July 20, 2023
A Baker’s Dozen Strategies for Getting a P2P Project Approved
At the apexanalytix Icon 2023 P2P Conference, Amy Platis, Director of Finance, Northwestern Medicine; Tim Pidgeon, Controller Coordinator for Americas Finance, UPS; and Nicole Thomas, Vice President of Project Management and P2P Consulting, apexanalytix, led a lively discussion about P2P project approvals. Read on for key points from their session, plus a list of procure-to-pay project approval best practices gathered from benchmarking and hundreds of apexportal and recovery audit projects. They may help you next time you need to get a project approved.
Tim from UPS provided several examples of taking a long time to get project approval – months or even more than a year. It is important to stay on top of the approval process when a particular topic is hot (think bank account change controls, supplier diversity, ESG compliance). specific topic is hot. The chance of getting it approved during this period is much greater. “Strike while the iron is hot.”
Amy from Northwestern Medicine stressed the importance of capturing your requirements during the budget planning process. Always build some buffer in your budgeting process keeping in mind long-term strategic goals. Include some contingency dollars in your budget for unforeseen project overruns. And be sure you have adequate time for the more strategic, roadmap projects.
Hot topics: Knowing exactly what you are getting in a solution – fit for purpose (versus a solution from a provider that isn’t their core technology), function, implementation, ease of use, and making sure you do the due diligence on what is available right now – before you recommend and do the business case. The magic of self-funding, with solutions for dynamic discounting and recovery audit projects. This is critical in trying to secure needed IT resources for projects – avoiding the “hunger games” of IT resource prioritization. Outsourcing versus internal ownership – the cost and rework when having to bring a solution back in-house if the outsourcing model does not pan out.