A/P Becomes Strategic

from sdcexec.com

The Accounts Payable function at Greif, Inc., is leveraging new technology to become a value-adding partner to the business

By Andrew K. Reese

Procurement organizations at many companies in recent years have made significant progress in transforming their image from that of an administrative function — a paper-pushing cost of doing business — to that of a partner to the business that adds value by bringing sourcing, risk management, relationship building and other strategic skills to the table.

Now the Accounts Payable (A/P) organizations at some enterprises are going down the same path and moving away from being a tactically oriented, paper-processing function. At Greif, Inc., for example, the A/P organization at the Ohio-based global manufacturer of packaging systems is nearly three years into a transformation initiative that is helping the function become a strategic, value-adding partner to the business. For Greif, A/P is coming to mean “Advanced Payables.”

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