Spend Matters had an excellent prep call earlier this week about a webinar we'll be co-hosting with sharedserviceslink.com on Tuesday, Feb 28, at 11am Central: Top Procure-to-Pay Secrets to Realize Your Cost Reduction and Working Capital Ambitions. Matt Garrow-Fisher, Head of Research, asked that we answer some specific questions from the conversations he and his team have been having with the market:
- How do you choose the right procure-to-pay technologies for you?
- What can current electronic invoicing and invoice automation capabilities achieve?
- What must be done to maximize the return on your procure-to-pay technology investments?
We at Spend Matters understand that the P2P technology market is fragmented and confusing. So Jason set out to highlight exactly what he sees world-class organizations doing to achieve the results that everyone wants to achieve:
- The annual procurement ROI is 694% vs 281% for average organizations.
- World class organizations reduce their overall PO processing costs by nearly two thirds
- Can more than double the number of POs that each FTE can process
- Manage $1 billion in indirect spend with 50% fewer resources
We also decided to share what strategies we see companies using to get to world-class performance levels -- e.g. a collaboration between finance and procurement -- and there are several other key strategies that will be revealed in the webinar itself.
One thing that is clear is that automation is key to becoming world class. But there are many different ways you can onboard suppliers to your automation journey. E-Invoicing is just one piece of the puzzle to achieve touchless processing. To really choose the right providers, your "shortlist" of potential providers should depend on your priorities and not a generic comparison matrix (e.g. companies looking for compliance now from buyer and supplier standpoints would do well to check out proven, SaaS-based solutions with the most rapid deployment cycles possible).
Curious about the steps your company can take to achieve world-class P2P performance? Join us and sharedserviceslink.com on February 28 at 11am Central for Top Procure-to-Pay Secrets to Realize Your Cost Reduction and Working Capital Ambitions. Any additional questions you'd like to throw Jason's way before the webinar around this topic? Shoot Sheena an e-mail and she'll be sure to include them in the Q&A session at the end of the presentation (sheena (at) spendmatters (dot) com).
If you want to do a deep-dive before the presentation, check out the latest Spend Matters research on the topic:
- Matt Garrow-Fisher, Head of Research, sharedserviceslink.com, with additional commentary from Sheena Moore