Agree or disagree with this overarching generalization, the fact is some things in life are not absolute. Take the case of automating your entire invoice volume (a promise rarely kept). This promise is not broken out of misunderstanding, overselling or over-promising. It’s just the reality of our time, when we want and expect a single solution to solve all our problems.
On June 26th Nitor hosted a 1-hour webinar about how to best enable Procurement Transformation, titled: Realizing Value Through Procurement Transformation.
(If you were unable to attend the live event, don’t worry, you will be able to request access to the recording in the link below.)
The session, featuring Gary Stoddard, Partner at Nitor, highlighted what it takes for organizations to realize true value when looking to transform their Procurement practices.
CFOs today depend on the strategic function of treasurers more than in previous years. One reason why the treasurer’s role has become more aligned to the CFO’s agenda is a direct result of the treasurer’s ability to unlock value within the organization at a low cost, and drive strategic objectives of the CFO, such as offering a more comprehensive view of cash and payments, acquisition strategies and capital allocation strategies.
CFOs today are under more pressure than ever before from their board of directors and CEO to unlock trapped cash. Unfortunately, regional operations hold unnecessary cash buffers to protect their balance sheet. This cash-hoarding culture is detrimental to free cash flow, and could eliminate the opportunity to execute the corporate capital allocation strategy, including share repurchase targets, corporate debt repayments, shareholder dividends, and M&A initiatives.
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.
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.
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
Topics: treasury and working capital
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.
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.
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.