Procurement, treasury and accounts payable have one set of shared objectives when it comes to supplier engagement and management, but all too often they operate in silos. Not only does this complicate internal processes for supplier management, it does little to simplify each engagement for the suppliers themselves. Restructuring how these groups work together through procurement transformation can create opportunities to support each other’s goals and therefore better deliver against business expectations.
Activities like contracting, supplier onboarding, invoicing, and payment require all three teams to work together, alternating who takes the lead based on the supplier, task, and point in the supplier lifecycle. Each handoff should be smooth and transparent for everyone, as should the information required to complete each transaction.
A coordinated effort between procurement, treasury, and accounts payable ensures that all parties are able to meet their respective goals while delivering more value to the organization in the form of transformed processes and improved working capital.
During this AOP Live session, Joe Payne, SVP, Source-to-Pay and Jennifer Ulrich, Senior Director, Advisory from Corcentric will answer your live questions about:
- Where procurement, treasury, and accounts payable tend to fall out of sync and why
- How fragmented processes not only negatively impact suppliers, but reduce the ROI to the company from those relationships
- The additional benefits - such as reduced overall effort and improved data quality - that result when all three groups work collaboratively