As digital transformation sweeps across the globe, organizations are looking to use technology to improve efficiency in all departments. The procurement department, which owns the overall procure-to-pay (P2P) cycle, is no exception. Digital or e-procurement has the potential to hugely impact P2P.
What Is Procure-to-Pay?
Procure-to-pay is an umbrella term for the process of requisitioning, ordering, purchasing, and receiving goods or services for an organization. It’s a standard, necessary part of any business operations that may or may not involve multiple stakeholders depending on the size and hierarchy of the company. The process usually requires a lot of paperwork and time to complete fully.
Today’s workflow software market is filled with confusing myths. In reality, automation has become affordable, easy and fast. Let’s clear up some of the worst misconceptions.
A workflow is an activity that someone in your organization performs on a routine basis to achieve a well-defined goal. Workflows are characterized by (i) a series of repetitive tasks and (ii) flow of data.
Common workflow examples used everyday across every business include purchase order processing, time off request approvals, travel reimbursements, and new hire onboarding.
Today, almost every business understands the benefits of automating these everyday processes. They know that talent is their most valuable resource and they don’t want employees to waste time on paper- or email-based processes.
Companies everywhere are transforming their tedious, time-consuming, manual processes into streamlined, easy-to-use, automated processes. They’re doing it to reap the many benefits of automation technology. Updated technology improves consistency and companies have enjoyed increased productivity, availability, reliability, and performance, while drastically reducing costs.
However, each company has different automation needs and priorities. For example, a company that procures a large number of raw materials may benefit from invoice automation as opposed to a temp agency that may prefer to invest in automating new hire onboarding.
Here’s a list of workflow examples for common business processes. For each type, we’ll explain what your workflow should include to make them perform optimally.
Access to world-class talent is the #1 determinant of success in the 21st century. As a result, HR employees have one of the most important roles in every company. They follow employees from the scouting and recruiting process all the way to the employee offboarding process and everywhere in between.
Fast forward to 2019, and things seem to be pointing in a different direction. The latest Deloitte study found a clear shift in procurement, with an accelerated pace of change in digital procurement. While cost reduction remains a priority (78%), there was a clear emphasis on innovation and value as well.
So with that in mind, here are some key statistics to focus on as we move toward 2020 and beyond.
Employee Leave Management is one of the main things HR departments handle. But, many companies get bogged down in unnecessarily long, complicated processes. Here are 5 common mistakes that can hurt your company, and ways to fix them.
1. Creating a “Vacation Shaming” Culture
In many companies, employees have to deal with comments about choosing to take vacation. These can come from higher-ups at the company, but more often than not, they come directly from peers. We’ve all heard the “You’re taking a vacation? How nice, I wish I had the time to do that,” comment.
Are you ready to replace your expensive paper processes with automated, efficient, electronic forms/workflows? Looking for a low cost, low code workflow management system to quickly automate processes, enhance productivity and drive down costs? Not sure where to start?
In life or in business, risk taking has benefits and may even be an essential ingredient of success. Quite the opposite when it comes to procurement – the last thing you want is risk. A smoothly functioning procurement process is standardized and dependable.
Every time we think we’ve got a handle on automation, new statistics emerge to challenge our perception. Just this month, McKinsey released a new report about the future of women at work, saying that an estimated 40 to 160 million women around the world will need to transition their skills.
But the report also pointed out that both men and women will be similarly affected by automation, just in different areas. Without a doubt, the effects of automated processes will be felt in every sector across all roles.
To understand the scale and importance of automation in the workplace, take a look at some of these key statistics.