Controlling spend: 5 keys to success
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1 Dennis Frio, Director, Business Advisory Services Since the financial crisis of 2008 and the resulting recession, many organizations have felt increased pressure to control costs. Doing more with less is the new normal. Although the economy has showed signs of gradual improvement, this perspective isn t changing. Economic uncertainty, unpredictable markets and a contentious political environment all contribute to continued pressure on companies to limit spending. According to a recent survey, the greatest challenge for chief procurement officers was top-down directives to identify savings and cut costs. 1 As a matter of fact, at least 75% of people reading this article will have been asked to increase savings targets, and nearly 50% of those will be asked to deliver savings in excess of 5%. But understanding where to find savings can be difficult. Companies lack the proper data to drive category savings while their supply chains continue to increase in complexity due to globalization. Our discussion with finance executives also revealed the most difficult categories to manage were a company s travel and expenses and professional services. Both areas have great potential for savings with the right policy, process and systems support to drive compliance. Fig 1. Biggest obstacles for spend management improvement 2 Fragmented systems and processes Lack of senior management support Limited spend visibility Low user adoption Inconsistent data across categories Other 33% 17% 14% 13% 9% 14% Fig 2. Spending category your company has most difficulty managing In addition, companies struggle with managing their spending because of fragmented systems and processes, low spend under management, and limited procurement governance or lack of executive support. A recent poll taken by senior finance executives confirmed that these issues remain a stumbling block to spend management excellence. Travel and expense Professional services (legal, consulting, temp, accounting) IT (hardware/software) Marketing Maintenance, repair and operations Other 29% 23% 16% 11% 6% 15% 1 The CPO s Agenda for 2012 and Beyond, Aberdeen Group 2 Online Grant Thornton LLP poll taken on July 26, 2013, by more than 200 finance executives
2 Although not always an easy task, unlocking the value in your supply chain has the potential to add millions of dollars directly to your bottom line and is very much worth the effort. Best-in-class companies have reported 6%-plus in annual savings based on total indirect spend and that is with only a 72% compliance to established contracts. Bestin-class companies have also reached about 85% of their spend under active management 3. This means that even the best have room to improve. If you are considering implementing a more focused spend management program and taking the initiative on better cost control, here are five key steps to consider: 1. Assign the right program leader: Your program leader must be credible and present a believable case. A strong spend management program requires the cooperation and integration between the different source-to-pay processes, which may be led by separate business owners who may also report under a different organizational structure (see Figure 3). The leader needs to address the requirements of each department and communicate the necessity of working together to achieve bottom-line savings for the organization. Your leader must have the authority to act. Business units prefer their own way of doing things and may see the procurement function as getting in their way. Too many times program leaders are accountable for the agreed-upon outcomes, but lack the business authority to institute real change. This starts at the top. A strong governance structure should include a steering committee with C-suite sponsorship that supports your planned initiatives. Expect pushback. Be prepared with the benefits and make the case for change. Fig 3. Sample source-to-pay process Strategic sourcing Contacts Finance Procurement operations Accounts payable Spend analysis Sourcing Contract mgmt/ compliance Project & budget mgmt Requisition/ approval Order placed Goods/ service receipt T&E invoicing Payment 3 CPO Rising, Ardent Partners Ltd., 2012
3 2. Know thyself: To build a case for change, you first must understand where you are and how well you operate. You need a clear perspective on your spend profile. This is extremely important and often times very difficult, yet it will reveal what areas provide the biggest benefit and shed light on where to begin. If you lack reliable data, seek assistance to develop the proper view of where your company stands. There are three dimensions to this: Spend data visibility: Focus on the 80/20 rule. Not all suppliers and spend categories are created equal, so you need to understand which suppliers receive the majority of money, for what reason, and from whom. It is very common to find that less than 5% of your active supplier population commands more than 80% of your annual spending. Ask yourself: Which suppliers does the current sourcing team control? Where are consolidation opportunities? How much is noncompliance costing us? Do we even need to be spending in this area? To quote Peter Drucker, There is nothing so useless as doing efficiently that which should not be done at all. Before you begin to improve any spend category, consider how you can eliminate or significantly reduce the spend altogether. Process/technology: Once you have gained a clear view of your spend profile and have isolated your top suppliers/categories, you can focus on the underlying source-to-pay processes and technologies. Ask these questions: Where are my source-to-pay bottlenecks in both process and technology? Do we have a sufficient supplier risk evaluation process? Does our process have recurring reviews based on risk profile? What process standards exist? Can they be leveraged across the organization? Does our technology increase process accuracy and efficiency? (e.g., reducing data redundancy, rekeying of data across process cycles, or maintaining compliance) How much time and effort are we expending? What value are we currently receiving? Performance: If your current state also measures performance with regard to supplier/ buyer quality, cost and efficiency, then use this information as a summary. The goal is to isolate strong performers and leverage these qualities as you build your case for change. Key questions to ask: How much have we improved against targets? How much are nonperformers costing us? Where can we make changes? If your company is not quite at this stage of performance, then focus on identifying the right measures to determine where you are, set realistic targets and monitor progress. Gaining and maintaining visibility into your company s indirect spend provides an immeasurable amount of knowledge to help build a strong case for change. As the old adage goes, you can t manage what you don t measure. Studies have also shown that companies with a strong spend visibility program yield a: 34% increase in spend under management, 75% increase in sourcing savings, and 34% increase in contract compliance 4. 4 The CPO s Agenda for 2012 and Beyond, Aberdeen Group
