six key trends across p2p...tradeshift networking break 11:00 –11:30 tracks 1 & 2 breakout...
TRANSCRIPT
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Six Key Trends Across P2P
1) Growth in eInvoicing
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2) Cloud technology
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3) Collaboration across P2P
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4) Mobile Capture For AP
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5) Strategic Analysis of Data
http://www.p2pnetwork.org/events/1772-
slides.html
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6) Robotic Processing Automation
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Against a background of…
Top 3 Challenges:
• Keeping track of invoices
• Making payments on time
• Maintaining the Master Supplier File
• Dealing with Senior Staff (4th)
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Agenda
Opening remarks Ellen Leith, Editor Purchase to Pay Network (PPN)
Keynote Speaker Ben Fogle, introduced by Andrew Parkes, Commercial Director Tradeshift
Networking Break 11:00 – 11:30
Tracks 1 & 2 Breakout rooms Adelphi 3 and Aldwych Suite (first floor)
Tracks 1 & 2 Breakout rooms Adelphi 3 and Aldwych Suite
Lunch served 13:00 – 14:00
Tracks 1 & 2 Breakout rooms Adelphi 3 and Aldwych Suite
Plenary session New Payments Legislation, CICM - Adelphi 3
Networking Break 15:25 – 15:45
Awards and Prizes AP Awards, Prize Giving, Champagne reception
Event ends 16.45pm
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Say hello to our sponsors
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KEYNOTE SPEAKER
BEN FOGLE
Sponsored by
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NETWORKING BREAK
In the Palm Court - Sponsored by
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THE RISE OF AUTOMATION
The Use of Robotic Process Automation and Artificial Intelligence in Business Today
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Robotic Process Automation
Artificial Intelligence
Legal Services Transformation
Social Impact Sourcing
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Robotic Process Automation
“The use of flexible software tools to automate manual activities for
the delivery of business processes or IT services”
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ARTIFICIAL INTELLIGENCE
“The theory and development of
computer systems able to
perform tasks normally
requiring human intelligence”
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Supplier Master
Maintenance
New supplier on-boarding
processes
Accounts Receivable;
Billing, Dispute, Order
Management – automation
of processing and reportingAccount reconciliations
Automated invoice processing
(data entry, three-way matching
and posting)
Compliance Reporting
automation: automated
preparation of reports for the FCA
Personal Loan
Application Opening -
Automation of process
for new loan applications Automated
Fraudulent Account
Closure Process -
Rapid closure of
compromised
accounts
Example automation scenarios
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Types of Robotic Process Automation
UnassistedAssistedManual
Judgement basedCustomer focusedProblem solving
UnstructuredValue adding
RepetitiveSemi structured process
Customer facingManually triggered
RepetitiveRules drivenStructured
Schedule/event driven
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IDENTIFYING RPA CANDIDATES
Compliance
Customer Management
Mortgage Processing
Clinical Trials
Human Resources
Finance and Accounting
Where poor quality results in high risk or
cost
Rely on multiple systems
High volume / scalable
Rules based / predictable / replicable
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The number of FTEs saved by a major UK utility company
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The number of days taken to close the month-end books of a
Primary Health Care Trust, from 12
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The typical cost of a software agent compared to a
typical offshore BPO FTE
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The typical cost of a software agent compared to a
typical onshore BPO FTE
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The amount of hours that software robots require off for
food, sleep, sickness and holiday
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Manual expenses process
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Manual expenses process
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Automated expenses process
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Automating the Expense Process
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Automating the Expense Process
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Fedex
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Purchase Request
Approval Purchase Order Goods ReceiptAcknowledge
OrderInvoiceCapture
Invoice Matching
Payment
Automation in P2P
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Purchase Request
Approval Purchase Order Goods ReceiptAcknowledge
OrderInvoiceCapture
Invoice Matching
Payment
STP = RPA
Automation in P2P
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Automation in P2P
Purchase Request
Approval Purchase Order Goods ReceiptAcknowledge
OrderInvoiceCapture
PaymentInvoice
Matching
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ARTIFICIAL INTELLIGENCE
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What the #%$@ is AI anyway?
