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The current economic climate is forcing companies to pursue lean operations as strongly as ever. It’s a message that we hear at SunGard, and that you may hear from your employer as well. Lean operations are driven by the understanding that only the most
efficient organizations survive.
The latest issue of
Financial Operations Matters, published by the Institute of Financial Operations contained the article, “Are
you ready for lean A/P? 4 Trends to watch in 2012.” As the article highlights, lean A/P is the outcome of analyzing existing business processes, uncovering inefficiencies, redefining processes and applying technology where appropriate to support automated
processing. Best practices at companies with the lowest A/P costs typically include: a high degree of automation, end-to-end integration of A/P with purchasing, movement to electronic payments, embracing a self-service model for suppliers, and maximizing revenue
from card rebate programs.
I concur with the points outlined in this article. As today’s business culture evolves and companies seek to emulate the success of best practice organizations, 2012 will see a continued push toward leaner operations and the following trends emerging.
How lean is your A/P department? Are you doing more with less? Are your automation efforts proactive or reactive? Are your A/P plans for 2012 in line with trends mentioned here? I’d like to hear from you.
What is AP? Accounts and purchasing?
19 Mar 2009
This post is from a series of posts in the group:
Payments systems visions, strategies, trends, pilots, forecasting, and planning for the short-, medium-, and far-term.