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Don’t let the lack of spend visibility blindside your working capital

WPP CFO Impact Indirect Spend Report cov2

Effective management of your working capital requires full visibility — and control — of your company spend. Learn why, and how, in The Impact of Indirect Spend on Working Capital.

To manage your working capital, not to mention forecast future outlays, full and accurate visibility of all spend, including indirect spend, is critical according to a CFO.com whitepaper sponsored by Corcentric. That’s what a robust, integrated procurement solution is designed to do; So, why do 71% of firms included in an AmeriQuest Survey still lack a procure-to-pay tool?

Download The Impact of Indirect Spend on Working Capital whitepaper from Corcentric and CFO.com to learn what procurement process issues your company may have, along with strategies to solve them.

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Some of the problems that companies have include:

• Lack of adequate knowledge of total purchase spending
• Focusing on rebates instead of negotiating for advantageous
  upfront pricing
• An oversupply of suppliers – a sign that sourcing processes need fixing 

Using Transparency to Enhance Reputation and Manage Business Risk

HBR basware report cover3The future landscape of business is made foggy by economic uncertainty paired with ever-increasing consumer scepticism. More and more, customers want transparency into what they’re purchasing, manufacturing processes, and the ethical and environmental repercussions of their transactions. Equally, organisations want a similar transparency into their own business processes to improve employee engagement, brand reputation, operational efficiency and cost savings.

Building business transparency is a crucial part in increasing consumer trust, keeping up with the pace of business, and economic changes. According to a survey of nearly 800 global executives conducted by Harvard Business Review Analytic Services (HBRAS), respondents cited 3 crucial barriers standing in the way of achieving a more visible finance and procurement, and greater transparency throughout their organisation:

1. Technical transparency
2. Organisational transparency
3. Cultural transparency

Highlights from the 2020 HBRAS study Using Transparency to Enhance Reputation and Manage Business Risk include:

• 90% of executives say increased business transparency leads to better-informed decision-making
   across the entire organisation,
• 55% say ethical and commercial considerations are equally important when evaluating suppliers,
• And 26% say transparent finance and procurement processes would lead to an 11% to 20% cost reduction.

Most importantly, the survey report revealed that professionals who have already invested in improving visibility across finance and procurement are reaping the benefits of greater employee engagement, improved reputation, and increased revenue growth.

Given these numbers, it’s time for company leaders to approach business processes from a more holistic perspective—one that enables visible commerce through automating finance and procurement processes and provides total transparency of money, goods, and services.

Learn what total transparency can do for your business.

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P2P - Not Just a Function, But an Entire Business Strategy

Procure to Pay Starter Kit Resource Banner v2 380x380Procure-to-pay (P2P), Purchase-to-Pay, eProcurement. Whatever the name, the goal is the same; to simplify, automate, integrate and accelerate processes at each stage of the cycle to solve business challenges. Here's how:

An advanced, technology-based procure-to-pay strategy and process is one of the most effective ways to increase savings, risk and spend control, compliance, process efficiency and, ultimately, bottom-line impact.

In this P2P Starter Kit you'll learn:

• What is a P2P process, anyway?
• Why cloud myths persist, and why they're so wrong
• The features and functions that are going to accelerate P2P efficiency for your
• How to set yourself up for implementation success
• How your procure-to-pay strategy can continue to mature and benefit your
• Why expanding expectations demand a holistic approach to the procure-to-pay
• How technology enablement empowers teams to think big without sacrificing
  precision execution. 

Download the document in full here.

It's Not all About the Money

Supplier Led Innovation Report cover

Most UK businesses admit that they have become highly dependent on their suppliers, so they should consider how best to collaborate with them. All too often relationships can become transactional and focus on cost. This acts as a blocker to innovation, preventing UK organisations from keeping pace with end-user demands.

Based on a study of 200 UK-based procurement, supply chain and finance professionals at rganisations with over 1,000 employees, this report examines how UK businesses can enable supplier-led innovation and go beyond a pure cost focus.

Download the research report in full here.