Procurement Insights from Nitor

Bridging the Gap: Committing to Contract Compliance

Posted by Molly Wilson on Sep 11, 2018 8:58:35 AM

Imagine this common scenario:

The Strategic Sourcing group has spent hundreds of hours creating savings for the organization. All year you have heard about the forecasted savings, but when those negotiated dollars do not reach the P&L, questions arise over why the savings were not realized. What happened? 

Organizations can equip their sourcing professionals with several tools, such as creating standard terms and clauses to expedite the process and establishing an accessible contract repository (see previous blog "Retaining Value Through Contract Management for more information on these topics). While the team can utilize these tools in the negotiation and drafting of the contract, they are not present in everyday purchasing transactions to enforce the purchasing terms. 

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Topics: eprocurement, procurement technology, contract compliance

Working Capital: Age-Old Strategies Getting Facelift From New Tech

Posted by Jeff Scott on Aug 14, 2018 1:18:17 PM

Now, more than ever, organizations depend on Treasurers to be the fiscal watchdog. Most critically, Treasurers are asked to be the steward of the company’s most important asset: Cash. Everyone knows this asset is the life blood of an organization, propelling the generation of goods and services and the rewards that come along with their delivery. Treasurers also keep the organization running smoothly by forecasting what financial flexibility the organization can rely upon through various business cycles. Because when cash runs out, or if there’s even a question about liquidity, production is thrown off, or worse, grinds to a halt.

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Topics: treasury and working capital, treasury management

Nothing in Life is Absolute

Posted by Ryan Walicki on Jul 17, 2018 9:00:15 AM

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.

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Topics: procurement consulting, invoice automation

Realizing Value Through Procurement Transformation

Posted by Gary Stoddard on Jul 5, 2018 12:10:07 PM

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.

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Topics: procurement consulting, procurement technology, webinar, procurement transformation

Using Supply Chain Finance to Generate Cash Flow

Posted by Jeff Scott on Jun 20, 2018 2:27:33 PM

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.

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Topics: treasury and working capital, treasury management

Free Cash Flow, Eliminating the Culture of Cash Hoarding

Posted by Jeff Scott on Jun 5, 2018 9:06:46 AM

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.

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Topics: treasury management

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

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

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