As manufacturing CFOs (chief financial officers) and CPOs (chief procurement officers) are tasked with greater responsibility, there are four major industry themes that are top-of-mind for them. Although cost reductions, increases in efficiency, and visibility into valuable data are still important, there are other strategic challenges that need to be addressed.
Relationships between buyers and suppliers can make or break a business, so buyers can no longer look at solutions through a narrow lens. They need to consider how supply chain and payables solutions will impact their suppliers and how that will, in turn, impact their own business. Here are four key ways to address this situation:
Increased Collaboration: Collaboration has always been important, though not always easy to accomplish. When transactions are made through paper-based and manual processes, an inordinate amount of time may be spent on the phone or via e-mails checking on discrepancies, exceptions, and payment timing.