PROCUREMENT TRANSFORMATION
Turning up the heat on operational efficiency Even for the most talented Accounts payables professional , it can be difficult to allocate payment orders when they are missing details about the purchase – a recipe for disaster .
Through effective management , it is possible to get the data where it needs to be , enabling heightened levels of efficiency in payment processes :
Resource allocation : Predictive analytics , leveraging historical procurement data , can forecast peak processing times , allowing organisations to allocate resources more efficiently . This ensures systems can handle high volumes of transactions during busy periods while minimising idle capacity during slower times .
Workflow optimisation : Data analytics tools can uncover bottlenecks in procurement workflows , identifying areas of inefficiency . Procurement managers can then focus on these areas to optimise processes , reducing processing times and costs .
Automated reconciliation : High-quality data facilitates automated reconciliation processes , reducing manual errors and freeing up staff in finance for more strategic tasks .
106 December 2024