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Best Practices in the Procure-to-Pay Cycle: Perspectives ...
9 PRACTIX | Best Practices in the Procure-to-Pay Cycle | CAPS | March 2006 VOLUMEMARCH2006 Best Practices in the Procure-to-Pay Cycle: Perspectives from Suppliers and Industry Experts Rob Handfield, Bank of America University Distinguished Professor,North Carolina State UniversityExecutive SummaryA benchmarking study of the Procure-to-Pay (P2P) process was carried out with anumber of suppliers and subject matterexperts. The research identified six keyfindings that can lead to improvement inthe P2P cycle: Robust processes and training Onsite relationship managers toallow field maintenance to focus on doing its job Robust technology using single point of contact, , supplier portal Improved forecasting formaintenance and planning foremergencies that can flex withdifferent situations that arise Reduced complexity in catalogsand buying channels to streamline procurement Top management supportIn addition, a suggested approach forimprovement of the P2P was developedthat involved securing top managementsupport, mapping process
5 Procure-to-Pay Cycle processed, the reasons why deviation from the process is unacceptable, and the consequences involved with deviating from the process.
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