automation

5 Most Common Problems in Accounts Payable that CFOs Ignore

accounts payable problems for the CFO

Accounts Payable function is fundamental to the operational and financial success of many organizations across the globe. Yet it continues to be viewed as a cost center.

It was never uncommon to hear of documents buried in paper trails, missed discounts and strained supplier relationships, etc. But recently, the pandemic added to these woes and proved that the ways in which many Accounts Payable teams still operate are not just dated and costly, but may also put the health and safety of employees at risk.

Stuck in the dusty alcoves of the back-office and bogged down by a myriad of time-consuming, manual tasks, an un-optimized AP Function is host to a slew of redundancies, avoidable costs, and frustrating friction areas.

Not recognizing and dealing with these redundancies will become increasingly costlier to businesses – competition is already at an all-time high and teams are being asked to deliver more every year. And in addition, issues like climate change mean that uncertainties and global disruptions will only become more frequent with time. In this backdrop, organizations that still haven’t got on the AP Automation bandwagon need to ‘level up’ to survive.

Fortunately, as per the latest bodies of research, these problems aren’t just easily rectifiable but they’re also ones that are likely to pay the most dividends once solved. Case in point: Gartner’s research found that AP (APIA in specific) is one of the best applications of artificial intelligence in a business, both in terms of business value and in terms of feasibility.

Zycus

Automation Really Isn’t About Automation

automation technology

SIG University Certified Intelligent Automation Professional (CIAP) program graduate Paul Kistner discusses how automation allows best-in-class organizations to find ways to add strategic value to their customers. 

Paul Kistner, Executive Director, Business & Customer Transformation, Allegis Global Solutions

Reengineering a Company’s Thoughts on IPA

IPA for organizations

SIG University Certified Intelligent Automation Professional (CIAP) program graduate Jamie Maiers discusses the benefits of  Intelligent Process Automation and the stakeholder management challenges of implementation.

Jamie Maiers, System Analyst, Allegis Group

The Future of Procurement

procurement reborn

 

There is no denying that procurement must change. We can sense it in what our executive team asks of us, what our supply partners are suggesting, and the increasing role of technology in everyday procurement workflows. In addition, the business has recognized what we are capable of, which has opened the door to increased insight and influence.

Suppose procurement leaders and teams are going to be ready to make the journey ahead. In that case, we must carefully design our desired future state, leverage the resources currently available to us, including automation and broader access to talent, by tapping a virtual workforce.

ProcureAbility's vision for the future of procurement is an organization that is viewed as a partner to the business, generates value beyond traditional measurements, and leverages technology and process optimization to increase strategic focus. In the following, we will answer two of the most pressing questions: What precise mix of talent will be required? What processes and technology are needed to enable this future-state organization?

Talent: What precise mix of talent will be required?

With the rise of workforce virtualization, the sky's the limit for building out the future team. Before defining the combination of talent needed for in-house resources, it is essential to identify their responsibilities. A standard pillar of high-performing organizations, even today, is the separation of strategic and tactical activities.

Eddie Campbell, Senior Manager, Procureability

This Month at SIG – May 2021

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

This month we kick-off SIG’s Procurement Technology Summit, have a host of exciting industry research and training to keep you up to date with Procurement’s rebirth.


Procurement Technology Summit 

The 2021 Procurement Technology Summit will pioneer a new era for sourcing leaders and their teams to transform the future of procurement. Come prepared to engage and learn from the brightest industry experts, connect through AI-powered speed networking, and experience live solution deep-dives from best-in-class providers.

This year’s agenda includes a really unique line-up of keynote speakers who are covering key Procurement topics like design thinking, diversity & inclusion, the future of technologies and building a high-performing team.

We’re inviting SIG’s buy-side members and their ENTIRE TEAM to attend. Yes, you read that right! Whether you’re a team of two or 200, everyone on your team gets to attend for free!

The Summit will take place May 4 – 6 and will be 100% online, so you can attend sessions as it fits your schedule.  You do not want to miss this event, so register today and get ready to be impressed! 

 

Thought Leadership Webinars 

Making Invisible Visible: What is Preventing Progress on Women in Leadership?

May 12 
Presented by: Oliver Wyman

Desmond Williams, Digital Marketing Manager

Intelligent Automation Implementation: A Matter of Discipline

Intelligent Automation for procurement

SIG University Certified Intelligent Automation Professional (CIAP) program graduate David Romo-Garza discusses how discipline and organizational changes will create efficiencies throughout the lifecycle designed to implement Intelligent Process Automation.


Automating processes is still a challenging endeavor for multiple organizations. Lines of Business (LoB) continue to struggle to understand the steps that it takes to implement and manage Intelligent Automation efforts effectively. Bringing discipline to an undisciplined culture creates a multitude of barriers that have a trickle effect that prevents organizations from effectively automating their processes.  

