Where Do Best Practice P-Card Programs Go Next?
What do you do if your Purchasing Card program has already adopted the full range of best practices? Is it time for autopilot mode? I suppose this is an option, but it would be contrary to the spirit of best-in-class programs and the conscientious professionals who led the way. Instead, take your program to the next level. That’s right. Another level is always possible. It is what makes P-Card program management both challenging and enticing. The necessary foundation for program optimization is there. You just have to go for it. Following are five ways to achieve a new level of greatness.
Beyond Best Practices
1. Conduct a Satisfaction Survey
Your program might look good on paper, but are the participants happy? Is there something you can do to maximize their satisfaction? For example, maybe improving the readability of the policies and procedures manual would be a welcomed change that leads to greater card utilization.
2. Address the Problematic People
P-Card best practices do not necessarily fix people. There will always be challenging cardholders, managers, and/or others (e.g., AP). Perhaps they would benefit from some one-on-one attention. Help them reach peak performance in their card program role. See more on cardholder management.
3. Improve Program Management Efficiency
Besides people, what still drains your time? If, despite following best practices, the majority of your time is spent on program operations (versus program strategy/growth), then something is not quite right. For instance, are you generating and distributing reports each month that are not used for any particular purpose? What can be eliminated, scaled back, changed, or automated? What does not add value?
4. Pursue Expansion Opportunities
This is an obvious option and, chances are, you have already identified the opportunities. Put an action plan into motion. Expansion means more: more cardholders, more card types, more card-accepting suppliers, and/or more allowed purchases—anything that increases spend or transaction volume.
5. Increase Program Visibility
This is a broad avenue to explore. Look further than the best practice of regularly sharing P-Card program metrics. Take the initiative to become aware of internal pain points that P-Cards could address. In my program management days, I was able to help my IT contact resolve a need related to tracking fixed assets. Since P-Cards were used to purchase the assets, the related data came in handy for his purposes. A more structured approach would be to participate on any internal committees or work groups pertaining to procure-to-pay processes.
Final Thoughts
Even if you opt for autopilot over the noted possibilities, someone might come along who messes up your perfectly performing program. Too often, program managers encounter a new executive with old ways of thinking. You find yourself being pushed backward and having to fight to retain the best practices you worked so hard to achieve. In these cases, “same level” can be just as rewarding as “next level.” Perseverance is a good quality to have when managing a card program.
See additional resources on P-Card program management and growth.
Where will you take the card program next?
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About the Author
Blog post author Lynn Larson, CPCP, is the founder of Recharged Education. With 20 years of Commercial Card experience, her mission is to make industry education readily accessible to all. Learn more…