McKinsey s Journey to Digital Excellence in Source-to-Pay (S2P)
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1 McKinsey s Journey to Digital Excellence in Source-to-Pay (S2P) Mauro Erriquez McKinsey Principal Teresa Liptak McKinsey Expert Amit Duvedi Coupa VP of Business Strategy May 2016
2 McKinsey & Company is a global management consulting firm, deeply committed to helping institutions in the private, public and social sectors achieve lasting success. 2
3 80% McKinsey serves more than 80% of Fortune magazine s list of the Most Admired Companies 500 dedicated specialists in data analytics 180 areas of cutting-edge expertise across 22 industry sectors and 8 functional areas 90 years of experience 85% of our consultants hold advanced degrees 130 languages are spoken by our consultants who represent 100+ nationalities ~10,000 consultants 17% of our consultants have PhD, MD or law degrees $500+M invested in knowledge and capability building annually 61 countries 116 offices 1,800 knowledge professionals who provide relevant research, analytics and expertise to support consultants 2,000+ clients in the past 5 years, including 93 of the top 100 corporations worldwide 30,000 former consultants in 120 countries 400+ Information technologists with deep expertise in user interaction, data visualization, architecture, and software development 3
4 We have over 10,000 professionals supporting the Firm Firm Functions are responsible for administering Firmwide programs and providing services that bridge geographies. Benefits Communications Personnel Finance & Accounting Information Technology Knowledge Management Legal McKinsey Learning Procurement Real Estate Recruiting Other 4
5 Story
6 McKinsey S2P team COEs Global team Prague, CZ Sourcing Procurement Ops 7 8 Poznan, PL Accounts Payable experienced procurement professionals San Jose, Costa Rica Procurement Ops 4 Analytics and Systems 3 Tokyo, Japan 70+ Sourcing 1 Shanghai, China experienced accounts payable professionals 5+ Centers of Excellence (COEs) Miramar, FL Sourcing 6 Procurement Ops 11 Analytics and Systems 5 New York, NY Sourcing 6 Chennai, India Procurement Ops 8 Accounts Payable 72 Singapore Sourcing 1 Sourcing 2 Procurement Ops 2 Manila, Philippines Procurement Ops 5 6
7 Ambitious journey Be distinctive Go for skill and scale Get the basics right Setup new organization Create a foundation for S2P through standard processes and use of technology Introduce procurement guidelines and procedures to North America Focus on talent up-skilling and external hires Cover new spend areas and geographies Plan for more sophisticated sourcing strategies Evolve vendor partnerships Create a digital environment unrivaled by any of our competitors Support Firm to be entrepreneurial and mobile Enable a growing external workforce Increase transactional efficiency Digitizing the S2P process is a cornerstones of our 2020 vision
8 S2P performance diagnostic Source to Pay maturity framework Top quartile McK diagnostic IT systems and tools Architecture Master data management System functionality User friendliness Governance and performance management S2P cross-functional governance Policy adherence Leadership role modeling Performance management Vendor management Roles and capabilities Roles and responsibilities S2P staff capabilities S2P staff training Coaching Business user training on S2P tools Governance and performance management Roles and capabilities Outsourcing and offshoring 5 IT systems 4 and tools Source 0 to Pay Strategy and value expectation Organization design and centralization Lean process Strategy and value expectation Expectations around value creation Clear strategy and vision for S2P Demand management Lean processes Workload balancing Feedback loops Comprehensive S2P scope Efficient end-to-end process Standardization of work Segmentation by complexity Proactive management of process Continuous improvement Outsourcing and offshoring Level of offshoring Management of BPO S2P partners Evaluation of in-house vs. outsourced model Organization design and centralization Centralization of activities Organization design 8
9 Pain points identified Spend leakage Cumbersome processes built around manual work IT systems and tools architecture was complex
10 IT systems and tools architecture for S2P Contract Management ERP Financials 2008 Sourcing Project Management & Vendor Management P2P Imaging & Digital Workflow 2014 ERP platform upgrade erfx Travel and Expense Travel spend reconciliation tool ERP HR 10
11 Vision
12 Vision Deliver a distinctive and effective digital S2P platform the Firm continues to redefine itself and lead Attract and retain world class procurement professionals people are our competitive advantage Keep knowledge current do as we do 12