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Typ
e o
f P
roce
ss
Ju
dg
em
en
tR
ule
d B
ase
d
Type of Input Data
Structured Semi-structured Unstructured
Com
ple
x
CPU
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AI CAPABILITIES
CAPTURE INFORMATION WHAT IS HAPPENING? WHY IS IT HAPPENING?
stru
ctu
red
dat
au
nst
ruct
ure
dd
ata
Image Recognition
Voice Recognition
Data Analysis / Clustering
Search Understanding
NARROW AI GENERAL AI
Natural Language Processing
Reasoning and Problem Solving
Prediction
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Search
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Search
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Search
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Clustering
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Prediction
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Natural Language Processing
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Natural Language Processing
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Problem Solving
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CPU
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Unstructured Data Input Structured Data
AI System
Structured Output
Automated Processes
RPA System
Hybrid Automation Solutions
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Mary S. Schaeffer
AP Now
Is Purchase to Pay Fraud Impossible to Prevent?
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Agenda
• Thesis• Invoice Fraud • Master Vendor File • The Newest Kind: Outsiders Taking
Advantage of Your Employees• Expense Reimbursement Fraud
(c) 2017 CRYSTALLUS Inc., Mary S. Schaeffer 56
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The Question & The Answer
• Is Purchase to Pay Fraud Impossible to Prevent?
• Yes and No
• You can’t stop someone from targeting your organization
• But you can stop them from being successful
• Being a target ≠ A Victim
– That is your job!
(c) 2017 CRYSTALLUS Inc., Mary S. Schaeffer 57
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Factors: New World
(c) 2017 CRYSTALLUS Inc., Mary S. Schaeffer 58
• Technology
–Gives with one hand and takes with the other
–Facilitates
–Connectivity• In another country
• In the next office– Remember, your employees know better than
anyone where the weaknesses are in your processes
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The Fraudster on the Other Side of the World
(c) 2017 CRYSTALLUS Inc., Mary S. Schaeffer 59
• Today’s crooks– Are pretty smart– Often located in other countries– Do their research
• Today’s crooks understand and take advantage of– Internet– Social Media
• Be careful of what you put on Linkedin
– Banking
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Policy of Zero Tolerance
• Ethics policy
• Code of conduct
• No tolerance for
– Fraud
– Abuse
– Corrupt payments (Bribery) or
– Ethical misconduct of any kind
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INVOICE FRAUD
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Schaeffer 61
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Invoice Fraud: Techniques
• Phony invoices
• Invoices with excess charges
• Second invoices with different invoice number
• Bigger problem: Invoices submitted more than once
– And it is growing
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Adding Insult to Injury: The New Headache
Source: AP Now 2016 Invoice Survey
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Problems
(c) 2017 CRYSTALLUS Inc., Mary S. Schaeffer 64Source: AP Now 2016 Invoice Survey
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Invoice Fraud: Prevention
• Checking during the approval process
• Identification of duplicate invoice early in the process
– Coding standards
– More focus on invoice number
• Vendors rarely return duplicate payments unless you remind them
– Credit memos often lost or not sent
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MASTER VENDOR FILE
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Schaeffer 66
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Internal Vendor File Fraud
• Change of address/bank account
• Get check/payment
• Change address/bank account
• Prevention
– Regular reporting
– Review of report
– Dual authorizations
– Segregation of duties
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How the Old Fraud Works
• Variation of the old “Please change my bank account or Remit to address
• Focus on AP
• Legitimate looking letterhead via the mail
– Mixing old-time techniques with a new fraud
• Intra-organizational e-mail
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Old Fraud Approach Prevention
• Verify all changes using different method of communication
• Email requests verified by phone
• Phone requests verified by email
• All verification made using contact information already on hand
• One other method: Requirevendor provide old bank account number
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Set Up Phony Vendor
• Where: Hamline University
• Who: AP Supervisor + two family friends
• What: Embezzle funds;
1. 70 checks totaling $160,000
2. Embezzled funds using friends and relatives totaling $73,000 and $34,000
• How Fraud Committed:
1. Create Fake vendor accounts
2. Cashing checks in personal account
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Uncovering Phony Vendor Fraud
• How Fraud Uncovered: Wells Fargo notified CFO that several university checks being deposited into AP Supervisor’s personal bank account
• Prevention:
1. Documentation for new vendor accounts;
2. Dual authorization for new vendor accounts
© 2017 AP Now and Mary S. Schaeffer 26
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What You Have to Do
• Verify, verify, verify
• Be careful what information you put on Internet
– Company website
– Facebook etc
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Consider the Following
• When was the last time you cleansed your contact info?
• Dirty little secret: Most organizations never update it.
• How good do you think your contact information is???
