PROCUREMENT TRANSFORMATION
The critical role of data quality in payment The value of quality is clear : Highquality payment data is essential for informed decision-making , cost control , supplier management and risk mitigation . Poor data quality can result in misguided decisions , inefficiencies and financial losses .
A Gartner study revealed that the financial impact of poor data quality costs organisations US $ 15m each year , while research by IBM found that businesses in the United States lose a staggering US $ 3.1tn annually due to data issues .
The reality is that relevant and accurate data can reveal the necessary information that will help organisations overcome the common corporate payment pain points :
• Inaccurate payments
• Delayed transactions
• Duplicate payments
• Compliance issues
• Cash flow problems
So , it should be clear that unraveling the mystery behind payment data has its benefits , like winning you back time to focus on reading your mystery novel .
And , as it touches multiple different departments and processes , a high standard of quality can have ripple effects through an organisation :
Streamlined procure-to-pay processes : When data is accurate and consistent across all stages – from purchase orders to invoice processing and payment – organisations can significantly reduce errors and improve efficiency . This streamlining leads to faster payment cycles , improved supplier relationships and better cash flow management .
Enhanced spend analysis : Quality data provides a clear picture of an organisation ’ s spending patterns . This insight allows for more effective budget allocation , identification of cost-saving opportunities and better negotiation positions with suppliers .
102 December 2024