As we take the time to get back into the swing of things and dig ourselves out of backlogged emails, we reflect on what we were able to accomplish last year while looking forward to our goals for 2023. Did you close that big deal you were hoping for in Q4? Or were you able to hit those last-minute cost savings objectives? Is part of your 2023 goals to improve your internal collaboration across silos? I know mine is!
We all know going into this new year will come with its own new set of challenges. And if 2022 taught us anything, it’s better to be proactive than reactive in this economy. As a Procurement or AP professional you might be wondering what you can do to set your organization up for success. The following answer may not seem that obvious at first, but the more you read on, the more you will see the value.
Are you ready? Change the mindset or perception of what procurement is in your organization. There are all these preconceived notions of what people think procurement is. You may even have observed or experienced your own infighting between the Procurement and Finance/Accounts Payable departments. It is extremely important that all functions understand the importance of these roles and how these two teams should be allies and on the same page, working together to save costs, improve processes and simply just be more efficient. What better way to set your company up for success than the cohesion of these two units.
Last month SAP ran a LinkedIn Live event called 4 Reasons to Ditch the Siloes Between Procurement and AP. Procurement and AP historically have pursued different goals, with Procurement focused on negotiating savings and AP focused on processing invoices for payment. The two teams often operate separately from one another with different processes and even different systems. In such a siloed environment, it’s difficult to stay aligned and nearly impossible to collaborate toward achieving common objectives. So, what can companies do to bring the two groups together and why should they bother? Frederic Andersen, Procurement Technology Transformation Lead at INVISTA, and Lisa Harding, VP and Head of Solution Marketing, Procurement, and External Workforce at SAP dove into this and more.
We all know the eventual tsunami of everyone coming back online will soon start to flood that inbox right back up, and before you know it, you’re back in the trenches of the day-to-day. But before things get too crazy, you might want to consider carving out some time to listen to Frederic and Lisa discuss the importance of collaboration and the perception between Procurement and AP. Hearing about INVISTA's transformation story may give you the spark you need in trying to change your own company's mindset. And you never know, it may help you with your 2023 goals!