PROCURE-TO-PAY PROCESS MANAGER
Case Study: F500 Consumer Products Company
Benefits to you
- Gain a virtual set of procurement eyes by proactively managing every frontline procurement and sourcing transaction and change by exception
- Ensure regulatory compliance when your workflow process enforces procedures, approvals, and segregation of duties
- Reduce overall supply risk
- Gain a complete picture into execution-level spending that is out of procurement’s direct control
- Reduce spend when you establish business rules that monitor and control maverick purchasing
- Benefit from a master-supplier database that allows buyers throughout your enterprise to leverage negotiated terms with suppliers
- Increase purchasing efficiency by measuring, monitoring, and tracking cycle times
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Problem:
- Lack of compliance with Sarbanes Oxley
- Inconsistent requisitioning and approval processes
- No opportunity for suppliers to self-manage information
- Business sites did not have a consistent view of suppliers and current usage
The CVM Procure-to-Pay Process Manager:
- Automated the supplier requisition process in over 30 locations
- Provided a single consistent view of a supplier to all business sites
- Streamlined the workflow process so appropriate approval channels were established
- Provided suppliers the opportunity to self-manage their information
Results:
- The company has streamlined the process and approvals
- Now requisitioners submit a request which is approved by the purchasing manager at the location
- All requests must comply with established corporate-wide thresholds. Exceptions must be justified by the requisitioners, and approved
- Compliance with Sarbanes Oxley
- Suppliers self-update online. Changes are automatically updated in the back-office systems after verification
- Managers can track and monitor cycle times for each request: approval time, time to completion and request fulfillment time
Benefits:
- Significant gains in operational efficiencies
- Reduced transaction cost
- Most importantly, with more accurate supplier information, the company has significantly reduced glitches in ordering and payments
- Near real-time information available to sourcing specialists
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