Reflections on the 2020 Source-to-Pay Sofa Summit
Just a few short weeks ago we held our first virtual event, the 2020 Source-to-Pay Sofa Summit. By all accounts it was a success and as you all set out or return from your summer holidays, I wanted to reflect on the event and the central theme of source-to-pay becoming business critical.
If you attended the event, you will already know that we were supported by a roster of really excellent speakers. We didn’t pay our speakers but rather, we provided a donation to the Unicef fund for children suffering from the impact of Covid-19. I would invite everyone to visit the site and make your own donation if possible.
In creating the event, we wanted to provide a robust conversation on all elements of source-to-pay within the context of the present moment. Joining this conversation were too many speakers to list but we had representation from EFFSO, ScanMarket, Sievo, Rossmann, Equinor, Andas, Mercateo and of course, OpusCapita was represented too. The sessions described a red thread taking our audience from the source-to-contract process, through operational procurement and all the way to digital transformation and the future of e-procurement. In fact, there were 16 sessions and 11 speakers and all of them part of a dialogue around source-to-pay becoming business critical.
The event itself was great - I invite you to check it out on-demand here. But let me continue a little, talking about the theme. Like many organisations, possibly yours, OpusCapita is on the front lines of this crisis - not serving in a healthcare capacity obviously but as you likely know, the procurement and invoice handling processes have really become important. We know first-hand that covid-19 has made all paper-based invoice handling processes (and services) a risk element to the organisation’s ability to procure required materials. We also know that sourcing and securing materials, be they personal protective equipment for our hospital customers or plexiglass dividers for our customers in retail, has been highly difficult but vitally important. Procurement teams have had to react quickly in order to literally protect the employees and their customers.
In one of the presentations during the summit, we were shown just exactly how procurement can save lives. This example wasn’t covid-19 related but I can tell you that we have many, many examples of our customers working hard behind the scenes, within the procurement department, working with suppliers, using our tools, and in some cases, engaging with us to support them directly.
What have we learned over the past few months? As we go into the latter part of summer and towards the fall, there are two thoughts I want to leave you with. First, there has never been a better time to digitalise your procurement and invoice handling processes. Especially your invoices - if you have any suppliers sending you paper invoices or if you have customers who you are sending paper invoices to, you really should think about the level of risk these suppliers/customers create within your organisation. My second observation is that we are in a stressful time and it has been my experience, both with our customers and in our efforts to produce the Sofa Summit, that in this time of challenge, we are more of a community than one might think. Everyone is struggling a little and what we see, what our customers tell us, what our partners show us, is that individual people (and the organisations they represent) are there to help.
As we all settle into the second half of 2020, I feel better knowing that I and OpusCapita are part of a community of such people and organisations.
Enjoy the summer and see you in the fall.
We want the best for you, so if you haven’t already digitalized your purchase-to-pay messaging processes, click here and we will show you how easy it can be.
Patrik joined OpusCapita Group as CEO in October 2015.In his previous role as CEO of VC-funded start-up MariaDB Corporation, he built MariaDB into the fastest growing relational database used by the likes of Google, Amazon, Red Hat and Barclay’s Bank.
Read more blog posts about Source-to-Pay
Source to Pay, Purchase to Pay, or Procure to Pay?
25 - 09 - 2020
This blog helps to explain the differences between source-to-pay, purchase-to-pay and procure-to-pay.
3 Steps for Easy AP Automation
14 - 09 - 2020
Accounts payable automation is a key goal for any finance department as they progress along their digitalization path. But how do you get there and what can make it easier?
IT - Procurement’s Best Friend
19 - 08 - 2020
This blog is a follow-up to a recent webinar (titled: Procurement & IT are Partners in Source-to-Pay) which featured a conversation with our Chief Architect for Source-to-Pay.