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AVOIDING TECH THAT REQUIRES A JOB REQ




CORCENTRIC

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Companies face so many challenges today, including inflation and rising interest
rates, changes in the way we work, supply chain shortages, increasingly
sophisticated cyberattacks, and difficulty in hiring. With all this facing them,
business leaders, especially CFOs, must focus on how best to optimize their
working capital in order to gain a competitive advantage, realize profitability,
and grow their organization.

When it comes to optimization, you know that you need to eliminate the
inefficiencies and inaccuracies of relying on paper and manual processes. To do
this, you need to simplify and streamline all processes and workflows. You know
that implementing new integrated technology will do just that, and a lot more.
But do you have the skillsets in-house to optimize new technology solutions that
you’ve invested a lot of capital in? If not, and many companies don’t, you’re
now in the unenviable position of finding the right people in the most
competitive job market we’ve seen in decades.

 


THE ‘GREAT RESIGNATION’ IMPACTS EVERY BUSINESS

It doesn’t matter if you are a buyer or vendor; whether you’re looking at a
source-to-pay (S2P), procure-to-pay (P2P) or order-to-cash (O2C) situation, you
face the same obstacles when it comes to finding the right talent to fill the
jobs that will move your company forward. The changing attitudes about work/life
balance caused by COVID was a major factor for ‘The Great Resignation.’ Add in
the problems of lower birth rates and a decline in college attendance and the
result is dangerous shortages in all areas. A study from consulting firm, Korn
Ferry found that “by 2030, there will be a global human talent shortage of more
than 85 million people…Left unchecked, in 2030 that talent shortage could result
in about $8.5 trillion in unrealized annual revenues.”

This problem is especially challenging for those in high tech. It is true that,
right now, tech companies are the ones experiencing the most layoffs; but those
same employees should have little problem finding employment in other sectors
that want to accelerate their technical and digital transformation. Regardless
of how many people with technical skills who worked at Google or Twitter or
Facebook were let go, the number of high-tech workers is still too low. That
same Korn Ferry study noted above found that the shortage of high-tech workers
in the US could lead to annual losses of $162 billion in annual revenues. There
is a downside to integrated technology that is designed to promote efficiency…it
takes a long time to implement and requires a lot of people, people with
specific knowledge; people that you likely do not have in your current
workforce.

You could try to reskill your team. A Forbes article points to the World
Economic Forum’s Future of Jobs Report that notes that, by 2025, half of all
employees will need to reskill. The cost of doing that could be exorbitant and
once you’ve done that, you need to hope those employees stay with you. Yet that
same Forbes article states that “Employee retention is a real problem, with
employee turnover costing US businesses $1 trillion every year.”

 


NO TECH IS NO ANSWER

With the above situation in employee shortages, the reality is that you need
technology to move forward. Avoiding technology is not only the wrong approach;
it’s practically a formula for failure in most companies. In a global economy,
companies need to be agile and flexible, not tied to old legacy processes.
Though this applies to every business unit in a company, it is especially true
for those in the Procurement and Finance functions.

Consider the amount of paper, time, and manual intervention involved in invoice
processing for a single transaction: Procurement sends a purchase order (PO) to
a supplier. The supplier sends the product along with a manifest. Once the
product is received, it needs to be recorded as a Receipt of Goods document. The
supplier sends an invoice to accounts payable (AP) and AP then needs to match
all three documents (PO, Receipt of Goods, and Invoice), confirm that they
match, and only if everything matches, send the invoice through to the company’s
ERP for payment. Payment is then sent, either electronically or through paper
checks, again resulting in a wait until the check is cashed.

Automation and digitization are vital here. Without an automated digital
solution, visibility into invoice and payment status is lacking, if not
non-existent, making it extremely difficult to accurately predict cash flow and
working capital. That’s why companies are increasingly turning to technology,
specifically digital transformation.

 



 


TECHNOLOGY ALONE WON’T FULFILL YOUR NEEDS

Most software platforms will offer the capabilities and benefits to streamline
all of the steps listed above. But after implementation and onboarding,
businesses are often left on their own (aside from regular updates). Your
organization is left to optimize the system and the benefits it offers. If, as
noted at the beginning of this blog, you don’t have the on-site talent, then the
money, time, and effort you’ve spent on this technology will likely not result
in a positive ROI. People are often reluctant to change, and if your staff has
spent years working on legacy processes, they may actually revert to their known
processes, accommodating the software to end up doing what was done before, just
a bit faster.

