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3 Reasons Why Payables Transformation is Coming to Mid-Market Businesses

Catalant

Despite their outward appearances, large and midsize companies face many similar payables challenges. The real difference between the two, however, comes from the way different companies address these challenges. Whereas a large multinational likely has the necessary resources or a shared services organization to manage purchasing and payables complexity, mid-market firms are left to tackle the same problems with fewer people, less budget and older tools. Add to this increasing regulatory hurdles, global expansion and the ever-present need for faster revenue growth and one thing becomes clear: midsize companies need a payables transformation to thrive in the modern economy.

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The State of the MSP Industry (Part 1): The Moment of Truth Has Arrived

Capgemini IBX Business Network

The MSP industry was born in the early 1990s. Enterprises were using more and more temporary labor, sourced without much control of cost and risk from a fragmented and opaque staffing industry. The very idea of an enterprise contingent workforce management program was a glimmer in the eye of CFOs. However, what had been a small problem was becoming a big one. To help businesses take control of their growing temporary labor use, MSPs, along with VMS technologies, stepped up to offer a solution to this problem. And since the 1990s, MSPs have served enterprises in these ways, delivering value primarily in the form of spend visibility, cost avoidance and reduction, and compliance enforcement. But what worked in the past in no longer simply enough for many businesses to justify their ongoing with relationships with MSPs.

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3 Reasons Catalogs Can’t Be Trusted to Manage Low-Value Spend

For many procurement organizations, catalogs have become the default way to manage indirect spend. It’s easy to see why. Catalogs offer a simple way to manage recurring, low-value purchases. By grouping previously sourced categories and commonly requested items into a single interface, catalogs promise ease of use, efficiency and, of course, increased savings, especially through the reduction of maverick spend. In practice, however, catalogs often create as many new problems as they solve. To help you understand why, here are three reasons why catalogs can’t be trusted to manage low-value spend — and how you can go about protecting your organization.

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5 Ways to Turn Your CFO’s Hate to Love

Imagine your typical CFO and CPO as a couple on Facebook. What do you think would their relationship status be? In my role at Sievo, I get to meet many leadership teams, and I find surprising similarities in boardroom dynamics. In Facebook terms, I would describe the typical relationship between a CFO and a CPO as “it’s complicated,” although I’ve come across some true “hate-hate” relationships, too. To put a positive spin on things, an emotionally charged relationship comes with some powerful energy to work with. No CFO-CPO relationship is completely unrepairable. It can take considerable time and effort, but it is all worth it.

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The Perfect Storm for NHS Procurement

As one of the top five largest employers in the world and an average annual expenditure of £130 billion, the National Health Service (NHS) and how it spends its budget is a widely debated topic. Moreover, harsh restrictions on the public purse mean that healthcare procurement professionals are tasked with providing the best value for every pound spent while still protecting the quality of frontline care. And while we often see pressure on resources and cost of care making the media headlines, procurement professionals in this sector face a host of other challenges too.

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Beroe LiVE Poll: Spend Analysis Helps Trim Costs up to 5%

A procurement organization’s spend data usually resides in various databases and spreadsheets, often making it difficult to collate them into one coherent form for reporting purposes. However, procurement organizations can reap enormous benefits by bringing in much needed visibility into spend patterns. The importance of spend analytics has not gone unnoticed: 38% of procurement leaders had rated spend analysis as the most critical area to receive investment, according to Deloitte's 2016 Global CPO Survey.

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E-Sourcing is Dead, Long Live Intelligent Sourcing Systems

People familiar with e-sourcing often lament its lack of adoption and how others don’t understand the value it drives. This is missing the point: There’s a reason why adoption of e-sourcing is lower than expected and why sourcing managers often try to avoid e-sourcing. The main problem is that people see it as a crude implement, a sledgehammer that harms supplier relationships when they needed a surgical knife to be more precise and nuanced in their negotiations. But a new era is about to begin.

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Purchase-to-Pay System Implementation: The Good, the Bad and the Ugly

tech

Rising costs and lack of control over purchasing activities are just two of the key reasons that drive many businesses to implement professional procurement for the first time. Of course, a purchase-to-pay (P2P) solution has clear benefits to any organization — we’re talking about controlled spending, reduced maverick spend and improved, automated processes. So, why not? Yet we often only see the benefits and forget to evaluate the impact. So, before you start jumping right onto the P2P bandwagon, have a look at this quick guide, which takes you through the good, the bad and the ugly of implementing a P2P system so you can understand what steps you need to put in place before and during the project to ensure success.   

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What CFOs and CPOs are Looking at to Transform Accounts Payable in 2018

As companies set their strategic priorities for 2018, the push for digital transformation has taken hold. But while functions such as sales and marketing already have a firm foothold in the digital world, supply chain-related functions have had to wait their turn to revolutionize their tools and process. This year, however, stands to be the one where procurement and accounts payable organizations shed their back office brand for a new, strategic approach. To find out just where CPOs and CFOs are focusing in 2018 as they lead their digital transformations, we sat down for a quick Q&A with Xavier Olivera, our in-house purchase-to-pay (P2P) expert, and David Gustin, executive editor of Trade Financing Matters, for a conversation spanning procurement-finance collaboration, common barriers to technology adoption and the future of early payment programs. 

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Why Marketing Contributes to a Terrible Spend Culture

marketing spend

Notwithstanding the obvious differences in personality, the mutual look of incomprehension when the CMO and CFO try to explain to each other what they actually do, marketing and finance have never been particularly pally. It’s not just the stark difference in their background, it’s not even the daunting task of proving ROI on an ingenious marketing campaign to a number-crunching CFO, or the danger in committing company funds to some radical idea based on a marketer’s sudden, Steve Jobsian flash of insight into the minds of customers. The things that can cause an ugly spat between marketing and finance are actually much more prosaic.

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What is Market Intelligence, and is it Relevant to Procurement?

Torchlite

As procurement takes on increased strategic importance within companies, purchasing professionals are being asked to do even more with their limited time. This is especially true when sourcing direct materials, which requires keen attention to many changing economic factors outside of the organization. To make the best decisions possible without falling behind, procurement must ensure it has access to and effectively uses supply market intelligence. To help practitioners understand why, this three-part series first outlines the key pillars of market intelligence, explaining why companies seek out this capability. It then explores why market intelligence matters to procurement, and concludes with an analysis of why businesses should seek help from a third-party provider to build out a market intelligence program.

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Why Mid-Size Companies Need On-Demand Solutions to Conquer Tail Spend

Procurement has firmly entered the tail spend era, and with necessary tools now available to tackle this persistent purchasing problem, supply organizations are finally consolidating costs, cracking down on unauthorized spend and clawing back lost time to deliver real value to their businesses. At least, that’s what the picture is starting to look like at large manufacturers and corporates. Within the typical mid-size firm, however, addressing tail spend still eludes many procurement organizations. The issue is less a challenge of capability than finding a solution that fits their unique business needs.