“Identifying and eliminating P2P friction will help businesses accelerate their supply chain to increase cash flow and profit margins, and reduce the cost of goods.”
PORTLAND, ME and LONDON, UK (PRWEB)
May 05, 2017
The Institute of Finance and Management (IOFM) and Tungsten Network today announced a partnership to help organizations measure and eliminate friction in the processes they use to pay for the goods and services they buy from suppliers.
Organizations continue to streamline Procure-to-Pay (P2P) processes with automation and best practices, but sources of friction remain. Common causes of P2P friction include the use of paper and lack of digitization in the Procure-to-Pay process, supplier invoices with errors, a lack of internal visibility, poor collaboration among internal stakeholders and suppliers, onerous compliance processes, and fraudulent supplier payments. IOFM and Tungsten Networks’ collaboration on this first-of-its-kind initiative attempts to measure and track the forces that are hindering P2P processes.
To track this, IOFM and Tungsten Network will survey Accounts Payable and P2P practitioners in the United States and the United Kingdom to learn the primary causes of P2P friction, the level of P2P automation, the time spent each week dealing with issues related to P2P friction, and trends in the level of friction. As part of the initiative, IOFM and Tungsten Network will provide educational resources to help organizations identify and eliminate P2P friction.
Additionally, IOFM and Tungsten will also survey practitioners at IOFM’s AP & P2P Conference & Expo, May 7-9 in Orlando, FL, on the level of friction in their P2P cycle. IOFM Editor of Special Projects Mark Brousseau and Tungsten Network Vice President of Client Relationship Management Sean Norton also…