Digitalization in Purchasing and Accounting - be always up-to-date.
Digitalization is a hurdle that must be taken by your company.
Competitive situations and pressure to innovate need new answers. Next to it, it's a balancing act between standards and individual customer wishes. The goal is to act efficiently and cost effectively. By contrast, there are high investment costs, regulatory requirements, rigid corporate processes as well as established corporate cultures.
Digitalization - don't miss it, but if you use it properly, you'll have your corner of the market.
It's important not to only focus on the digital orientation of the company and its services and products. It has also its values to support processes and organizations through targeted technology use as well as to make them more efficient and cost-effective. In addition, employees must be picked up and integrated during the change process in order to achieve acceptance.
Central functions such as Purchasing and Accounting still have additional requirements. It begins with the development of a digital operating model, followed by a digital roadmap, and ends with specific topics such as the improvement of master data quality.
The improvement of master data quality is confirmed by the following study, conducted by STÖHR FAKTOR, with the topic "Challenges of Data Quality Management in Times of Big Data for Purchasing and Accounting ".
- Insufficient master data quality (redundant, inconsistent, outdated, incomplete)
- Need for more efficient use of resources
- Poor communication between departments
- Use of many different IT-systems for data management
The future of procurement and accounting is also digital
There is great potential in the entire procurement process. This includes both the operational process (Purchase-to-Pay) as well as structural and strategic issues in the sense of Source-to-Manage.
With the targeted use of digitalization, Purchasing and Accounting can establish themselves internally and externally as a Value Creation Manager and Innovation Scout. Thus, they can make a value contribution to the company.
In particular, STÖHR FAKTOR supports its customers to advance digitalization in the areas of Purchasing and Accounting. Our support services range from strategy development to operational implementation:
- Developing a Digital Operating Model
- Developing a Digital Roadmap
- Digitalization-Quick Check to analyze your current situation
- Market exploration of tool solutions to implement the Digital Roadmap
- Support in tendering and selection of tools and systems
- Implementation of tool solutions for digitalization
- Creation of policies and guidelines for sustainable implementation (Governance)
- Creation of digital readiness e.g. Master Data Management
Study Big Data
"Challenges of Data Quality Management in Times of Big Data for Purchasing and Accounting"
STÖHR FAKTOR conducted a study on data quality management in Purchasing and Accounting. The purpose of this study was to highlight the strengths and weaknesses of companies how they handle and use big data. Furthermore, the goal was to identify the challenges of digitalization.
The survey based on five dimensions:
- Weaknesses in data quality (inconsistent & redundant)
- High saving potential in Purchasing, Accounting and IT through improved data quality
- The need to catch up with supplier master data maintenance (goal: central system for master data management, publication of internal rules, continuous data validation, creation of data transparency)
- Still a high proportion of analog functions in Purchasing and Accounting (especially orders and invoices)
- Lack of inter-divisional communication due to missing systems
- Visualization of existing system concepts, simplification of complex structure sequences and increase transparency
- Implementation of a company-specific digitalization Roadmap
- Data reconciliation between vendor and customer master data
- Creation of rules for master data management
Digitalization can directly improve the day-to-day business of Purchasing and Accounting. By using new technologies, processes can be made more efficient, manual activities can be reduced, employees can focus on value-adding tasks and higher savings can be achieved.
However, many challenges can occur in digitalization, e.g. in the structure and process organization or in ensuring the (master) data quality.
As part of the STÖHR FAKTOR-Study, companies of different sizes and sectors were asked to state their status quo, their challenges and the potential of digitalization and big data in Purchasing and Accounting.
How digital is my Purchasing and Accounting department?
Read the results of the study as PDF file here or do the digitalization-quick check and compare yourself with the benchmark.