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Best Practice

Trends and Predictions for 2018

Robotics, AI and IoT

If last year was the year where robotics really started to fall into mainstream purchase to pay consciousness, 2018 is likely to be the year where we see RPA being implemented on a wider scale. At the moment, only around 4% of organisations are currently using RPA, but more than a quarter of UK companies said that it was on their road map for this year. More than just a way to ensure efficiency, organisations see using robotics as a way to gain a competitive edge, especially when linked to AI, or machine learning tools which are able to learn from past processing experiences and make quick decisions about business processes.

Finance - are you checking your T&E blindspots?

We learn about blind spots when we first start driving, but it’s easy to forget to check them. It isn’t just driving where blind spots crop up. A recent survey of UK finance leaders revealed that 81% have got blind spots when it comes to their company’s travel, expense and invoice spend. Considering that a typical company spends over 10% of its annual budget on T&E alone, not having complete visibility has serious implications.

What's the acceptable number of slaves to have in your supply chain?

“How many slaves do you have in your supply chain?” isn’t the usual conversation opener that CEOs expect to have, but it’s one that Justin Dillon, Founder of Made in a Free World makes a point of asking. “It tends to make them sit up and focus,” he said, during our conversation during last week’s SAP AribaLive event. Founded in 2011, Justin set up the company after hearing harrowing stories about the modern day slavery that lies hidden deep within some of our supply chains.

Purchase to Pay - Why Procurement, Treasury and Finance Need to run on the same track

If you've happened to go to any conferences covering Purchase to Pay (P2P) recently, it’s likely that at some point you’d have heard, or taken part in a discussion about the extent of collaboration between the different areas of finance, Accounts Payable (AP) and procurement. It should be obvious that if, as an organisation, you’re trying to increase efficiencies, and are perhaps in the process of better P2P workflow implementation - that the different areas of purchase to pay should function well, interact well; cross-department.