Aligning Procure to Pay with CFO Strategy

The C-Suite must rely on their organizational groups to fully understand the strategic direction and have the tools to formulate an execution plan designed to achieve the corporate goals.

The CFO strategy will obviously have a focus on ensuring the basic functions are capable and stable as well as cost efficient. The reality is that in some companies even basic functions are inefficient and require high cost due to variables such as excessive labor cost, cost of point solution software that creates process gaps and increased fees or fines due to noncompliance with external regulations.
Struggling with the basics distracts from value adding digital innovations. The problems arising in completion of basic tasks are often due to implementation of core procure to pay software without proper design, implementation, and training.

Design issues often occur by lack of adequate investment in time for key users. By securing deep and broad input from key users across the entire P2P Process can ensure your design doesn’t just automate processes that are not fully optimized for digital solutions. It is not uncommon that management’s perception is not the employee’s reality. Reality will greatly improve the design.

Controlling the implementation is so much more than just loading software on time and on budget. Implementation testing is often not nearly as robust as it should be. Due to difficulty in scheduling time with P2P process experts’ failure points are common. It becomes a “fix it as you go” utilization. Knowledge transfer is a critical element to ensure failure or success in digital solution operation. I can recall working with a client that said they needed reporting to ensure the solution was working and the software solution did not have what was needed. The software did include the required reporting but the implementation team failed to discuss it as part of knowledge transfer.

There are not enough words to describe the importance of a training plan. It is critical that a training plan does not end with 3 -5 days in classes. Think about your own experience. Did you always retain 100% of what was taught and did you have 100% recall months later? Those responsible for execution of new digital solutions you provide for execution don’t have total recall either. Providing immediate digital access to task specific remedial training is key to accomplishing key strategic goals related to efficiency and cost containment.

If your company is going to thrive in today’s economic supply chain chaos, it is essential that management’s perception matches the employee reality related to P2P basic functionality. Fine tuned basic activities before application of innovations will drive maximum value.

SmartDocs has more than a decade assisting global corporations achieve leading edge P2P digital transformation including the basics as well as advanced AI based innovations. Please add your comments!