Invu Research: Almost Half Finance Professionals Say POP Needs Fixing Urgently

Ian Smith, General Manager, Invu, Electronic Document Management (eDM), Accounts Payable (AP) and Purchasing solutions provider, responded to the latest Lloyds Bank Commercial Banking Business in Britain research, which highlighted that £500 billion is owed to SMEs in outstanding invoices. He said:

"Unpaid invoices not only have an impact on cash flow, they can also have a damaging ripple effect on business efficiency. Based on our own research, 34% of UK SME finance workers identified their Purchase Order Processes as being difficult to use or having to work around it to get things done suggesting cash flow isn’t the only issue here. With the research predicting that the situation will only become worse for companies during 2016, the time is now for SMEs to take a moment to review and analyse their business processes."

Last year Invu published the results of its survey (conducted by independent research house Redshift Research) "Addressing the fragmented approach to Purchase Order Processing (POP)." The survey, which asked 200 UK-based small and medium enterprises how their businesses purchased goods and services and the daily challenges they face with the tools available to them, revealed that:

  • 50% of finance professionals are unhappy with their current purchase ordering process
  • 47% of these say their current purchasing processes need fixing as a matter of priority
  • 35% says their current POP makes it difficult to make a purchase

More startling stats are shown in the infographic below. “What is clear from the research," says Ian, "is that financial personnel can accomplish a significant increase in efficiencies by automating their Purchase Order Processing systems. Time pressure is a massive concern for SMEs who are primarily focused on business growth. Streamlining the Purchase Order process is one step SMEs can take to help alleviate pressures on finance workers and ensure their time is spent more effectively.”  

 

 

POP Report Infographic_FINAL

 

 

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