be sufficient. On the other hand, running out of stock in a… Read more »

Simplifying Source-to-Pay, Part 4

In part 3 of this series, we discussed three-way matching and whether it’s consistently necessary. There are alternatives to streamline that process by eliminating one or more steps, depending on type of spend. In this installment, we’ll take a more in-depth look at risk factors by spend category. Step Four: Assessing the Impact and Probability… Read more »

Simplifying Source-to-Pay, Part 3

This article is the third in a series based on a Hackett Group white paper entitled, “Defining a Source-to-Pay Channel Strategy that Balances Risk, Control and Efficiency.” In Part 2 of this series, we talked about guided buying, a technique in which the number of options at each step of a source-to-pay cycle is reduced… Read more »

Simplifying Source-to-Pay, Part 2

This article is the second in a series based on a Hackett Group white paper entitled, “Defining a Source-to-Pay Channel Strategy that Balances Risk, Control and Efficiency.” In Part 1 of this series, we discussed a technique called “guided buying,” in which organizations adopt a streamlined source-to-pay cycle in order to reduce the complexities associated… Read more »

Simplifying Source-to-Pay, Part 1

This article is the first in a series based on a Hackett Group white paper entitled, “Defining a Source-to-Pay Channel Strategy that Balances Risk, Control and Efficiency.” Becoming a world-class procurement organization sounds like a lofty and difficult goal. With revenues—and spending—in the billions of dollars, large organizations must often juggle processes and priorities within… Read more »

10 Building Blocks for Continuous Improvement in Procure to Pay

Approaching continuous improvement in a P2P environment can seem like a daunting task. It can be difficult to determine how to begin an endeavor that, by its very name, has no end. Matthew Molter, Manager of Properties and Procurement Support at Meijer, a grocery store chain with 200 locations across Ohio, Illinois, Indiana, Michigan, Wisconsin,... Read more »
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How Leading Companies “Unlock the Full Potential” of P2P

Jess Scheer Continuing Education Manager, IOFM Most organizations run P2P in two separate silos: Procurement is responsible for selecting and negotiating terms with vendors and then ordering goods or services from those vendors. And then the purchase gets tossed over the wall to AP to pay for it. At very small organizations, this distinction is… Read more »

IOFM Series: Mitigating the Risk of Procure-to-Pay Improvement

When AP practitioners discuss improving P2P, the conversation almost invariably focuses on automation. Which technology would accelerate how quickly we: scan invoices, match the invoices to POs, process and then reconcile the payments, etc.? While various systems can enable improvement, they should not be the first place AP practitioners look to make their processes more… Read more »