• EBG | Webinar
    • Swedish
  • EBG | Play
  • EBG | Summit
    • Sourcing Outlook
    • Source 2 Pay Summit
  • EBG | Insight
  • EBG | Business Directory
  • About EBG | Network
    • Contact EBG | Network
    • Networking with EBG | Network
    • Privacy Policy

EBG Network

Procurement and Finance Outlook Intelligence

EBG | Play: Benchmark your source-to-pay performance against the best

November 20, 2019 By ebgnetwork

Spread the word

On Demand | Benchmark your source-to-pay performance against the best

The idea of “the best” in process automation may be shifting. From lowering the number of FTEs and SLAs focusing on transactional efficiency. To improved value creation and data insights fed back to the organization. How do you get there and how do you know where Your organization stands?

Take a look at the on demand session below! Thomas Siersbæk Heller-Njor, Director of Operations Consulting at PwC and Sami Peltonen, Vice President P2P Solutions at Basware share key findings from recent survey studies and concrete Basware experiences from across the globe.  

On Demand | Benchmark your source-to-pay performance against the best

Clicking the image below will take you to the on demand version as will clicking

View the On demand version by clicking the image

Key findings transforming source to pay

The number one constant is that independent on how technology evolves – transforming any part of an organization include changed ways of working. And so will have to focus on change management to succeed. No technology alone – how ever smart – can (to date at least) bypass people who are not willing to adapt and embrace changes.

Process cost reduction is the primary driver behind digital prioritization in this area. Contradicting value creation? No, not necessarily since many testify the lack of resources (forcing people to do non value adding tasks) is pushing the desire and ambition to automate and work smarter.

What is your primary priority in the next year within procurement?

Poll results | What is your primary priority in the next year within procurement?

Above you see the live poll results during the webinar. Equal to the PwC survey results, the main focus (only selecting one option) is digitization of processes.

What is your primary next digital procurement development?

Poll results | What is your primary next digital procurement development?

The common denominator in the above question being data. Possibly a hen and the egg question? How much of source to pay processes are possible to refine without the backbone in place? PwC and Basware both agree, companies need to have the basics in place before more advanced usage of technology is possible.

In the PwC study, 74% of procurement departments have begun digitizing their transactional processes. The backbone of the source to pay process. Equally interesting is that 60% of the respondents procurement departments are switching their strategic processes to digital.

EBG note

PwC goes on to emphasize that procurement and finance must approach source to pay digitalization as a joint effort. In order to reap the maximum transactional process benefits. Most focus within finance has been on wage arbitrage and the automation and possible outsourcing of accounts payable. The PwC study state that 30-40% of time can be reduced with finance automation and behavior change. With management reporting having a 40% automation potential!

Are you using AI based innovations in your operations today?

Poll results | Are you using AI based innovations in your operations today?

Are you aware how much resources are spent among source to pay providers? On Artificial Intelligence, machine learning and other ways of using and automating the use of data? A lot! At Basware for instance, smart coding has taken off.

Smart coding alleviates the strain of exception handing for non-PO invoices and helps customers further automate their invoice processing, moving them one step closer to touchless invoice handling. With smart coding, invoices that are not automated by purchase order matching, payment plans (schedule, budget or self-billing), or automatic coding templates can now be automatically coded with minimal human interaction. This eliminates the manual, time-consuming activities of researching and coding this type of invoice – saving significant time in the AP Department.

Behind smart coding, there is an intelligent algorithm (a similar approach to machine learning) that determines the cost allocation based on the user’s own templates, automation rules and transaction history.

Factsheet Smart Coding by Basware

Want to know more?

Follow the Basware blog and learn more about how your organization can increase performance through data driven benchmarking practices.

You can also attend Source 2 Pay Summit 2020. Held for the 10th time in Stockholm on March 19th. This one day summit, hosted and managed by EBG, focus on cross function and cross organization ways of enabling operational efficiency with proven strategic effect. Welcome to see us face to face!


Spread the word

Who are EBG?

EBG | Network - A cross functional, end-to-end business network focusing on improved sales and forecasting, increased spend under management and financial supply chain control

EBG is managed by Anna & Lars - partners in business and life. Contact us today with any type (business) related questions! Contact details below or use the LiveChat function right now.

Anna & Lars are partners in business and life. Together we run EBG bringing together peers and experts in an informal yet to the point way.

    Anna Bjarkerud

    Anna Bjarkerud

    anna@ebgnetwork.com
    +46 735819302

      Anna & Lars are partners in business and life. Together we run EBG bringing together peers and experts in an informal yet to the point way.

        Lars Bjarkerud

        Lars Bjarkerud

        lars@ebgnetwork.com
        +46733530343

          Find what you are looking for

          Newsletter opt-in – don’t miss out!

          Name

          Title

          Company

          Email-(only corporate addresses will be communicated with)

          Leave this field empty
          I agree to the processing of my personal data

          Learn more about EBG Networking

          Networking with EBG | Network

          Why join Source 2 Pay Summit 2021?

          https://vimeo.com/504687482?loop=0

          Post Summit Report | Source 2 Pay Summit 2020

          Click the image to download the Post Summit Report (PDF) below

          EBG | Business Directory – learn more about the market

          EBG | Network will be listing competences and solutions in the area EBG work. Source 2 Pay is a broad area including everything from sourcing tools to cash management solutions. EBG do not help choose – but have a lot of material to share!

          Follow the link below to the EBG | Business Directory

          Clock the below link to enter the directory

          EBG | Business Directory

          Post Summit Report | Sourcing Outlook 2020

          Fith annual, next Sourcing Outlook held November 25th | ONLINE  sourcingoutlook.com

          Click the image to download 2020 Post Summit Report

          Recent articles

          Telenor join Source 2 Pay Summit 2021

          How do you take your sourcing and procurement practices to the next level? How do you ensure that those strategies you create come true? EBG | Network are really glad to welcome Telenor to Source 2 Pay Summit 2021 on May 6th! On May 6th you can join Bjørg Nikoma, Senior P2P Specialist at Telenor […]

          Equinix join Source 2 Pay Summit 2021

          So, you are faced with a development scope covering numerous countries, functions, processes and technology history? Most realize the benefits of said development and you feel real energetic! You have limited time and budget but for sure all involved will dedicate what is needed? The benefits are obvious for all as are the main steps […]

          EBG | Play: How AI is changing Procurement in 2021 and beyond

          A subtitle could also be “What do you know about your cash position from an end to end perspective?”. This session enabled by Medius – which you can view or re-view below – have a two part story. One, and possibly the most important, is the – still – dilemma companies face when procurement and […]

          SSAB and Ericsson join Source 2 Pay Summit 2021

          Will all things be digital or digitized? The past year one may wonder. If you work in a large organization your digitization and digitalization have probably skyrocketed. EBG | Network are thrilled to start welcoming the great peers and experts joining the 11th annual Source 2 Pay Summit 2021 on May 6th! On May 6th […]

          HICX join Source 2 Pay Summit 2021

          They were a new acquaintance for EBG | Network about a year ago. There has not been a single summit where the topic of master data, supplier data and supplier information management have not been an issue. As we all know a pandemic came in the way of meeting physically, however the online round table […]

          Join the EBG | Network

          Copyright EBG | Network © 2010–2021 · Log in

          This website uses cookies to improve your experience. You can opt-out if you wish Accept Reject Privacy Policy
          Privacy & Cookies Policy

          Privacy Overview

          This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
          Necessary
          Always Enabled

          Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

          Non-necessary

          Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

          SAVE & ACCEPT