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. The survey was targeted at senior and operational management, such as finance and procurement managers, in Finland, Sweden and Norway.
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. The survey shows that there are significant opportunities for performance improvement within financial management and procurement services and in the way they are produced. The survey results show that the efficiency of operations, and the reduction and automation of manual work stages are the most important areas for performance improvement. Measures scheduled for the near future also include management of suppliers, monitoring and forecasting of costs and optimisation of working capital.
To achieve the targeted improvement, selected financial and procurement processes must be harmonised and managed comprehensively to ensure that the transparency of working capital and the ability to forecast it meet the needs of the company’s management. The survey shows that the 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.
The results of the purchase-to-pay survey will be published in December 2013, when it will also be possible to download them from the OpusCapita website www.opuscapita.com. The survey results will also be sent to all those who participated.
Jonna Tolvanen, Senior Product Manager, Invoice Manager, OpusCapita,