Top Procurement Mistakes and How to Avoid Them | Medius
While it's helpful to have a list of business goals and things you want your finance department to achieve, it's also useful to have a list of things to avoid. Explore below to find out how avoiding these top three mistakes will help your company save time and money, and save you stress!
Don’t give opportunists the opportunity
Hybrid working has brought countless benefits to many who have struck a life/work balance that works well for them, however it’s also enabled cyber criminals the ultimate opportunity to breach the lack of security.
Invoice fraud is costing businesses up to $300,000 annually and has risen dramatically since the pandemic. The scariest thing is that many organizations are not able to estimate exactly how much it costs them.
Build on trust
Doing your due diligence with the companies you partner with is key to ensuring not that your company survives financially but reputationally as well.
A recent example of what not to do is when Connecticut officials signed a purchase order with Jack Rubenstein CT LLC for COVIND-19 tests at the height of the pandemic, despite the fact there was already an ongoing investigation into the owner.
While a spokesperson advised they had done background checks and saw that it posed no risk to public health and safety - the optics and damage in trust ended up being a PR catastrophe.
A learning curve
The best thing a company can do whenever either of the above happens is admit mistakes and take accountability to ensure it won’t happen again.
Not only does this build trust back up with customers, it also shows that you’re transparent and can adapt when you need to.
Utilizing an accounts payable automation solution can help mitigate against fraudsters and opportunists which gives you more time to build and protect your brand’s reputation, something that over time will generate more money for investment back into the business.
Get ready for AP automation with six simple steps.
The cost and effort to automate accounts payable are minimal compared to most digital transformation projects, and the benefits are nearly immediate for the entire organization. The decision to automate AP should be a no-brainer, but where do you start?
Follow the six steps in our Buyer’s Guide to AP Automation Solutions to build a solid business case that illustrates how you can help your business save time and money, reduce fraud and risk, increase visibility to data and cash flow, and more.