Process & Principles

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Benchmarking Borrow …, adopt, adapt, advance! Imitate creatively, adapt innovatively - Christopher Bogan So you have mapped your processes and gathered metrics. In the quest to improve processes to

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While his accounts payable department is working like a well-oiled machine today, accounts payable supervisor Devin Prouty and his team at The Church of Jesus Christ of Latter-day Saints (Salt Lake

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Define and Research Facts are stubborn things. — John Adams Metrics and benchmarks provide a solid foundation for improvement. Trying to bring about change is a tall order, whether persuading

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If your organization is planning on benchmarking its processes and procedures–or is simply exploring the idea of doing so–it is critical to approach the effort thoughtfully, so that your

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By Pam Miller, APMD Consultants and other experts who discuss the state of accounts payable often talk about the transition AP is making from focusing totally on transaction processing to performing

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Metrics are critical for understanding an accounts payable operation and for assessing the impact of any changes made to that operation to achieve organizational goals. In a survey conducted by IOFM

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The Set up: What Metrics Can Do This is the first in a series of articles on metrics and benchmarking and their role in AP process improvement, employee growth, and savings to the bottom line.

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Days payable outstanding (DPO) is an efficiency ratio that measures the average number of days a company takes to pay its suppliers. It is important because it is a key component in a company's

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Knowledge is power. — Sir Francis Bacon As business becomes more sophisticated and more stretched, whether because of a tight economy or simply competitive conditions, focus has turned to greater

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Before you venture outside your organization to search for best practices, look in your own backyard. You may find that one of your departments is saving 50% on a particular process because they

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