RevGen Partners recommended new solutions to optimize the company’s procure-to-pay operations. The recommendations were designed to help the multinational company better manage costs; create new efficiencies through process improvements; and streamline communications to improve vendor management.
Contain costs. We recommended that the client take advantage of system-supported technological processes rather than paper-based methods. We suggested process and technology improvements to create new efficiencies and ultimately control costs, including new document handling methods and the creation of an electronic storage system. To achieve additional spending reductions, we also made recommendations to streamline programs and adopt systems better suited to corporate needs.
Gain efficiencies. Our business consultants advised that the company eliminate its dual-invoicing system. Additionally, we highly recommended that roles, responsibilities and ownership be agreed upon across the organization in order to reduce non-value-added activities. Several measures to increase push-oriented workflow, including reminder emails and auto-rerouting, were also suggested. Lastly, a peer review process, a defined list of process exceptions and a performance management system were detailed within the roadmap.
Improve vendor management. To ensure vendor compliance with improved company pay-to-procure processes, RevGen Partners recommended that the client proactively communicate to vendors clear expectations for standard procedures and guidelines.