When it comes to social capabilities in the procure-to-pay process, there are a few things to consider. Specifically, enterprises need to consider which sorts of social tools to use in the P2P workflow. Today, we’re detailing a specific use-case, along with a specific service that falls into the category. We’ll have a few of these articles in our loose series devoted to social media in the P2p workflow.
Communication (via Microblogging)
Social Media: Twitter is a “microblogging” service that enables its users to send and read text-based posts of up to 140 characters, informally known as “tweets.” Twitter has 200 million registered users.
Key Attributes: Twitter enables quick and informal communication among individuals and groups. A succinct amount of information is immediately broadcast to an entire community that can be engaged for feedback and other commentary. Conversations can be organized around specific topics and events. Twitter maintains a timeline and archive of the conversations.
Value in a B2B Context: The informal communication and organizing principles embedded within a microblogging service are ideal for trading partner relationships that value frictionless communication and spontaneous and open collaboration. The character limits and open (or democratic) platform help to encourage the contribution of ideas from all participants without fear of criticism.
B2B Use Case #1: New Supplier Implementation: The implementation of a new supplier is a collaborative effort between trading partners to ramp up to full-scale production/delivery levels. Microblogging can help project managers communicate new information, priorities, and deadlines instantly to all buyer and supplier stakeholders. Problems and issues that arise can be escalated quickly and multiple parties can have the ability to weigh in and move to fast resolution. The microblog can also serve as a timeline and centralized archive for key project discussions and decisions.
B2B Use Case #2: Invoice Dispute Resolution or Status Inquiries: Exception management is the most costly aspect of the accounts payable (“AP”) process and requesting and receiving invoice status updates is one of the most frustrating aspects for accounts receivable (“AR”) professionals. Utilizing a direct microblog connection can streamline and simplify the communication between AP and AR departments. With an established, highly-visible platform for communication and the ability for multiple parties on both sides to respond, react, and resolve issues, trading partners will spend less time and effort getting the answers that they need.
Check out these related articles for more information:
Mind the Gap: Social Media and the Procure-to-Pay Process
Mobility and Complex Spend Management (Part II)
Is the “Flex Economy” for Real?
