Insights by Nitor

How To Avoid S2P Deployment Pitfalls

Posted by Annie Kang on Apr 8, 2019 10:55:29 AM

Even if you do not play video games, chances are you’ve heard of Mario Kart. The goal of this game is to finish the race first, or in the least amount of time, while avoiding shells and banana peels, which make you lose control. A Source-to-Pay (S2P) deployment is very similar – the goal is to implement the right tool as quickly as possible while avoiding major pitfalls. So, before you jump into your S2P deployment “Kart,” here are some shells and banana peels to avoid.

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Topics: procure to pay, procurement consulting, procurement technology

Nitor to Deliver Procurement Transformation for State of Maryland

Posted by Jaideep Mulchandani on Mar 14, 2019 9:28:22 AM

CLEVELAND, March 14, 2019 /PRNewswire/-- Nitor , a leading transformation services firm, has been awarded the contract by the State of Maryland for a new statewide e-procurement system, eMaryland Marketplace Advantage (eMMA).

“With the addition of this e-procurement system, Maryland is taking a significant step forward in the way we do business,” said Governor Hogan.

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Topics: procure to pay, procurement consulting, procurement technology

Dynamic Discounting & Supply Chain Finance: A Deeper Dive Part 1

Posted by James Wilson on Mar 11, 2019 10:17:39 AM

Companies striving to maximize cash flows can find themselves in the middle of a constant and difficult balancing act: How to maintain profitability given the downward pressure on costs while being more efficient with working capital. The immediate reaction from buyers is to press for payment terms extensions or negotiate payment discounts while somehow maintaining cordial relationships with their strategic supply base. Suppliers are torn between the need to be paid sooner and reducing trade credit exposure while still providing quality goods and services to their valuable customers. Underlying these dynamics is the need for both the buyer and seller to remain competitive versus peers while maintaining individual profitability.

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Topics: treasury and working capital, dynamic discounting

Sowing the Seeds of Change

Posted by Bianca Di Lucente on Feb 26, 2019 12:16:07 PM

Abraham Lincoln is quoted as saying, “We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.” Change Management – much like gardening – is about approach and strategic planning for sustained growth and perennial success. Today’s top organizations large and small alike share the trailblazing characteristics of embracing change to improve processes, implement new technologies, and maximize resource performance. Nitor’s Change Management “horticulture” is rooted in the four-pronged organic engagement of Assessment, Communications, Development, and Alignment. This blended science of organizational change implementation not only captures the transitional journey from current to future state but also builds the framework to sustain continual growth post deployment. 

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Topics: change managment

Looking for Spare interCHANGE ?

Posted by Jordon DiRito on Feb 12, 2019 9:49:26 AM

Everyone likes finding hidden money lying around the house. A $20 bill in last year's coat pocket, a $5 bill in the center console of your car, or even the loose change under your couch cushion is always a nice surprise. And what's the first thing you think of when coming across "found" money like that? If you're anything like me, you think of what you can buy. Because let's be honest, "found" money is "free" money.

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Topics: treasury and working capital, treasury management

Where are you on your Procurement Maturity Journey?

Posted by James Fiore on Jan 9, 2019 9:59:09 AM

Just like people, Procurement organizations are at different points on their continuous improvement journey. People rely on friends, classes, self-help books, mentors, and family to help them identify opportunities for growth and improvement. Where would a Procurement organization go to help them identify opportunities and actions required to continue on their journey? 

Some companies use industry benchmarks and roundtables, or work with peers at other companies to see how they compare. But what does that really provide? A couple of data points that tell them they could be better. That probably isn’t breaking news if the questions are already being asked and it certainly doesn’t provide an actionable roadmap to sustainability.

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Topics: Spend Analytics, supply chain management, strategic sourcing, eprocurement, procurement technology, procurement transformation

Passport to Change

Posted by Bianca Di Lucente on Dec 11, 2018 10:16:59 AM

Pack your bags! We’re traveling abroad! A global change initiative is a monumental and transformative undertaking for organizations with cross border trajectories. There may be layovers, several modes of transportation, or even a change in carrier before we arrive at our final destination. Upon arrival, we need to determine where to spend our time to get the best return on investment, which souvenirs to pick up, and which to leave behind to successfully clear customs.

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Topics: supply chain management, change managment, procurement change management

Strategic Sourcing Checklist for the New Year

Posted by Artellia Warren on Nov 27, 2018 9:07:17 AM

December is almost here…the critical planning season.  Organizations are budget planning and goal setting for 2019. 

Typically, this is when leadership starts to challenge Procurement for savings targets, value forecasts and projects for inclusion in budget and resource planning.

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Topics: strategic sourcing, procurement consulting

Working Capital Optimization: Effective Change Management Strategy

Posted by James Wilson on Nov 6, 2018 11:20:50 AM

This is the third in a series of three blogs focused on how to develop and implement an effective working capital optimization initiative. Our last blog concluded with options for achieving internal alignment within procurement, finance, and treasury, with the goal of optimizing working capital. Here, we’ll look at the importance of change management.

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Topics: treasury and working capital, treasury management, finance

Working Capital Optimization – Understanding Your Options

Posted by James Wilson on Oct 23, 2018 9:50:43 AM

This blog is part 2 in a 3-part series focusing on how to develop an effective working capital optimization initiative.  This blog was previously posted by Scott Pezza and James Wilson on Digitalist Magazine.

The first blog in this series, “Working Capital: The Link Between Procurement, Finance, and Treasury,”  concluded with an example of how you can harmonize the goals of these three departments to pay suppliers early with an efficient invoice-approval process and supply chain finance relationship. Even in that simple example, there are multiple types of functionality at play that may exist in several different interconnected systems. In this blog, we’ll look at all the pieces that can be brought together to effectively manage your working capital and achieve your desired goals.

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Topics: treasury and working capital

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