To shine a light on what it takes to be a successful Purchase-to-Pay (P2P) Process Owner, Tungsten Network and sharedserviceslink have launched the findings of an in-depth study. The study reveals that to be effective, a GPO must:
- Balance ownership of the process with operations
- Enforce process compliance
- Secure senior management support
- Take responsibility for technology
- Build your change management and relationship-building skills
The study's infographic shows that the primary goals for people in this position are to standardise processes, improve performance and support the business objectives. To achieve these objectives, however, process owners need much greater influence over technology priorities, solution design and resources. Indeed, 53% of respondents have no authority over their IT budget.
Enforcement is a key element for any process owner. The study shows that GPOs with the ability to mandate change have dramatically improved their performance against KPIs when compared to respondents with little or no ability to influence change. When focusing on straight-through processing, P2P GPOs with full enforcement are more likely to improve performance against this KPI by 41 percentage points than their peers.
Respondents also identified the skills they believe a model process owner should have. Chief among them are change management, communications and influence skills.
"Our findings underline the impact that fully supported and empowered GPOs are having in an organisation," says Edmund Truell, Group CEO at Tungsten Corporation. "With process standardisation and improvement at the top of the agenda, it is no surprise that we support more and more Global Process Owners."
Susie West, CEO at sharedserviceslink, describes GPOs as superheroes. "Process Owners need a unique mix of skills and capabilities to be successful," says West. "Our research gives GPOs invaluable benchmarks and advice on how to deliver change that makes a lasting impact."
Visit the Tungsten Network website to see an infographic of the findings, watch interviews with GPOs and download 'The 7 lessons GPOs want you to learn', which offer insights direct from process owners themselves.
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data.
Buyer organisations that join Tungsten Network, built on OB10 e-Invoicing, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers supply chain financing through Tungsten Bank to suppliers and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten serves 55% of the Fortune 500 and 67% of the FTSE 100 by connecting the world's largest companies and government agencies to their thousands of suppliers around the globe. It is compliant in 46 countries, and processes transactions worth over $187bn per year for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's, and US Federal Government.
Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network.
Contact: Sandra Higgison, Head of Global Communications, +44-20-7280-7973, firstname.lastname@example.org