The Accounts Payable team play a key role in the success of procurement.
The data that they extract from supplier invoices determines the accuracy of our spend analytics (and therefore our strategic insights) and the capture of the cost savings we claim (and thus procurement's ROI).
Today's guest on the show is Matt Clark, President and COO of Corcentric. Corcentric's research shows that, despite the importance of Procurement and Accounts Payable alignment, the vast majority of groups still operate in silo's. And this is costing a typical company up to 60% in savings leakage.
In today's conversation, I seek to better understand what keeps an AP Leader up at night, and how a procurement leader can translate this understanding a more collaborative relationship that elevates the impact of both groups.
We recorded our discussion just a couple of days after Corcentric entered into an agreement to purchase procurement SaaS provider Determine. In our interview, I also ask Matt to share details behind Corcentric's strategy to continue to grow their end-to-end procurement capabilities.