How Can Smart Analytics Drive Near-Term Value in End to End Procurement, Source to Pay and Purchase to Pay Processes?
LONDON (PRWEB UK) 8 May 2018 -- Business leaders are being bombarded with how emerging technologies are going to transform processes and operations. There are many opportunities, but where is the low hanging fruit?
Consider Solutions will be sharing results of advanced research into AI powered Smart Analytics for the Source to Pay / Purchase to Pay cycle, showing how and where the approach can drive greater efficiency, alignment and value creation in the process.
The Purchase to Pay cycle and its broader cousin ‘Source to Pay’, are considered the low hanging fruit of efficiency improvement, ‘making buying simple’, driving out waste and optimising working capital. Additionally, there are significant cash savings to be realised through better insight into the end to end procurement process.
Alignment between the functions of sourcing, procurement, operations, finance and shared services is a critical success factor in achieving these benefits. This is where AI can can drive immediate insight across the end to end process, cutting across the silos of teams, data and technology.
Today’s end to end process owner or GPO has many tools at their disposal, from performance management, optimised purchasing and payment policies, related process controls, integrated source-to-pay technology suites, and RPA ‘robots’ to automate some of the effort sapping repetitive data entry processes. However, the reality is that most P2P process owners do not have timely insight into what the current process actually is in practice, where errors and waste occur, and how to genuinely drive efficiency, effectiveness and cash conservation across the cycle.
Even the latest productivity tools have unintended consequences and play their part in producing their own waste and error, whilst further obscuring trends and anomalies.
The answer to faster, better insight lies in interpreting data, and the ability to dynamically analyse performance, exceptions, outliers and trends. Smart analytics shine a light on process, transaction, and data issues that help ‘chase the waste’ out of the process.
Consider Solutions will be exploring these insights and the practical application of Smart Analytics in P2P/S2P with experts on 17th May.
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Emma Taylor, Consider Solutions, +44 2074217856, [email protected]
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