The team at Invu recently attended eWorld Procurement & Supply, the Leading Bi-Annual Event for Procurement Innovation, on the 3rd March to discuss the latest trends in the procurement world.
Stuart Evans, CTO of Invu, started off the morning with a presentation titled ‘Crossing the Purchase Process Chasm’ where he got down to the nitty-gritty of systematizing the Purchase Process, including the challenges that many companies face in making that leap.
During the session, which was attended by key decision makers from across the procurement industry, Evans shared insight from Invu’s work with Adactus Housing Association and addressed the core stumbling blocks for finance departments in the Purchase Order Process based on Invu’s latest research findings of finance personnel from 200 public and private sector SMBs.
Some highlight points from Evans’ presentation include:
- No benefit seen in the “normal” Purchase Order Process unless you are the Finance Director because many ERP modules are built “for Finance by Finance” and are ledger centric with poor functionality and usability for requisitioning and approvals.
- Many employees believe that they are currently following the Purchase Order Process; however, the process is also often bypassed which leads to a non-systematic approach across the business, undermining the intent and benefits.
- Mid-market Companies often believe that they cannot afford or justify the financial or time costs for implementing a Purchase process system and feel that the current market offerings do no clearly outline the benefits of the solution for them.
Evans rounded-up the presentation by highlighting the importance of engagement for all employees across divisions and management levels. By focusing on both the role and needs of players involved in the Purchase Process – from employee, budget holder, purchasing manager to CFO – showing that companies really can drive change and successfully transform their purchase process.