Whether you were at Convergence 2014 with us or just too busy to use the Internet, here is your chance to catch up on our favorite posts from this week.
This article covers the importance of managing your enterprise data with a concrete system, considering that businesses tend to stockpile data without any form of order. “‘Enterprises often collect content without a justification and have poor retention strategies, opening themselves up to legal exposure,’ according to Steve Weissman, minister of process and information betterment at Boston-based consultancy Holly Group. ‘Whether the reason is to keep records for litigation purposes, create audit trails or build a prospect list, enterprises need to ask themselves why they are saving this content before investing in its retention,’ he said.”
This article discusses shaking up the generally accepted mindsets for AP Automation and Procure to Pay, with the idea P2P technology is shifting AP to “spend thinking.” “[W]e see the spark of Accounts Payable starting to add ‘spend thinking’ into their process. AP look to their colleagues in Procurement for cleaner POs to aid matching and start to initiate discussions around contract and services-based spend (e.g. that 500+ line Telco invoice which takes forever to assign accounting information or the utility bill for the HQ which never really fell under No-PO-No-Pay).”
This blog discusses four aspects that a company should have before implementing an AP Automation system. One idea, for example, involves establishing a cost for the process. “Regardless of how many invoices and the dollar amount on those invoices, your process costs your organization a certain amount of money. Traditionally I refer to this as cost per invoice (CPI). One of the key indicators that proves the impact of automation is cost reduction. If you don’t know your current cost you won’t know if it can be reduced.”