4 3. Build a strong business case: Once you have adequate understanding of your source-to-pay environment, you have valuable input into making your business case for change. Develop a vision and actionable goals for your spend management program from sourcing to payments to reporting. When it comes to measuring your progress, establish a baseline for how you are performing now using key performance indicators (KPIs). KPIs need to be quantifiable and also need to reflect your established vision and stated goals. KPIs for your spend management program can be categorized into three main buckets: Cost/savings: What is our cost relative to its output and in comparison to our peers? Costs (labor/tech) of source-to-pay operations per organizational spend Spend under management as a percentage of total spend how much spend does sourcing realistically have control over? Cost per transaction (RFI/RFP, purchase order, invoice, payments, contracts) Efficiency: What is the speed at which we operate? Are we maximizing our throughput? Are we reducing manual intervention and minimizing exceptions? erfx (strategic sourcing activities) per buyer, order processed, invoices reconciled Cycle time analysis (request to order, order to receipt, invoice to pay) Exceptions number of touches across P2P process (extent of manual intervention for orders, invoices payments, etc.) Quality: How well are we performing? How do our stakeholders perceive our operations? Are we improving their experience? Access to critical spend data for BU reporting On-time/accurate delivery of goods/services Percentage of invoices requiring correction 4. Define and achieve quick wins: Depending on the maturity of your current spend management program, it may take your organization time to reap significant benefits. The key is to overcome inertia and get the ball rolling, so look for opportunities where improvements can be made quickly. This can help build momentum and show the organization your efforts are adding value. One such possibility is in invoice processing: This is an area with potential for fast, significant improvement. The key is consistency around cycle times, invoice metadata, and accurate, timely supplier payments. Organizations tend to allow multiple methods of invoice receipt. You can go back to your supplier analysis and determine how your key suppliers currently invoice your organization. Are they supposed to be sending invoices electronically or through a central mailroom for scanning and data input? Are invoices being sent directly to business contacts and to accounts payable as well? You may have a compliance issue that can be quickly resolved. Fig 4. Invoice receipt and payment process Receipt & capture Inquiry & exceptions Matching & approvals Discount & payments How much in paper invoices? What is our rate of exceptions? Are we complying to contracts? Are we losing valuable discounts?
5 Despite the growing use of e-invoice technology, a recent study from The Institute of Financial Operations found that 50% of those surveyed still received paper-based invoices greater than 90% of the time. In addition, the same percentage of companies indicated that 75% were unable to take advantage of early pay discounts 5. Receipt of paper invoices, especially directly to the business unit, delays liability recognition, increases the chance for lost invoices, raises the risk of errors and causes processing delays that can lead to lost discounts. It is extremely important to understand and control how invoices are received in your organization so that you can develop process standards and drive contract compliance (see Figure 4). 5. Choose the right technology: There is no shortage of technology providers who will tell you their product revolutionizes the source-topay space. But before you start with the demos, look at your current environment and define the types of process flows you need the technology to support. You will find that each technology provider has its strengths in different areas of the source-to-pay cycle. Those strengths need to align with the areas where you want the biggest benefit. Evaluate features and functionality, as well as data integration and workflow across their tool set. View your source-to-pay process as one continuous flow. Consider the following: User adoption: Provide an easier-to-use interface so your employees and suppliers can access what they need in a simple and effective manner. Make it easy for your suppliers and employees to adopt your spend management program. Balance the need for control with speed and efficiency. Supplier enablement: Provide tailored options for your suppliers to receive orders and send invoices. You will reduce their sales cycle if orders are complete and accurate, which will lead to better buy-in to your system. Catalog management: Drive content and price, but allow suppliers to maintain their catalogs for you with price audits done on a recurring basis. Workflow: Workflows should be easily configured and maintained by the business unit (not IT); keep approvals as flat as possible. Set up automated matching rules to prevent financial loss between purchasing, receiving and accounts payable. Above all, don t over engineer; keep it simple and engaging for your users and suppliers to adopt your new technology. 5 The AP Automation Study, The Institute of Financial Operation, 2012
6 The end goal deliver savings Building a successful spend management program starts with a strong leader and the ability to understand your current source-to-pay environment so a proper baseline can be set. You will be focused on driving savings and improvements, so don t forget where you started: cost basis, efficiency and quality measures. You will need to know where you are headed, but also measure how far you have come. Be diligent about understanding how well you made your business case and don t be afraid to restate benefits as you learn more. Contact Dennis Frio Director, Advisory Services T E dennis.frio@us.gt.com With these five keys to success, take the initiative and drive savings across your supply chain. There are only a few corporate processes that, taken together, can command such a large presence on a company s balance sheet. When other departments offer acrossthe-board cuts to reach a savings goal, be the one to offer up more than just laying off your people. Be a creative spend management leader who empowers your procurement organization and engages your users and suppliers on a path of mutual benefit. About Grant Thornton LLP The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest-quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the world s leading organizations of independent audit, tax and advisory firms. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity. In the United States, visit Grant Thornton LLP at Content in this publication is not intended to answer specific questions or suggest suitability of action in a particular case. For additional information on the issues discussed, consult a Grant Thornton LLP client service partner or another qualified professional Grant Thornton LLP All rights reserved U.S. member firm of Grant Thornton International Ltd
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