What traits top performers in purchase-to-pay have – report by Zycus & The Hackett Group

The purchase-to-pay performance study examines metrics associated with efficient and effective purchase-to-pay processes and some of the key findings indicate an array of ways that top performers in purchase-to-pay excel. 

For instance, compared to a peer group, top performers continue to lead in technology enablement of P2P processes, reduce purchasing operating costs year over year, and invest in ways that enable them to guide requisitioners to preferred suppliers, pricing, and proper buying channels. Also, they enable supplier self-service, track and endeavor to improve procurement’s responsiveness to stakeholders, while removing ineffective controls through policy design, channel strategy, fraud and payment error detection, supplier onboarding controls, and master data safeguards.

The report also indicates that top performers more frequently leverage electronic interactions such as Web-based solutions for AP connectivity and are faster at placing orders and processing invoices.

Having higher levels of visibility into spend at a line-item level (a key contributing factor to spend management effectiveness), greater levels of supply base rationalisation, and cleaner supplier master files are listed as key differentiators.

Finally, the study shows that top doers are leading a transition to more integrated solutions for fraud and error detection.

Zycus is a provider of procurement solution suites across the source-to-pay and procure-to-pay cycles. Currently, they serve over 300 customers worldwide in 20 countries.