Survey: Competitive edge and value by streamlining Purchase-to-Pay
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1 Survey: Competitive edge and value by streamlining Purchase-to-Pay Companies would gain significant benefits by improving their purchase-to-pay functions December 2013 OpusCapita Oy, Keilaranta 13, Espoo, Finland Further information about the survey: Jonna Tolvanen, jonna.tolvanen@opuscapita.com
2 Summary of the survey Companies would increase their agility and gain synergy benefits by comprehensively improving and streamlining their purchase-to-pay functions. This was indicated by a survey of companies purchase-to-pay functions carried out by OpusCapita in autumn 2013, which looked at near-term development projects and needs in regard to these functions. Key findings of the survey The aim of the survey was to gather information on the current state of purchase-to-pay functions and the associated challenges and development areas, and to understand the importance of various focus areas in business operations. 1. The survey shows that there are significant opportunities for performance improvement within financial management and procurement services and in the way they are produced a. Most important areas for performance improvement are operations efficiency, reduction and automation of manual work stages, supplier management, monitoring and forecasting of costs and optimization of working capital 2. To achieve the targeted improvement, selected financial and procurement processes must be harmonised and managed comprehensively a. Biggest problem areas in purchase-to-pay functions are the uncontrolled and ever growing number of suppliers, the poor transparency of working capital and liquidity and the difficulty of forecasting these, and the low level of automation in operations 3. Organizations share interest about efficiency and automation a. Collaboration between different organizations improves visibility and understanding on their specific needs and drivers for change Why change? Reasons behind the needed changes are evident. To ensure satisfied and happy customer, deep knowledge and efficient processes and tools has become a necessity. In doing so, streamlined and automated end-to-end purchase-to-pay solutions helps companies to change from operational flows to business steering aiming at profitability, productivity and growth. Open comments revealed that companies are ready to automate as much as possible. They are expecting to improve operations by harmonizing processes by rolling out global processes and tools. Better cooperation between different functions also created more visibility and transparency in organizations and helps companies to really change their way of working.
3 Survey background COUNTRY Survey was published in the Nordic Countries Finland, Sweden and Norway. Majority of the companies participating to the survey located in Finland. 16% 4% Finland Sweden Norway 80% INDUSTRY Companies participating to the survey represented both private and public sectors in large number of different industries. Together manufacturing and other industry, companies such multi industry companies, service businesses and consulting companies, represented one third of the respondents. Manufacturing Other Wholesale and retail trade Media Construction Public administration Information and communication Energy and electricity Admin. and support service activities Logistics Financial and insurance activities Healthcare Banking and insurance Telecommunications 0% 5% 10% 15% 20% 25%
4 TURNOVER The total turnover of the responding organizations concentrated the SME-sector. However, organizations with turnover over 5 billion comprises almost one-fifth (16%). Annual revenue of the company, EUR million > < 50 0% 5% 10% 15% 20% 25% 30% ORGANISATION The survey targeted at company s key decision makers, development and change drivers and influencers in management, finance and purchasing organisation. The role of the Finance organisation is prominent and it is representing the majority (65%) of the responses. According to the results Finance ad Purchasing do share the same interests when targeting at comprehensive improvement and efficiency by automation in purchase-to-pay operations.
5 Survey results FOCUS FOR DEVELOPMENT First part of the survey looked at near-term development areas in Purchase-to-Pay operations. More than half of the companies claimed that the overall efficiency and automation in operational function is the top priority target over the next 12 months. Addition to that supplier management and development, cost monitoring and forecasting as well as working capital management and liquidity forecasting and optimizing are the key areas to comprehensively improve and streamline. In today s changing environment Management, Finance and Supply Chain & Purchasing organisations share the interests of cost monitoring and forecasting and better up-to-date and continuous information flow to support decision making. Forecasting capabilities and tools for working capital management optimization were the top two priorities for companies management. Finance is steering and controlling spending to improve profitability. Savings are interest of Supply Chain & Purchasing but also important for Finance and Management to follow-up and approve. According to survey, Supply Chain and Purchasing organisations are driving to decrease the long tail of suppliers and supplier management and development. Common to all these organisations is the focus on increasing operational efficiency and automation in different parts and level in the companies. According to survey there is an important area to improve collaboration and identified opportunity to streamline end-to-end processes. Increasing operational efficiency & automation Focus on supplier mgnt and dev. Cost monitoring and forecasting Forecasting & optimising WCM and liquidity Enhancing the purchase to pay chain Savings monitoring and forecasting Improving compliance & auditing Re-evaluating information systems Improving environmental & responsibility issues 0% 20% 40% 60% FACTORS MANDATING CHANGES In order to meet the development targets and demands faster, it is important to understand the reasons and factors why the change is needed and what are the reasons for improvement. Reasons behind the needed change are evident. By improving visibility and predictability capabilities of working capital management and liquidity are the turnkeys to companies to accelerated growth, improved profitability and market position. All organizations agree on the fact that information is dispersed and it takes time and resources to consolidate the facts and figures for different needs and views. Top management of the companies would value information in one place. Efficient and automated end-to-end purchase-to-pay solution would help Finance and Supply Chain & Purchasing organization to improve visibility in different part of the processes as well as compliance approach within purchase decision and recommendations.
6 Too many suppliers and the number keeps growing Poor transparency & predictability of WCM and liquidity Low level of automation of operations Purchase decisions do not consider recommendations There are too many information systems Information is dispersed and difficult to find Poor transparency on external cash & decision-making Other Operating risks are not under control 0% 20% 40% 60% ELECTRONIC SOLUTION TO SUPPORT PROCESSES Invoice receiving, invoice work flows and payment solutions are used in most of the companies today. In terms of comprehensive improvement and development, forecasting and optimizing of working capital management and liquidity as well as opportunity assessment and analysis based on spend data shown to be one area for solution implementation. According to the survey there is more room and demand for benefits by automated matching as well. Purchase-to-pay solutions support companies to change their way to working from operational flows to business and finance steering. Which electronic solutions for business steering and management is your company using? Cost monitoring and forecasting Forecasting and optimising working capital Analysis of external spend and identification Savings monitoring and forecasting Ordering of goods and services and order Invoice reception Automated processing and matching of Circulating of invoices (inspection of Payment Yes Partly No I don't know 0 0,2 0,4 0,6 0,8 1 %
7 DRIVERS FOR DEVELOPMENT Companies identified the drivers for comprehensive improvement and further development of purchase-to-pay operation. Capabilities to analyze data from different business needs to support decision making and increasing automation in processes are shown to be the most important drivers for companies. Companies also value the end-to-end capabilities to manage and steer the end-to-end processes instead of part and pieces of the processes. Company management especially seem to value partners who are able to provide end-to-end solutions with bestin-class processes, tools, knowledge and expertise. High expectation in visibility and transparency in supply chain and finance operations were appreciated by all organization in the companies. What are the drivers to develop purchase to pay operations to be more efficiency? Increase automation Capabilities to manage and steer the end to end process Increase end to end visibility Capabilities to analyse and forecast Reduce need of internal IT Comprehensive solution from one partner 1 = very unimportant 2 = somewhat unimportant 3 = neither important or unimportant 4 = somewhat important 5 = very important 0 0,2 0,4 0,6 0,8 1 % OpusCapita Keilaranta 13 Espoo Finland Tel Fax VAT identification number
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