What can be done?Ideally, companies should periodically allocate time to analyse the performance of their Source to Pay system, in detail, so that they are able to make informed decisions regarding improvement opportunities. However, the time stressor comes into play again… The best option for organisations is to engage with a third party that has procurement and finance expertise, but also knows the technical side of a Source to Pay system. There aren’t many procurement consultancies out there that offer these types of services, but there are a few great options. Xoomworks have been providing an optimisation service called XoomTune since 2017 where we have provided actionable data analysis on extracted data for over 20 of our clients. By looking at data extracted from our client’s system Xoomworks will analyse where the gaps are and how to quickly and effectively improve processes to further improve return on investment. The key to this is to review real behaviours evidenced from real data from our client’s production system.
Taking it further to Optimisation as a ServiceHaving a clear view of how your Source to Pay system is performing will help your company to act as quickly as possible to seize improvement opportunities. To enable your company to do this, Xoomworks is taking XoomTune one step forward with a single monthly report with all of these insights, highlighting the steps to take to improve your adoption of the system, reduce risks, increase compliance and improve reporting. We do this by reviewing a number of areas that will provide real value: financial impact, efficiencies, compliance and risk. Here’s a brief summary on how Optimisation as a Service works:
- Xoomworks would work with you to set up a standard set of reports across several modules within your Source to Pay production instance. These reports would be scheduled to extract the data on a monthly basis.
- We would process the raw data and build a dashboard of key information from which we would review and rate the data. Additionally, we would access your production instance to pull out information that your Source to Pay system has identified itself as areas of opportunity.
- We would then compile all the information into a short report highlighting areas of opportunity that you can easily address to make immediate financial, compliance and efficiency based improvements. This will provide you with actionable information in a single source to drive your continuous improvement activities.
Benefits of Optimisation as a Service
- Improve sourcing savings identification and tracking
- Highlight cash flow opportunities through payment term behaviours
- Identify non-compliant agents
- Identify approval anomalies and risks
- Highlight sourcing activities that are either questionable or could be improved
- Increase efficiencies in handling transactional documentation
- Highlight areas of master data for cleansing and enrichment
- Suggest areas to improve the user content searching experience
- Track your progress on a monthly basis against a set of improvement KPIs