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Opinion
‘Purchasing processes are driving down productivity’
Purchasing processes within UK firms are getting worse and driving down productivity, according to our new study, with the number of finance decision makers bemoaning their business’ broken processes increasing from 54% in 2018 to 59% today. In the last four years the number of
finance leaders complaining that their company is making it too difficult to make purchases on behalf of the firm has risen from 36%. The number of finance decision makers
who claim their purchasing processes need to be fixed “as a matter of priority” now stands at 17% according to the survey. Despite the complaints, a small number
(4%) said their company was aware of the issues but had rejected plans to invest in improvements. This lack of efficiency and productivity
within finance functions mirrors the UK’s overall productivity crisis in the workforce. Since 2009, UK plc’s productivity has all
but stagnated according to figures from the Office for National Statistics and in 2019, productivity fell at the fastest pace for the past five years. As well as subjecting finance teams to
difficult, inefficiency purchasing processes, our report uncovered a significant number of businesses are shunning automated technology and are still relying on manual, paper-based processes. Nearly four in 10 finance decision makers
in the survey (38%) said their company still relied on manual processes to carry out basic tasks, although this is slightly down from the 41% who said the same in 2018. However, large companies appear to be
making bigger strides to leave paper behind with the number of big businesses still using manual and paper-based processes falling in this most recent report to 34%, from 42% in 2018.
Ian Smith General manager and finance director, Invu
Sponsor announced for industry awards
Arvato Financial Solutions are set to sponsor the Credit Excellence Award, as the news was announced that the awards ceremony will not be taking place this year, but that the scheme will still be going ahead, with the prizes awarded directly. Debbie Nolan, vice president of collections
UK at Arvato, said: “We are very proud to be sponsoring the Credit Excellence Awards, in association with Arvato Financial Solutions, at a time when people are needing to find new ways of working, it is crucial that we maintain what is so positive about our great industry. “The whole industry is working so hard to
help its customers and to achieve the best possible outcomes, so it is right and proper that we should recognise that.” Stephen Kiely, editor of CCRMagazine,
added: “The awards have always shone a spotlight on the very best in the credit, collections, and enforcement industry, and, in these difficult times, they will continue to do so. We hope that, in continuing the awards scheme this year, we will be able to give everyone a boost. “With the exception that the awards
will be announced direct, not a ceremony, nothing else will change: each award will be independently by the same teams of judges, to the highest standards, by judges who will focus on their own award. The awards will be couriered to the winners and pictures displayed online and in the magazine. “The is still time to apply, so please contact
me for an Application Pack.” The Credit Excellence Awards are unique
because applications for each category are open to the whole range of the industry in those sectors. So you can apply if you are an individual credit professional, a team, a consumer or commercial creditor, or a supplier company, or a product. Previously, the judges have looked for a
range of key characteristics from winning entries, including: l Truly exceptional behaviour – the judges are eager to see behaviour that is genuinely exceptional within the sector.
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www.CCRMagazine.com
Credit Excellence Awards2020 in association with
l Business leadership – has the candidate shown an ability to drive the business forward and inspire others, in areas such as thought- leadership and talent development? l Professional excellence and processes – has the candidate shown outstanding professionalism, carrying out their work in a way that is likely to inspire others in the profession and to reflect well on the industry as a whole? l Real results – do the results show that the candidate has been able to improve the revenues or profitability of their own company or the customers they work with? l Industry innovation – has the candidate been truly innovative in their thinking? l Customer focus – has the candidate shown a genuine desire to ‘go the extra mile’ to benefit customers? l Social responsibility – has the candidate shown true social responsibility, always thinking what is right for their customers and for the wider economy, community, and society? Mr Kiely added: “As we all look forward
to an improving future, we hope the awards will give a positive focus for our industry, showcasing what makes us excellent.” l To claim your Application Pack, and to apply free of charge, please contact Stephen Kiely at
stephen@ccrmagazine.co.uk.
March 2020
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