13 Opportunity ILLUSTRATIVE Value we could get by fixing what is broken US$, millions A B C D E Reduce purchase prices by increasing usage of contracts Reduce purchase prices by increasing usage of catalogs Reduce overpayment by ensuring invoiced price matches order price Optimize payment process by pursuing early payment discounts Reduce FTEs through increased efficiency of procurement TOTAL savings (US$, millions)
14 Strategic objectives beyond quantifiable savings Shared Services Initiative M&A or Divestiture Customer Service Global Rationalization Project Going Public Compliance / Risk Event Liquidity / Credit worthiness Supply Chain Friction Top Line Initiatives Cost Reduction / EPS Source: Coupa 14
15 Changing mindsets is a big job
16 Our objective was to save money, improve customer service and digitize still we were facing a few challenging questions from internal stakeholders. why do anything? The key questions were why now? why not current ERP? Socialization with executives Demonstrating experience TCO 16
17 Why not current ERP? Approach Validate five areas of concern with current ERP s procurement solution 1. User interface and experience 2. Functionality 3. Total cost of ownership (TCO) 4. Implementation and time to value 5. Integration Conducted interviews with ~20 current ERP users across the Firm, leveraged insights from the consulting practice, and spoke to client references Evaluated ~20 use cases through system demos Alignment with IT Developed best possible understanding of how others found the user experience and implementation of current ERP to be Built a realistic TCO model: 10+ modules or add-ons were needed to support the Firm s end-to-end P2P requirements in current ERP 3+ interfaces likely needed to manage contracts, contingent labor and imaging/queue management Still some unknowns and anticipated hidden costs Score card results: Current ERP scored 69 out of 100 Coupa scored 86 out of
18 Future
19 Design principles for the future state IT systems and tools Mobile Mobile Mobile Simplify integration Configuration no customizations Increase ecatalogs and einvoicing Automated PCard reconciliation Governance and performance management Real-time visibility and insights for operation and strategic KPIs Track spend under contract Roles and capabilities Improve end-user capabilities Repurpose quality assurance role to more strategic, high impact role Outsourcing and offshoring Governance and performance management Roles and capabilities Maintain existing offshore COEs and shared service centers (SSC) IT systems and tools Source to Pay excellence Outsourcing and offshoring Strategy and value expectation Lean process Organization design and centralization Strategy and value expectation Align with new stakeholders in the Firm Improve platform and increase adoption Implement in difficult markets first Increase customer service levels Lean processes 3-click self-serve buying 2-day delivery guarantee Dynamic, adaptable approval rules Mobile approvals and receiving Dynamic workflow and order management Eliminate trivial, manual work Organization design and centralization Maintain existing org design and level of centralization 19
20 How Coupa will drive our future 20
21 What we have achieved already Implementation insights Choose your starting point wisely Be open to co-innovate and change existing processes Pick Partners who can coinnovate with you Focus on governance, success metrics, change management Implementation timeline, 2016 Activity Sourcing global Contracts global P2P phase 1 China UK Czech Republic Mexico Supplier Information Management (SIM) Q1 Q2 Q3 Q4 Go-Live 21
22 Coupa perspective: Success metrics ILLUSTRATIVE Value Driver Reduce purchase prices by increasing usage of catalogs Reduce purchase prices by increasing usage of contracts and improve spot purchases Reduce overpayment by ensuring invoiced price matches order price Improve PO processing efficiency Improve Invoice processing efficiency Potential Success Metrics Pre-approved spend as % of addressable spend Spend through catalogs as % of addressable spend % User adoption with Coupa % Supplier adoption with Coupa % of Addressable Spend through mobile devices Suppliers per $B indirect spend Spend under contract as % of addressable spend % of Negotiated Savings Lost to Maverick Buying % purchasing transactions compliant with contracts % of Invoices with inaccuracies % Contract leakage Processing cost per PO Requisition to Purchase Order (PO) cycle time (hours) % of Purchase Orders sent electronically Processing cost per Invoice Invoice OK to Pay cycle time (hours) % of Invoices received electronically Source: Coupa 22
23 Vision Encounters challenges Emerges with plan
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