Source-to-Pay Insights from Nitor

Eliminating the Pain from Payments with a Treasury Management Solution

Posted by Jeff Scott on May 23, 2018 9:53:34 AM

Treasury professionals who manage cash are faced with many challenges, especially if they have not invested in a modern solution to help centralize their payments operations. These challenges are amplified when considering the recent escalation in payments fraud. More than three-quarters (78 percent) of organizations admitted that their payments operations were targeted by fraudsters last year, according to the Association for Financial Professionals (AFP’s) 2018 Payments Fraud Survey. Companies using disparate payment systems, applying inconsistent controls, and adopting manual payment policies, rather than digitized policies were more likely to have experienced loss from fraud, according to the survey. Furthermore, AFP’s research found that business email compromise (BEC) has become a very significant fraud threat, with 77 percent of organizations experiencing it in 2017.

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Topics: treasury management, treasury management solutions

Chasing The Cheese In The Ever-Changing World of Procurement

Posted by Artellia Warren on May 7, 2018 12:40:44 PM

Finding long-term success in the ever-changing world of Procurement can be a difficult task and often a moving target: markets, suppliers and internal business needs constantly shift, quickly making the winning methods of the past obsolete for maintaining future success. Many organizations have matured beyond traditional procurement measures that produced big wins via low-hanging fruit opportunities, however many still lag behind wondering, “who moved the cheese...again?” Today’s continuously evolving marketplaces demand a fresh perspective, sharp eyes, and the ability to adapt to change. Just as Spencer Johnson’s infamous book teaches us to “move with the cheese,” for Procurement leaders this same philosophy remains true: Adapt. We’ve compiled the top questions every CPO should be asking as they navigate the procurement maze to get and keep the cheese (also known as best total value) for their organizations.

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Topics: strategic sourcing, procurement consulting

Working Capital: Old Term, New Trends

Posted by Jeff Scott on Apr 25, 2018 10:40:13 AM

Join us for a timely panel discussion on Treasury's impact on Working Capital, the importance of fair market payment terms, and how terms management can impact company financials for both buyers and suppliers. 

The lunch will be held at Gallaghers Steak House, 228 W 52nd St, New York, NY 10019 on May 15th from 12 – 2 PM.

Our esteemed panel will discuss:

  • Industry trends and best practices in Working Capital 
  • Tactical elements needed to succeed in running a Working Capital Program
  • Importance of fair market payment terms in a changing economy
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Topics: treasury and working capital

Jeff Scott Joins Nitor Partners

Posted by Lynn Barras on Apr 23, 2018 10:14:11 AM

CLEVELAND, OHIO – April 19, 2018 – Nitor Partners, the leader in Source-to-Pay transformation, is pleased to announce the addition of Jeff Scott to the Nitor team.

Jeff is responsible for leading Nitor’s Treasury & Working Capital Management practice and brings over 15 years of experience in Finance, Treasury and Banking Operations.

“Jeff was recognized as an early leader in the emerging Fintech ecosystem and has a proven track record of successful strategic transformations. Jeff offers our clients a holistic strategy to sustainable change in Treasury & Working Capital Management,” said Ryan Walicki, Partner at Nitor.

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Topics: procurement consulting, treasury and working capital

Dreams Do Come True Webinar

Posted by Sean Sollitto on Apr 19, 2018 10:30:37 AM

On March 20th Nitor hosted a webinar specifically for mid-market procurement professionals, Accelerated & Affordable Procurement Technology Solutions for the Mid-Market.

(If you were unable to attend the live event, don’t worry, see the recording below.)

The session, featuring Sean Sollitto, Principal with Nitor,  highlighted how Procurement technology solutions have evolved to provide right-sized solutions for all organizations to automate and streamline source-to-pay processes.

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Topics: procurement consulting, Mid-market procurement, Mid-market source-to-pay, procurement technology, webinar

Five Questions Mid-Market Procurement Organizations Should Be Asking

Posted by Sean Sollitto on Feb 6, 2018 5:44:56 PM

All companies in the middle-market space are not created equal. Some are fast growth companies that quickly progress through the mid-market. Others are preparing for mergers or acquisitions, while still other companies are comfortable in the mid-market and intend to stay there.

All of these companies vary in many ways, but one challenge they all likely face is implementing procurement solutions and processes to save money and fund future growth. 

Within the past year procurement solutions have evolved to meet the needs of the mid-market. This core set of questions will help you determine if your organization is ready for a mid-market procurement solution.

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Topics: procurement consulting, Mid-market procurement, Mid-market source-to-pay

NitorAurora Delivers Fast Time-To-Value Procurement Results

Posted by Lynn Barras on Feb 5, 2018 12:02:05 PM

CLEVELAND, Feb. 6, 2018 /PRNewswire/ -- Nitor Partners introduces NitorAurora, a source-to-pay solution bundling the best procurement software with turnkey services designed for fast time-to-value results.

Historically, source-to-pay technology solutions have been out of reach for many mid-market organizations due to high cost and scope. NitorAurora opens the door to these organizations, allowing them to realize efficiencies in their source-to-pay processes.

NitorAurora is also the perfect procurement solution for any size organization looking to take the first step in procurement transformation.

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Topics: procurement consulting, Mid-market procurement

Let the Data Speak and Listen!

Posted by Mark Dorow on Jan 11, 2018 11:47:34 AM

When the CFO states that your organization needs to save money, you listen! When your supervisor makes a “suggestion,” you listen! When your spouse tells you what he/she wants for an anniversary gift, you listen! When your favorite song plays on the radio, you listen!

When data speaks; DO YOU LISTEN?

An earlier blog posting, “Finding Opportunities in Spend Analysis” (May 24, 2016), focused on the mechanics of spend analysis in detail. As you go through these mechanics and perform the activities associated with sound spend data analysis, ask yourself the question, “What is the data saying?” or “Am I letting the data speak?” All too often, we don’t ask those questions and drive toward a pre-fixed solution regardless of what the data is actually telling us. Or worse, we force the data to fit a pre-determined sourcing strategy. Strategic Sourcing approaches are guided by the data and our ability to interpret the data, not the other way around. Remember, the key is to turn data into useful information.

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Topics: Spend Analytics, procurement consulting, Supplier Management

Melissa Drew Joins Nitor Partners

Posted by Lynn Barras on Jan 9, 2018 3:05:00 PM

CLEVELAND, OHIO - January 9, 2018 – Nitor Partners, the leader in Source-to-Pay transformation, welcomes in a new year and a new talent, Melissa Drew.

Melissa Drew, with over 23 years of procurement and consulting experience, has joined Nitor Partners as a Principal within Nitor's SAP Ariba practice.

“Melissa’s hands-on experience supporting the development of technology optimization strategies across global Procurement and Supply Chain organizations makes her the perfect fit to lead our SAP Ariba practice. We look forward to working together to deliver transformational initiatives to our clients,” said Ryan Walicki, Partner at Nitor.

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Topics: procurement consulting

Empowering Organizations to Create Sustainable Value

Posted by Gary Stoddard on Dec 19, 2017 11:14:56 AM

Empowering Organizations to Create Sustainable Value - The Need for a Holistic and Integrated Procurement Environment

Gary Stoddard is a Partner with Nitor Partners, whose single focus is empowering clients to achieve Source-to-Pay excellence. Dawn Tiura, CEO and President of Sourcing Industry Group, got together with Gary recently to get his thoughts on creating sustainability and the need for an integrated procurement environment.

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Topics: strategic sourcing, procurement consulting

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