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Presentation summary from Canon for Business Information at Work 2014 event: CFOs are under pressure to not only cut costs, but also to drive innovation and do things better. A P2P strategy can help to meet these goals and make smarter financial decisions by gaining visibility of cash flow, optimising transactional processes and having greater control over the payment process.
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BETTER BUSINESS PROCESSES
PURCHASE TO PAY
PURCHASE TO PAYMaximising Buying Potential and cash flow with P2P Automation
NEW LAWS MAKE COMPLIANCE HARDER THAN EVER……the cost of compliance is increasing...and so are the risks of non-compliance
THE ECONOMIC CRISIS HAS ENCOURAGED A LATE PAYMENT CULTURE
The pressure is on
for CFOs to do things better...
...to drive innovation at the most senior level
The good news is that new technologies now provide the opportunity to enable finance for change, including: • Cloud• Big Data• Social• Mobile
INFORMATION AT WORKOn 3 July 2014 Canon hosted an event to bring together industry experts and technology leaders to discuss opportunities and share insights around Information Management – including automating P2P
PURCHASE TO PAY SEMINAR OVERVIEW1. The P2P Process2. Technology3. The Benefits
1. THE P2P PROCESSThe seminar discussed the changes in the purchase to pay environment and how these are impacting processes, including regulation, cashflow issues and the need to optimise transactional processes
2. CHANGING WORKPLACEHow technology can help the optimisation of the P2P process, and the measurable benefits of this
3. THE BENEFITSCase study from Swedish construction firm Sarab, showing how they reduced costs, saved time and improved mobility on their P2P processes using Canon technology
THE SPEAKERS INCLUDED:
Fabrizio FalzaranoCanon Information Management Team Leader
P2P Expert Consultant
Bally JenningsInstitute of Financial Operations
Accounts Payable Subject Matter Expert
Johan Selenius RosengrenDirector
Sarab Entreprenad Johan runs a Swedish-based construction company with 28 employees
THE SPEAKERS INCLUDED:
THEY TALKEDABOUT...
THE CUSTOMER CHALLENGES AROUND P2P
• Paper driven process – no workflow or automation• No end-to-end processing: purchasing not linked to AP• Employees buy what they want from whoever they want• Limited use of catalogue-driven purchasing
Sourcesupplier
Purchaseorder
Receivegoods/service
Processinvoice
Monitor& report
Paysupplier
THE CUSTOMER CHALLENGES AROUND P2P
• No visibility of invoices, some are lost or misplaced• Limited or no management of information (lack of insights)• Difficult to ensure end-to-end control and compliance• Lengthy and time-consuming process
Sourcesupplier
Purchaseorder
Receivegoods/service
Processinvoice
Monitor& report
Paysupplier
THE BENEFITS OF AN AUTOMATED P2P PROCESS INCLUDE…
P2P HELPS YOU MAKE SMARTER FINANCIAL AND PROCUREMENT DECISIONS
IT IMPROVES SPEND AND CASHFLOW MANAGEMENT
Source: IFO
40% OF COMPANIES WHO USE AUTOMATED P2P HAVE SEEN A 50% IMPROVEMENT IN THEIR PAYMENT PROCESS CYCLE
• Gain insights into buying and spending practices and inform business decisions
• Control documents and ensure they’re compliant
• Free your employees so they have more time to spend on delighting your customers
• Simplify the audit trail, showing you the full process on a single platform
• Be better informed
• Capture, store and share information
• Collaborate
• Speed up a previously complicated process
IT WILL HELP YOU TO:
WHY FULLY AUTOMATED P2P IS THE SOLUTIONPURCHASE PAY
End-to-end P2P
...linking purchasing and finance...
Procurement & payment transaction savings
Improved analytics through the end-to-end process
Stronger regulatory, contractual and internal compliance
Unified governance across procurement & finance
BETTER PROCUREMENT, SPEND CONTROL & CASHFLOW VISIBILITY
REDUCED COST
INCREASED VISIBILITY
IMPROVED SECURITY &
COMPLIANCE
BETTER CONTROL
“ON AVERAGE, A NON-AUTOMATED P2P PROCESS HAS 18 TOUCHPOINTS. AN AUTOMATED P2P PROCESS REDUCES THAT DRAMATICALLY AND ENSURES THAT THERE’S A VISIBLE AUDIT TRAIL. IT TAKES THE PAIN OUT OF POLICIES AND PROCEDURES AND FREES PEOPLE UP TO WORK TOGETHER”BALLY JENNINGSINSTITUTE OF FINANCIAL OPERATIONS
SARAB ENTREPENAD AB CASE STUDYMaking invoicing and Accounts Payable pay Sarab Construction is a Stockholm-based construction and installation company
THE CHALLENGEJohan Selenius Rosengren, Company Director, had a problem with cash flow and wanted to speed up the invoicing process to deliver cash flow quicker
With around 6000 incoming invoices per year, they also needed a way of improving efficiency and logging all of the invoices to ensure they were paid on time
THE CHANGE• Reduce paperwork• Simplify and speed up his invoicing process• Free himself up to spend more time building his business• Improve mobility
THE RESULTSThe same work of processing invoices that took a week before, now takes hours.
“Today when I get an invoice, I open the mail, I go to the scanner, send it to the invoice system and it synchronises with our bank system. And the same work that took one week before to do we manufacture in about two or three hours.”
Johan Selenius Rosengren, Company Director
Watch the full video case study: canon-europe.com/For_Work/case-studies/engineering-architects-construction/sarab-entreprenad/index.aspx
MORE INFORMATIONIf you are an existing Canon customer, please contact your account manager to find out how an automated P2P process can transform your business
Or contact us on:[email protected]/For_Work
