There’s never been a better time to work across Procure to Pay. Why? Because in tumultuous times, an organisation thrives on the confidence that a sound P2P strategy can provide. Where a company has deep insights into its processing, the control that enables has a direct impact on organisational stability, employee satisfaction and growth. With inflationary pressures, supply chain instability and geo-political uncertainty, effective cash management is paramount.
The Great Resignation
And that presents an opportunity. Both to professionals themselves and to the organisations looking to hire the best of the best. During the latter part of 2022 and on the back of the pandemic, organisations noticed a shift in thinking, a shift which became known globally as The Great Resignation. Employees once content with the status quo found themselves questioning where they wanted to be in the future and where their skills were best aligned and applied. Inflexible organisations with poor training programmes and a lack of future focus found themselves on the back foot.
It’s a Catch-22!
But the problem this presented was two-fold. Organisations that wanted to modernise but were demonstrably tied to the past with paper-based processing and disconnected systems, struggled to attract the right talent and to up-skill those already in the company. And without the organisational strength to facilitate it, were unable to offer the higher salaries that those with digital skills can demand. A Catch-22 situation. And we’re not out of it yet.
However, the key to success lies in taking a holistic view. Both from a personal career perspective and for the company and the culture it wants to create. Take collaboration for example. Departments that were once very separate have become more connected. Despite the dramatic shift to remote and hybrid working which served to physically separate us, the need for better transparency across the business meant that teams have had to co-operate more with each other. And part of that means understanding how our core function impacts on others. The effect of which is personal growth, a louder voice in the company and a broader personal brand. Professionals who place themselves in the path of opportunity are often thought of as “lucky” when promotion comes their way. But often it’s about curiosity. Be curious. Be involved. You might find that it's surprising just how far that "luck" can take you.
Building and Retaining Talent
To stay ahead, so-called soft skills such as emotional intelligence, empathy and strategic thinking are becoming just as important as the core needs of a specific area. And as the transactional element of finance becomes more automated, those with strong analytical skills will find themselves more in demand. To attract and retain the talent needed, organisations will have to demonstrate a desire for a forward-thinking digital programme. And to keep yourself relevant, it makes sense to upskill where you can.
The Revolution of Work
Because there's a quiet revolution going on. Fuelled by data, the technology that sits alongside it, and billions of online transactions between companies, individuals and devices, whole industries are changing and reinventing themselves. New technologies like 3D printing and electric cars have shaken up supply chains and whole sectors. Today’s finance and procurement teams will be increasingly impacted by these shifts, and by new areas of digitalisation such ChatGPT.
Develop a Growth Mindset
It’s easy to be blindsided or overwhelmed by new developments or even to see their relevance, especially when the rate of change is not the same across all sectors and departments, but while some technologies may not hit the mark, it’s clear that the world of finance, P2P and procurement is changing. Whether this is viewed as a threat, challenge or opportunity often depends on mindset, which of course can be affected by any number of circumstances. But if you want to be successful, it’s important that a fixed mindset does not hold you back from the future you deserve. Remember - place yourself in the path of opportunity. The question is, do you feel lucky, well do ya?