Process and systems standardization in this area will reduce transactional costs by 20-30%. You should start by building out a proven Purchase to Pay process that ensures that your purchasing activities are executed in a financial appropriate manner and that costs associated with these processes are optimized.
The Intuitivum Approach
As in other areas, the Intuitivum Group has management systems standards that set minimum expectations as to how your purchase to pay process should be executed. These documents can also used as a starting point for supporting client organizations when they develop standardized practices for their own organizations. At the top level, these documents include significant coverage of:
Data Management – a process is in place to identify, define and control all data used in the purchase to pay process.
Purchasing Transactions – a process is in place to ensure purchasing transactions are executed in an accurate and efficient manner while maintaining the appropriate financial controls.
Accounts Payable Transactions – a process is in place to ensure accounts payable transactions are executed in an accurate and efficient manner while maintaining appropriate financial controls.
Standards, Procedures, and Benchmark Protocols in this area include:
Procurement Management Processes
Organization Performance Management
Transaction Management – Data Management
Transaction Management – Procurement Processes
Transaction Management – Accounts Payable Processes
Benchmark and Audit Protocols
Procurement Management Standards and Procedures
Procurement Organization Design
Organization Effectiveness and Development Needs