7 Golden Rules of Successful P2P Automation in Asia

In this modern age of computing and automation, it’s easy to assume that paperwork is a thing of the past. In fact, smartphones are so ubiquitous in countries like Singapore that according to a survey by Deloitte's Global Technology, Media and Telecommunications (TMT), "nine out of 10 respondents (in Singapore) have access to a smartphone, the highest globally." By 2017, Cisco also predicts that the number of devices on networks in Asia will dwarf the U.S. at 8.9 billion network connections (compared to North America’s 2.9 billion). However, the situation in many Accounting departments across the Asian region is rather different – far different. Paperwork, especially in accounts payable transactions, is still quite prevalent and end-to-end P2P automation is just starting to take off. For companies in Asia that have decided to embark on this worthwhile journey, here are the 7 Golden Rules of Successful P2P Automation. 1. Start simple. Start small. In an interview previously with Kayzad Hiramanek, Senior Vice President - Customer Service & Operations for ICICI Prudential Life Insurance, he shared that the first priority in their P2P journey was the "introduction of simple automation to make way for segmented services to senior employees and selected vendors." Only after this simple automation has been fully put in place did they move to payment controls and leveraging the company’s home-grown solution. After that, expanding to more complex transactions and processes become relatively easier and smoother to implement. Bottom-line is: start simple. 2. Change mindset before changing anything else. After starting with a small, simple automation, the next challenge is to change the mind set of people performing core functions and encourage them to invest in and adopt new technology. This is easier said than done but once done properly, it can do wonders. In the experience of Jeff Fiorini, in his role as P2P Program Manager, Global Businesses Services for HP, he shared that the biggest challenge is really getting down the silo. "You know when I first came on board, everything was in silos. Accounts payable just focuses on accounts payable; procurement is doing their own thing, treasury, the same thing. There’s a lot of finger pointing….What we did was do a face-to-face workshop and that was a critical thing for us to be successful." 3. Get a seat at policy decision-making table. Given that the Asian culture is generally hierarchical and works on a top to bottom approach, getting a seat at a policy decision-making table is critical. Influencing organisational policy towards P2P automation is an important step to implement big – and sometimes, uncomfortable – changes that might take place. If the mandate ‘comes from above’, it’s easier to get the stakeholders’ involvement and implement key action items. 4. Do not compromise on accuracy. In accounting, accuracy can never be compromised. This holds true whether a transaction is done manually (read: paper work) or through automation. The challenge comes when there are different stakeholders involved and the volume of transaction is consistently high. ICICI’s Kayzad Hiramanek shares such challenge: "Managing high volume of transactions can only be achieved through a high degree of automation…From an operational perspective, our challenges & focus revolve around faster approvals, management of exceptions, and employee education on system enrolment of vendors prior to the work contract being executed." In ICICI’s case, 100% completeness and accuracy is always the number 1 priority. 5. Find the ‘sweet spot’ between efficiency and compliance. Finding that sweet spot between efficiency and compliance is every business owner’s dream. While there’s no exact formula, the following factors will help ensure that your AP process is both efficient and compliant: Make company policy work towards eliminating paper and physical supporting attachment as far as possible (e.g. electronic travel log sheets) Ensure the system interface is user-friendly and intuitive to address the lowest common user in the system (e.g. pop ups and communication around specific incorrectly used expense heads) Signed off & regularly audited approval and vendor agreement authority matrix to ensure that only employees in positions of due authority are raising claims and entering into, approving valid agreements for the organization Ensure clearly documented and stringently imposed SLAs and indemnities on the processing vendor Regular vendor reviews and continuous engagement to add to scope of existing agreement across multiple processes 6. Work closely with your global team. With annual revenue of $50B and presence in more than 60 countries globally, Intel is one of the biggest and most successful companies to have implemented P2P automation. In an interview with Jazlan Mohd, Head of P2P for Intel Malaysia Shared Services Centre, Intel Technology, he shared Intel’s ‘secret sauce’ in achieving successful P2P automation: "Always think end-to-end across the whole P2P chain. You must develop and nurture good partnerships, have joint ownership and as a team, drive automation." As an example, Jazlan Mohd pointed out their partnership with their Global Tax and Trade team to secure local regulatory approval in many countries to allow electronic invoices. Where approval was not obtained for local suppliers, Intel implemented eInvoice for foreign suppliers. 7. Partner with your procurement team. Lastly, make sure that you have your procurement team as an ally. One of the major challenges faced by any organization embarking on end-to-end automation is the fact that there never seems to be enough IT resources. There’s usually a lot of bureaucracy involved and even though the project has been proven to bring a lot of value and the management was all behind it, when push comes to shove, the procurement department can either grind your project to a halt or give it the resources that you need so you can make it to the finish line. The key takeaway: Always, always partner with your procurement team. [eventpdf] [Note: if you liked this article, please use the buttons on the left side of the screen to share it across your LinkedIn groups – and contribute to this discussion by posting your thoughts in the comment section, below. It does require a [annoying, I know] registration with Disqus but it is one-time only and actually quite useful! Thank you for being part of SSON's community - Barbara Hodge]

7 Golden Rules of Successful P2P Automation in Asia

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7 Golden Rules of Successful P2P Automation in Asia

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