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Transforming Finance’s Impact Through Automated P2P (Determine)

This content was published on the Determine blog on November 7, 2019

“The transformation of the finance function into a catalyst for growth starts with CFOs having more influence in areas that have broader consequences for the business.”

— Institute of Finance & Management (IOFM)

Procure-to-pay (P2P) technologies are often most closely associated with the first P in their name: procure. At the same time, the efficiency of an enterprise’s payment processes have more of an impact on its growth rate than the efficiency of its purchasing processes. And it is finance – not procurement – whose ability to deliver against performance objectives is improved the most when payments are streamlined, and hampered when they are not.

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5 Things I Learned from Interviewing Procurement Experts and Thought Leaders (Vizibl)

This content was published by Vizibl Supplier Innovation & Blockchain Research Analyst Alex Basso Pinol on LInkedIn on October 30, 2019

Over the past 4 months I have developed a research project to unpack supplier innovation. With no previous experience in the world of procurement, I decided to reach out to some of the most knowledgeable and experienced procurement professionals as part of my research.

The aim of these conversations was to discuss the findings of my research and learn more about different areas related to supplier innovation: IP management, discovery of suppliers, customer of choice, trust, customer financial assistance, etc.

The combination of research and insights from experts turned out to be the best recipe to learn about the past, present and future of procurement. I was able to validate my own ideas, and discover new ones to explore.

So, what have I learned?

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The Potential and Risks of Cryptocurrency in Procurement (ATSC Blog)

This content was published on the ATSC Blog on October 28, 2019

 

"Change of this magnitude is hard. You know you’re on to something when so much pressure builds up.”

– David Marcus, Co-creator of Libra on Twitter.

 

There has been a great deal of discussion around the potential of blockchain to revolutionize procurement and supply chain. From blockchain-based smart contracts to multi-tier traceability for the sake of food safety, we’ve started to think of this emerging technology as a solution to many challenges. It was only a year or so ago, however, that the only association most of us had with blockchain was Bitcoin: a cryptocurrency.Called a cryptocurrency for the computes required to bring it into existence and justify its value, Bitcoin is a decentralized digital currency not associated with any particular government. They can be exchanged for traditional currencies, products or services. According to the University of Cambridge, as of 2017 there were 2.8 to 5.8 million cryptocurrency wallet holders around the world, and the majority of them held Bitcoin.

Bitcoin is not the only digital currency, there are alternatives, including Etherium, Ripple and Litecoin. In 2018, Facebook announced the foundation of a blockchain division, and just about a year later they rolled out Project Libra, their own digital currency. Despite the early excitement, Libra has not had an easy journey. Most recently, PayPal, Visa, Mastercard, Stripe and eBay announced that they were withdrawing their cooperation from the project. They cited concerns from regulatory agencies and central bankers.

Facebook’s project lead, David Marcus (quoted above), has vowed to press on and even described the defections as “liberating”, but does the struggle to get a Facebook cryptocurrency off the ground show the disruptive potential or the destabilizing risks of cryptocurrency?

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Transformational ROI: Why Your Suppliers Should Embrace E-invoicing (Determine OutLoud)

This content was published on the Determine blog on October 3, 2019

If you have been working under the assumption that digital transformation will solve all of your problems and catapult your company into leadership status, consider this: an email with an invoice attached to it is “digital.” That invoice still has to be manually sent, received and entered into another system for approval and payment. Despite being digital, this invoicing process is labor intensive, risky and inefficient. Hardly transformative, is it?

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