Navigating the Lines of Business and Processes

During my last position at my current organization, I experienced the pains and aches from both perspectives, the LoB and the Process Owner. On one end, I represented the LoB, who was trying to automate the due diligence procedures related to vetting our third parties.  While the process was considered automated, it was ineffective and broken. It required countless manual tasks, including requiring end-users to save their assessments in an excel spreadsheet.  

Additionally, the system design contained a detrimental limitation that prevented users from partially completing an assessment and returning later.  The system did not have the ability to save progress prior to completing and closing their official assessments.  Further, the system did not effectively introduce business controls designed for preventive nor detective error/compliant applications.

David E. Romo-Garza, Director of Business Risk and Controls

This Month at SIG – April 2021

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

This month we host our April SIGnature Event, have a host of exciting industry research and training to keep you up to date, and registration is open for SIG’s Procurement Technology Summit.


Geofencing of Employees, Onshoring and More - The New Normal

There’s still time to register for our upcoming digital SIGnature Event on April 21. The theme for the event is The New Normal. Senior-level and above delegates will participate in an executive roundtable hosted by Oliver Wyman to discuss energy transition and sustainable procurement.

Concurrent to the Executive Roundtable session will be an interactive panel discussion on Diversity & Inclusion, hosted by Janice Green, President & CEO , Women’s Business Enterprise Council Pacific (WBEC Pacific) .

Registration is Open: SIG Procurement Technology Summit

Prepare yourself and your team for the future of business at the SIG Procurement Technology Summit May 4-6, 2021!

Registered buy-side attendees get FREE ACCESS to attend all keynote sessions, engage and learn from the brightest industry experts, connect through AI-powered speed networking and experience live solution deep-dives from best-in-class providers.

Desmond Williams, Digital Marketing Coordinator

This Month at SIG – March 2021

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

This month we prepare for a new future in procurement, have a host of exciting industry research and webinars to keep you up to date, and we announce that registration is open for SIG’s Procurement Technology Summit.


Don't Miss These March Events

Why Does Procurement Take so Long? And How Can We Fix It?

Business stakeholders are continuously frustrated by how long procurement takes to bring suppliers on board. CPOs and senior executives are invited to join experts from App Orchid to learn innovative ideas for transforming the traditional procurement process within the organization.

Procurement: More than Savings

Join this open discussion with Canda Rozier, CIAP, Collabra Consulting and SIG University faculty, for her take on how procurement can best achieve value beyond just savings. This is your time to "Ask the Expert" as Canda has decades of experience on both sides of the business and is ready to share her insights based on trusted and tested methodologies.

 

Registration is Open: SIG Procurement Technology Summit

According to industry experts, procurement as a function will change more in the next five years than it has in the last 50. Prepare yourself and your team for the future of business at the SIG Procurement Technology Summit May 4-6, 2021!

Registered buy-side attendees get FREE ACCESS to attend all keynote sessions, engage and learn from the brightest industry experts, connect through AI-powered speed networking and experience live solution deep-dives from best-in-class providers.

Desmond Williams, Digital Marketing Coordinator

This Month at SIG – February 2021

Here's your monthly update on the latest thought leadership, networking events and training with SIG.

This month we begin to build back stronger with leadership insight, industry research and webinars to keep you up to date.


Executive Leadership Education

Executives are invited to attend SIG’s next CPO & Executive Roundtable on February 24 for open-mic discussions on executive leadership and education, continuity of leadership and what skills the leaders of the future must develop.

GEP Outlook 2021 Report

For procurement leaders, there’s a lot more to do. And more questions than answers.

Get a big leg up with the GEP Outlook 2021 Report — featuring eight critical leadership themes that will help you navigate uncertainty and thrive in the new normal. Published annually, the GEP Outlook Report is a trusted strategic guide for thousands of procurement leaders across the world. Get your complimentary copy today.

Your Digital Procurement Expertise Checklist

The average working day in procurement will change more in the next five years than it has in the last 50. Are you prepared for digital procurement?

This checklist will help you identify your strengths and weaknesses and find the right way to start a digital transformation of procurement. 

Desmond Williams, Digital Marketing Coordinator

Artificial Intelligence Can't Replace Human Interaction

Automation within procurement systems have developed.

SIG University Certified Sourcing Professional (CSP) program graduate Katherine Smith shares how lessons in the CSP program informed her during her company’s digital transformation.


One of the many areas of the CSP program that I found to be of great relevance for my role as a Procurement Specialist at Fannie Mae was the Lesson on Artificial Intelligence. Being of an older generation, I can remember working as a manager when there were no computers. Inventories were taken manually and then extended using calculators or adding machines. It was a significant step forward when we could automate that process.

Gone are the days of spending long hours on the phone reading off SKU numbers and quantities needed when placing orders for products, such as the food and paper supply needs of a hospital foodservice department. 

Katherine Smith, Sr. Contracts and Procurement Specialist, Fannie Mae

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