A CFO's Guide to Procurement and Invoice Management Benchmarking

While procure-to-pay processes have not been a key focus of Finance Leaders, they do render numerous benefits to these leaders ranging from increased cost-saving opportunities, real-time visibility into costs and resources to higher strategic savings due to streamlined processes. However, the purchasing function converts into a profit center, only if its performance is evaluated against benchmarks and efforts are taken to identify the scope of improvement, discover the extent to which additional improvement can be achieved, and move the organization further up the process maturity curve. The first step to this entire process is benchmarking the current process, setting targets on improvement, and understanding the industry-wide best practices.

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