People, process, and technology are never mutually exclusive in a real-world digital transformation, contrary to how we often see the framework appear on paper. It is pivotal that individuals accountable for change within an organization understand that simply adding new talent, new ways of working, or new tools in siloes and without cross-orchestration will not create a sustainable impact.
Optimizing AP processes is often not on many organizations’ list of priorities. As it is a back-office function, the importance of improving AP processes is often overlooked. In theory, if a business simply delays invoice payments to the last possible date, this will allow the business to have more cash on hand to maximize free cash flow
I view continuous process improvement and risk management as having a symbiotic relationship. Often there is potential to achieve process improvements while also enhancing operational and financial risk coverage. A mature risk environment provides greater trust in the operational and financial data used as a foundation for process improvements.
Aligning on roles and responsibilities is important especially in a complex matrix organization where there are lots of people working on a lot of different things, in different departments. As organizations grow, teams start to migrate into their own silos and what used to work in a small team sometimes doesn’t scale to a larger team.