1.
THE AAA TRIFECTA OF TECH INCLUDES ANALYTICS, AUTOMATION AND AI]
2. THE SUCCESS OF S2P PROCESS BOILS DOWN TO 5 INGREDIENTS -
PEOPLE,PROCESS,TECH,CHANGE AND DATA
3. Six Sigma is a business methodology for quality improvement that measures how many
defects there are in a current process and seeks to systematically eliminate them.
4. DC stands for Dist centres or Dist Warehouses that receive and temporarily store
materials from manufacturers,process,consolidate and then supply to
retailers,wholesalers and customers.
5. QSCV- Quality Service Cleanliness and Value - Corporate Motto of McDonald’s
6. S2P Process - 1. Identification of suppliers and vendors 2. E-Auction 3. Supplier
Evaluation/Vetting 4. Contracting and Negotiations 5. Payment and Delivery of G&S
7. Need for E-Procurement - 1. Centralization of info 2. Performance Optimization 3.
Standardization of Procurement Policies 4. Continuous Process Improvement 5.
Strategic Sourcing 6. Flexibility and Mobility
8. Procuremtent tools are classified intro pure procurement tools and integrated
procurement tools. Pure procurement tools are used in large businesses where the
procurement function is complex and on a large scale
9. Must have features in an e-procurement tool - 1. Smart Automation(showing KPIs) 2.
Documentation and Reporting 3. Approval Automation 4. Seamless communication
between the stakeholders 5. Integration with other business systems
10.
11. A PR is an internal document created by the employee of a company in order to
generate a request for the purchase of G&S. A Purchase Order is a formal, external
document issued by the buyer (company) to the supplier to procure goods or services
12. How to Automate S2P Process - 1. ML Algorithms 2. RPA (Robotic Process Automation)
3. Smart workflow technologies 4. Conversational AI(Chatbots)
13. ERP stands for Enterprise Resource Planning, and it's a software system that helps
businesses manage their day-to-day operations. ERP systems can automate and
integrate processes across multiple departments, including finance, human resources,
manufacturing, supply chain, and more. They can also provide a centralized location for
data, which can help improve accuracy, productivity, reporting, and efficiency.
14. Main challenges - 1. Unifying the systems and processes 2. Lack of governance and
compliance 3. Mgm Apathy(Lack of interest or feeling) 4. Lack of Adoption 5. Change
Management(Adoption and change fof mgm of interlinked depts)
15. S2P Can be divided into 2 parts - 1.S2C(Sourcing to contract) and 2. P2P(Procurement
to Pay)
16. The success of S2P Process boils down to 5 ingredients - 1. Data 2. People 3.
Tech(AAA trifecta) 4. Change 5. Process
17. OCR stands for optical character recognition which converts the image of a text into a
machine-readable text format.
18. ICC is Invoice Capturing Center
19. AP is Accounts Payable
20. UK consists of England,Northern Ireland, Scotland and Wales
21. CCEP is Coca-Cola EuroPacific Partners - merger of Europe’s 3 largest bottlers
22. ServiceNow CSM(Customer Service Management) - Put AI to work
23. Three Way matching when goods are delivered - 1. Invoice 2. GRN 3. PO
24. Process begins with demand or need generation
25. P2P works in the case where vendor sourcing has already been done but S2P is used in
case where company wants to develop new products hence it requires new raw
materials and hence new vendors sourcing
26. S2P Leads to less maverick spending which means less independent or unauthorised
purchases where the employee makes PO without approval from required authority
27. API stands for Application Programming Interface which is a way for two or more
computer programs or components to communicate with each other
28. A holistic ecosystem of “best of breed”(BoB) is required in order to combat this shift in
the end to end process
29. There was a time when “one size fits all” approach was dominating but the industry has
matured enough to understand that a particular vendor cannot ensure a best in class
software that excels in all stages of the process where there can be issues in either
functionality or integration
30. Change and adoption is a big problem in digitisation of S2P Process
31. Force Majeure is non-fulfillment of a contract because of unforeseen circumstances
32.
