Finance

The Pandemic Imperative: Collaboration Between Payables and Procurement

Posted: 03/31/2021 - 00:00
Author: Daniel Saraste
Payables and Procurement collaboration.

The COVID-19 pandemic underscored the need for better collaboration between finance and procurement as organizations needed to act quickly to increase their focus on their cash position, cash flow and net working capital through a more collaborative finance-procurement relationship.

The relationship each side has with suppliers is synchronistic – procurement ensures the right goods and services at the right price with the right supplier, and finance ensures those same suppliers are paid on time, to confirm that hard-negotiated relationships are not jeopardized.

No, It’s Not Enough to Just Use GL Codes to Classify Your Spend Data—Here’s Why

Posted: 11/25/2020 - 02:46
Author: Susan Walsh
Finance departments use GL codes to track spend.

Finance departments use GL codes to track spend. We’re looking at items like office supplies, marketing or maybe a specific project within the business. However, what finance are looking for and what procurement are looking for can be two quite different things.

The Trouble With GL Codes

Firstly, if you're only using your general ledger codes, I can almost guarantee they are wrong! In my experience working with GL codes, I would say 90% of them are unreliable. You'll almost always find something classified under a GL that shouldn't be there.

Tail spend goes beyond the typical 80/20 rule

Posted: 08/24/2020 - 05:27
Author: Tarek Alaruri
When you think tail spend, don’t just think of the typical 80/20 rule.

Having a sound tail spend management strategy has never been more important than it is today. It’s a key differentiator – and competitive advantage – in a down economy in which cash is king and cutting costs is a high priority. Procurement teams can no longer rely on direct materials for savings—those costs have been negotiated to death.

Online Collaboration is Needed Now More Than Ever

Posted: 06/02/2020 - 00:54
Author: Sophie Pope
technology, automation and data acheives business continuity

We know that procurement is often a juggling act! We use decent supplier relationships, purchasing power, and any other tools in our belt to secure best payment terms, highest quality purchases at the lowest price, or indeed best value, to ensure vital continuity of supply against a backdrop of supply chains becoming ever more complex and volatile!

The ABCs of Print TCO

Posted: 09/19/2019 - 04:31
Author: Sarah Scudder
The ABCs of Print TCO
Most readers of this article are probably familiar with the concept of total cost of ownership, or TCO. Savvy procurement professionals have long recognized that the purchase price of a product or service often doesn’t capture the total cost of acquiring and using that product or service. 
 

Leading with Impact with Tifenn Dano Kwan

Posted: 02/21/2019 - 10:48
Author: Tifenn Dano Kwan

In this episode of the Sourcing Industry Landscape, Dawn Tiura interviews Tifenn Dano Kwan. Tifenn Dano Kwan is the Chief Marketing Officer for SAP Ariba. Recently back from the Davos Conference, Tifenn discusses the key takeaways, including the role of technology and humans, diversity and inclusion in the workplace, and the role of corporations in making a positive impact.

Women in Global Sourcing: Linda Tuck Chapman

Posted: 01/10/2019 - 06:32
Author: Linda Tuck Chapman
Tell us about your career path. How did you get into this field? Was it purposeful or by accident? 
 
I’ve been very fortunate to have a truly satisfying and rewarding career. My work is intellectually stimulating, relies on a broad range of expertise, experience, and skills, and signed me up for lifelong learning. When I found this profession, I found my passion …. and never looked back.  
 

The Silent and Steady Takeover of Artificial Intelligence in Financial Institutions

Posted: 08/28/2018 - 04:54
Author: Alexander Beck
Artificial Intelligence in Financial Institutions

Financial institutions are playing a numbers game in the core of their business: they evaluate risks and opportunities of potential transactions and if the perceived benefits outweigh the associated risks they will agree to the deal. In the case of traditional banking, this is true for the credit approval process, whereas in the case of insurance companies, the correct evaluation of risk factors determines the conditions of an insurance policy. Like weather forecasts demonstrate, assessments of future events like risk factors or return expectations may occasionally be wrong.

FSSC Expert Interviews eBook

Posted: 08/01/2018 - 00:00
Author: Stefanie Ullrich

In an interview with the Global process expert source-to-pay at Clariant SE and the Head of Global Shared Services Finance & Accounting Senior Vice President at Heraeus Holding GmbH, SSON collected some interesting insights about employees involved in change processes and the centralization of functions. Read all German language questions and answers here for free: http://bit.ly/SSOW-FSSC-Interviews

Teaching - and Talking to Robots: The Benefits of Cognitive-Enabled RPA

Posted: 03/02/2018 - 01:04
Author: Daniela Henriques

Robotic Process Automation (RPA) tools are being widely adopted across a wide range of enterprises and industries. By executing narrowly defined, repeatable tasks, RPA bots can drive dramatic productivity increases and significant cost reductions. For as little as $10,000 to $15,000 a year to deploy and maintain, a single bot can perform the routine, administrative tasks of five to ten people. 

Herbert Simon: “Economic Man” and “Bounded Rationality”

Posted: 05/05/2017 - 19:57
Author: Kate Vitasek

Herbert Simon explored the intersection of philosophy, science, politics, economics and a range of other fields and called into question the traditional idea that “economic man” acts rationally. Simon, who was a long-time professor at Carnegie Mellon University, received the Nobel Prize in Economics in 1978. Simon’s diverse research ranged across the fields of cognitive psychology, cognitive science, computer science, economics, management, philosophy of science, sociology, and political science; he helped lay the foundation for behavioral economists around the world.

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