That’s when you need to start recruiting efforts, trying to find the right
candidates who will be able to get the best results. This is especially
important as updates occur (as they do in nearly all solutions). Having the
personnel on-site that is comfortable with the technology is the only way to
stay ahead.

Unless, that is, you outsource this function to a solution provider that offers
managed services backed up with technology. Managed service providers are
responsible for maintaining and anticipating what will be necessary to optimize
a wide range of processes and functions and is basically an alternative to
hiring a new staff. In this relationship, the customer is still the ‘owner’ of
the function. Organizations outsource to reduce and control cost, free up
resources for other priorities, and share risk.

 


HOW MANAGED SERVICES CAN IMPROVE BUSINESS OUTCOMES

Corcentric believes that a combination of technology, advisory, and managed
services is essential for any solution to provide the ROI businesses are looking
for. We know that third-party solutions work best when the provider is focused
on more than just cost savings; that the full focus should be on business
outcomes. We also know that, for us, “go live” is not a business outcome. That’s
why our approach begins with a consultative and collaborative business process
design aimed at ensuring the components of our Managed AP and Managed AR
solutions are leveraged at every step—maximizing results, ensuring solution
sustainability, and enabling continuous improvement.

Our solution provides benefits that include:
• Organizational efficiency and scalability
• Payments optimization
• Working capital improvement
• Cost reduction (including headcount reduction)
• Risk and fraud reduction

But we go farther than these expected benefits as we focus on long-term outcomes
and continuous improvement. Businesses change as they grow and that means
solutions need to be adaptable, scalable, and therefore sustainable. Along with
that, there needs to be continuous improvement. The fact is that
post-implementation, more information is available to improve on the initial
design of the solution. This is where our consultative and collaborative efforts
continue, even after implementation. Our Managed Services team manages
day-to-day activities while a Customer Success Manager serves as a business
partner throughout the term of the relationship, consistently monitoring and
reviewing the data and information available to continuously improve and
optimize the solution to help achieve those desired business outcomes. Some
examples of this include:

 

 * * DPO optimization–The levers at our disposal for our Managed AP solution
     include the ability to align payment method to payment term – driving
     supplier behavior toward extended terms and/or preferable payment methods;
     leveraging benchmark data and market intelligence to identify where you may
     be paying suppliers earlier than the industry standard (and your
     competition); and deploying our consulting and strategic sourcing team to
     renegotiate pricing and terms with your suppliers.
   * DSO reduction– Corcentric’s Managed AR solution lets you decide when you
     get paid, immediately reducing your Days Sales Outstanding (DSO). Going
     beyond technology, our Managed Services team monitors credit and
     collections due and chases down payments, eliminating receivables risk. Our
     Trade Finance offering ensures that suppliers are paid on time, every time.
     Corcentric pays the supplier on the terms the supplier dictates and then
     collects payment from the buyer on a timeframe agreed upon between the
     buyer and Corcentric. That’s a win-win for supplier and buyer.

 

It’s clear that there are many technology providers, business outsourcing
organizations, and consulting firms with solutions that address some of the
outcomes businesses are looking for. But dealing with multiple solutions from
different vendors to answer different needs can be burdensome and difficult to
manage. Instead, consider working with a provider that can answer all your
needs—and one that will be with you for the long haul.

You can find out more about how Corcentric Managed AR liberates working capital
in this white paper.

 



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Suite 200
Cherry Hill, NJ 08002

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Source-to-Pay
Source-to-Contract
Procure-to-Pay
Accounts Payable Automation

Intelligent Applications
Intelligent AP Automation
Gopher Intelligent Assistant

Order-to-Cash
E-Invoice Presentment and Payment
Online Payment Portal
Accounts Receivable

Managed Services
Managed Accounts Receivable
Managed Accounts Payable
Managed Sourcing
Managed Procurement
Managed Payments

Strategic Advisory Services
Strategic Sourcing Services
Procurement Advisory
Finance Advisory
Digital Transformation
Indirect GPO

Fleet Solutions
Fleet Procurement/GPO
– Construction and Agriculture
– Material Handling Equipment
Fleet Financing
Fleet Analytics
Fleet Suppliers
Fleet Remarketing

Payments
PayNet
StopFraud™

All Resources
Blog
Case Studies
Customer Stories
Datasheets
Infographics
Podcasts
Reports
Videos
Webinars
White Papers

About Us
Our Story
Awards
Leadership
Partners
Press Releases
Media Coverage
Events
Careers

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