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NEWEST FRAUD: OUTSIDERS TAKING ADVANTAGE OF YOUR EMPLOYEES
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Definition: BEC Fraud
• Compromise of a C-Level executives email
– Usually the CEO – but not always
• To get lower level employee to do something
• Creates value for the crook
– Not always money
• Usually has a sense of urgency
– Time is not the crooks friend
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How Accounts Are Compromised
• Account takeover
• Spoofing
• Use of Similar URLs
• Can you see the difference:
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How Accounts Are Compromised
• Victims in every state in the USand 79 other countries
• Small not-for profits targeted in US as well as Fortune 500/FTSE 100 type companies
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Advice from the FBI
• Be wary of e-mail-only wire transfer requests and requests involving urgency
• Pick up the phone and verify legitimate business partners.
• Be cautious of mimicked e-mail addresses
• Practice multi-level authentication.
• Education of everyone on staff is critical – from the lowest level processor to the CEO
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New Fraud: BEC
• Where: Google + Facebook
• Who: Crook in Lithuania
• What: $100 million over two years; most recovered!
• How Fraud Committed: Email phishing and fake suppliers
– Crook forged email addresses, invoices, and corporate stamps to impersonate a large Asian-based manufacturer (Quanta) with whom the tech firms regularly did business.
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New Fraud Prevention: BEC
• Prevention:
1. Verify anything out of the ordinary;
2. use forward key instead of reply button when replying to emails.
3. If you think you’ve been hit, contact your bank quickly
4. Be careful with informationposted in public
• Information from Fortune magazine
© 2017 AP Now and Mary S. Schaeffer 80
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EXPENSE REIMBURSEMENT FRAUD
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Schaeffer 81
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Occasionally, Just Poor Judgement
• The plate of chicken wings
• Forgot to get the receipt
• Sent in a picture
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The Actual Receipt
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Out of the Mouths of Cheaters
• Chrome River survey of
– 1000+ business travelers
• 5.3% say they cheat on expense reports
– These were the folks willing to admit they stole!
• Avg. fraud: $2,500 per year
• Discovery
– Minimal – only 1 in 6 were caught
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How They Did It
• Personal purchases claimed as business expenses 44.8%
• Adding mileage to journeys34.5%
• Tips recorded higher than what was actually given 29.3%
• Submitting more than allowed for an item 27.6%
• Receipts for canceled events or trips / returned items 10.3%
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AP Now Perpetrators
© 2017 AP Now and Mary S. Schaeffer 86
Source: AP Now’s 2016 Travel & Entertainment Survey
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The New & Growing Problem
• The receipt scanned with a smartphone and submitted multiple times.
• Difficult to catch without automation
• Sometimes the date is a clue
• Manager responsibility for reviewing before approving
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Detailed Meal Receipt: Problems Uncovered
If liquor was ordered (important for those on grants)
How many people attended
( 2 or 4??)
Friday and Saturday night meals
Was the meal appropriate
12 beers and a plate of wings
The growing Gift Card problem
Restaurant gift cards added to meal
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Best Practices
• Assume the worst
• Common sense severely lacking
• A detailed written policy
• Incorporate consequences
• Insist on use of corporate card
• Get detailed meal receipt
• Receipt for everything
• Enforce policy uniformly
• Regularly update policy
• Any time there is a change or snafu
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Another Reality Check
© 2017 AP Now and Mary S. Schaeffer 90
Source: AP Now’s 2016 Travel & Entertainment Survey
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CLOSING THOUGHTS
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Schaeffer 91
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Change in AP
• Business in general has changed a lot in the last 20 years
• AP is no exception
• Continued pressure to cut costs
• Technology means we need fewer people in AP
– Segregation of duties more difficult
• New frauds are continually evolving
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The Bottom Line
• Education
• Be suspicious
• Pick up the phone
• You can’t stop someone from targeting your organization – but you can prevent them from being successful
• That is your job!
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Thank You
Questions/Comments
Mary S. Schaeffer
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LUNCH BREAK
In the Palm Court - Sponsored by
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Jim Hemmington, Director of Procurement, BBC
Will Technology Kill the Procurement Star?
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So, what are the technology threats for the Procurement function?
Many organisations are now plugged into the platform economy
New software is emerging almost daily
Robotics is rapidly increasing systemisation
Digital transformation continues at a pace
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And it gets scarier - predictions for 2018?
20% of business activity will be automated and machine dependent
There will be in excess of 6 billion items of technology connected in some way
The hypo-adaptive customer will be the norm, eg: “iPad story” 80 million sold in two years vs “Colour TV story” 50,000 sold in two years
Man/machine interaction will become seamless, with machines taking on increasingly complex customer transactions (eg web-chat)
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So imagine!!
