Top Benefits of Switching to Procure to Pay
A P2P or Procure-to-Pay process, by definition, begins with the acquisition of good/services and ends with the payments for the suppliers being processed. However, a P2P system that has been fully integrated is much more than just that. One can look at procure to pay as an effective/efficient solution that can seamlessly facilitate automation; helping not only in error reduction but also improving the organization’s bottom line.
If you’re unsure about what next-gen P2P can accomplish for your organization, here are the top 5 benefits of switching to the latest P2P technology:
- Usability Driven User Adoption: Improving upon the age-old practice of switching between e-Procurement systems, to hosted catalogs, to varied punch-out sites, just to finish a requisition; next-gen P2P technologies can help limit the disjointed experience for shoppers, by employing a single, searchable interface, creating a shopping experience that mimics consumer e-Commerce websites.
- Transparent Supplier Relationships: One of the basic criterion that suppliers look for- is to have a transparent relationship with consumers, wherein, more knowledge being the better. P2P solutions enhance visibility and cut down on the costs of conducting business by eliminating barriers to entry; as suppliers become more amenable to complying with B2B integration requirements, when we talk about holistic visibility into accounts and eventual quantifiable savings.
- More Control via Spend Analytics: If you’re looking to monitor your spend across all categories and track/analyze your savings/budget at each cost center, then P2P spend analytics is your best bet, as it can give you an insight as well as control over both the arenas. With real-time access to strategic data, departments (especially Procurement and finance) can gain the insights to make better spending decisions and also tap into saving opportunities.
- Efficiency via Automation: To minimize time spend in manual processes and even make existing processes much more effective, procure to pay solutions can assist in the appropriate configuration of workflow and eliminate the need of rerouting requests manual; hence, increasing the speed of cycle time/order processing, shortening supplier lead times and quickening tracking and approval of exceptions.
- Cost-Efficiency: Efficiency in operations is of primal importance for procurement processes to succeed and a major component of that is – contracts. Hence, achieving contract compliance via effective contract processes, along with transparent spendings, is made possible through next-gen procure to pay solutions, while also increasing savings, through efficiency in spending.
It is every organization’s vision to be more efficient/effective and P2P solutions can help you achieve just that, by providing guidance/insight into processes and effective supplier management, which ultimately translates into realized savings. Tell us more about what your vision is for how next-gen procure to pay solutions can benefit your organization, in the comments section below.