PRINCETON, NJ, SEPTEMBER 23, 2015 - Zycus, a world leader in Procurement Technology solutions across the source-to-pay cycle, is collaborating with The Hackett Group to define leading practices and performance levels for procure-to-pay (P2P) processes. In a webinar on Tuesday, September 29, 2015 at 2:00 pm EDT, The Hackett Group’s P2P Advisory Program Leader Amy Fong will reveal what it takes to be considered a top performer in Procure-to-Pay (P2P).
The webinar, What Your P2P Vital Signs Are Telling You, will present overall results from the benchmarking exercise – where top performers versus peers score on dozens of key P2P performance measures along with historical insights about what has changed – and what hasn’t – since Hackett Group first began benchmarking P2P performance some eight years ago.
Key observation from Hackett for 2015:
- While top performing organizations are focusing on being customer centric, optimizing payment strategy and mitigating risk, peer companies are still struggling with automating P2P processes and digitalizing their information.
- For example, while Top Performing P2P organizations have automated their process and receive 70% of invoices electronically, the typical organization has e-invoicing levels below 20% and still struggles with a significant amount of manual, paper based processing.
Much more will be revealed in the webinar itself, for which registration is now open.
As a value add for its customers, Zycus has partnered with The Hackett Group to provide access to this biennial deep-dive into P2P performance in which enterprise procurement organizations from around the globe submit rigorously defined data on dozens of P2P performance measures and practices. Hackett employs a proprietary formula for plotting each participating company onto its P2P value grid, which considers both process efficiency and effectiveness. Participants falling into the top right-hand quadrant (high efficiency, high effectiveness) are identified as top performers or world class.
All participants in the 2015 P2P Benchmarking exercise receive custom reports on where they are placed in The Hackett Group’s P2P Value Grid. “This is not just a 10 or 15-question poll where you are picking from broad ranges for KPI performance,” Amy Fong notes. “Rather, it’s a deep-dive measurement exercise that requires participants to collect and calculate real costs and other performance data according to precisely defined standards and methods. We ensure rigor and consistency to make the results more valuable.”
While Hackett’s 2015 P2P measurement initiative is now complete, it is still possible for Zycus customers to enter their data and to receive a custom report from Hackett. To get a customized report on your organization’s P2P performance, take the study here. The first 20 to complete the survey will get Amazon Gift Vouchers worth USD 25. One lucky winner will win iPad Air 2.
About The Hackett Group
The Hackett Group (NASDAQ: HCKT) is an intellectual property-based strategic consultancy and leading enterprise benchmarking and best practices implementation firm to global companies. The Hackett Group has completed more than 11,000 benchmarking studies with major corporations and government agencies, including 93% of the Dow Jones Industrials, 86% of the Fortune 100, 87% of the DAX 30 and 51% of the FTSE 100.
Manager- Public Relations, Zycus Inc.
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