EXECUTIVE INSIGHT
now we ’ re working with around 7,000 suppliers . With this tool we ’ re also more easily able to see how much is being spent with our preferred suppliers , which is now tracking at about 58 % of our total spend . By supporting the business to work more with our preferred suppliers , we ’ re accessing better value for money , ensuring a consistent standard of products and services across the business and have assurance that these companies meet our stringent health , safety and environmental standards . In a nutshell , having all of this data in one place gives a much higher level of visibility and control over who our suppliers are and how much we are spending with them .
Q . DO YOU HAVE ANY SPECIFIC EXAMPLES OF EARLY SUCCESSES ?
» Implementing the change has helped us save £ 2 million ( US $ 2.6m ) in the first half of Financial Year 2023 , with us on track to deliver £ 10 million ( US $ 12.7m ) in savings by the end of Financial Year 2024 . Since going live in March 2022 , Mitie has implemented P2P across more than £ 650m ( US $ 828m ) ( around 50 %) of our third party spend , with over £ 1 billion ( US $ 1.27bn ) spent through the new system . We have achieved ‘ touchless electronic invoicing ’ for 98 % of invoices as well as reaching 99.9 % PO-backed invoices , stats we are really proud of . The requisition approval time is now just three hours , compared to what used to be several days , in part this is thanks to our high levels of ‘ straight through processing ’.
We ’ ve also had positive feedback from our suppliers , who can now benefit from online visibility of POs , quick and easy invoice creation and real time access to the status of their invoices .
Q . WHAT HAVE THE BENEFITS BEEN TO CLIENTS AND CUSTOMERS ?
» While facilities management is traditionally a low margin industry , we believe that investment in technology is the best way for us to work more efficiently , generate financial savings and provide a better service for our customers . This is true for every part of our business , from an operational level , right through to our ‘ back office ’ functions . By investing in our procurement systems , we ’ re also helping