VISA Commercial partnered with Deloitte Consulting to conduct the 2008 Global Procure-to-Pay and Commercial Card Best Practices Study. This is an refresh of earlier research.
Previously identified and still relevant best practices include:
- Implementing an automated end-to-end financial process;
- Using supplier relationship management tools;
- Incorporating full data integration to provide enhanced reporting and spend analytics;
- Adopting control and compliance measures.
I was pleased to see that the new best practices identified in this year's study emphasize change leadership:
- Creating visibility and mainstreaming commercial payment initiatives;
- Socializing initiatives with corporate executives and staff;
- Utilizing cross-functional teams with centralized management;
- Implementing full systems integration with enterprise applications;
- Committing to ongoing program optimization.
2008 Global Procure-to-Pay and Commercial Card Best Practices Study (Executive Summary)