Suppliers selected and changed automatically (by machine)
Automated inter-company trading: ordering linked to consumption with auto Goods Receipting (by machine)
Automated governance reviews and correction plans with daily reporting (by machine)
Supplier stability monitored automatically (by machine)
Suppliers benchmarked daily (by machine)
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Could it go this far?
AN EXHIBITION
Procurement Function:Artefacts from a past
profession
Exhibits include rare and original :• Purchase orders• Balanced score cards• Negotiation videos• Purchasing Manuals
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So, how does Procurement meet the technology challenge?
Become a trusted business partner (e.g. more proactive, closer to business and strategy planning , bringing innovation from the market
Strategic thinkers tells us we should consider three priorities for Procurement for the future:
Reducing & avoiding purchasing costs (stronger demand management, trend analysis and buying behaviours)
Improve procurement’s agility, respond quickly to changing business priorities
Moving this from Powerpoint into practical application is not always easy though
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So here’s the hypothesis - Procurement has two secret weapons
BIG DATALITTLE DATA
Management Information
Commercial skillsIntegrated technical expertise
CreativityAdvanced interpersonal skillsRounded market knowledge
The ability to look way ahead and predict future business challenges
PEOPLE WITH
The business environmentLessons learned
The organisation’s culture and what works
KNOWLEDGE FOCUSING ON
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First step – create the EXCITEMENT (it’s not always elementary)
We protect the BBC’s reputation
FOR THE BBC PROCUREMENT TEAM WE FOCUS ON THESE STRAP LINES
We show licence fee payers that the BBC spends wisely
We find the new suppliers to deliver the new vision for iPlayer
For every £1 the BBC spends on Procurement it gets back £13
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Second step – create the business partner framework and reinforce it (things to consider)
Develop a strategy tailored to and for key business stakeholders
Where possible embed people with key stakeholders
Be seen as facilitators focusing on the whole lifecycle – planning to exit
Don’t focus on savings alone, capture all the benefits of great supply relationships
Use data to inform and drive business decisions with proactive support to stakeholders
Free resource to focus on the market (innovation/risk)
Maximise SRM to drive ongoing value
Continue to foster support from the top
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Third step – identify and nurture the talent
What makes procurement people effective in your organisation?
Bring good people in and train them
Have clear reward and development programmes
Have you a strong diversity of competencies and skills?
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Fourth step -Keeping re-inventing, be agile!!
Regularly reviewProcurement’s contribution
Keep looking for new ways to add value
Work the data don’t just “pie-chart” it
Keep an eye on your talent and how best to motivate your stars
Gather and tell the stories that evidence Procurement ‘s valued contribution
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Positioning chart (strive for Happy procurement)
Bring options to the business
Staffed by a diverse mix of people
Seen as a strategic business enabler
Involved in longer term planning
Influencing the market
Focus on value add
It’s about every aspect of supplying the organisation (today and tomorrow)
Wait for instructions from the business
Reactive to changing business needs
Seen as a service
Following the market
It’s all about the best deal (today)
Only staffed by traditional procurement people
Focus on savings and compliance
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The final (conclusions)
Technology will help effective Procurement functions
Procurement will help organisations thrive and remain competitive
PROVIDING THE FUNCTION:• keeps a strategic profile• attracts and retains good people• flexes with changing business
challenges
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Questions
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PPN AWARDS
Sponsored by
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OUTSTANDING CONTRIBUTION TO
AP
Sponsored by
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OUTSTANDING CONTRIBUTION TO
AP
2nd Place winner
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OUTSTANDING CONTRIBUTION TO
AP
Overall Winner
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INNOVATION IN SUPPORTING THE
BUSINESS
Sponsored by
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INNOVATION IN SUPPORTING THE
BUSINESS
2nd Place winner
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INNOVATION IN SUPPORTING THE
BUSINESS
Overall Winner
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AP MANAGER OF THE YEAR
Sponsored by
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AP MANAGER OF THE YEAR
2nd Place Winner:
Kerry Scott
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AP MANAGER OF THE YEAR
Overall Winner:
Annette Watkis
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AP TEAM OF THE YEAR
Sponsored by
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AP TEAM OF THE YEAR
2nd place winner:
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AP TEAM OF THE YEAR
Overall Winner
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Prize Giving – sponsored by
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SEE YOU NEXT YEAR
Tuesday 5th June 2018, The Waldorf
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Finally…