Data Driven Supply Chain Financing Are Ushering In an Era of Procure To Pay
Are Manual Processes slaying your precious seconds?
If you are nodding your head to the above question then you are accepting the dictum that disconnected manual supply chain processes prove to be expensive and time consuming. P2P processes have never risen above the back office function. Yes Companies struggle with intra-company automation albeit they struggle even worse when it comes to inter-company automation.
In today’s fast paced business world data has grown in both volume and velocity, if managed correctly it can be advantageous. In this pursuit many of today’s data driven supply chain financing are ushering an era of P2P automation by harnessing its future potential. This involves implementing a dynamic solution, changing internal habits, strategies, and attitudes around spending.
So stone age Flintstones or 2062 C.E. Jetsons? It is 21st century choose your own bedrock wisely!
Just like George Jetson who sends his kids to school on an automated flying car. You can autopilot your age old procurement habits. By bringing together the physical and financial side of the supply chain on a single networked-platform, you can create streamlined, efficient compliant procure-to-pay and order-to-cash transactions, enabling both buyers and suppliers cash flow visibility. Automation will enable you to have not only an ease in doing mundane operations but it will also have a ripple effects on commerce and customer relationship downstream.
Time Travelling Tips
- Central control over purchasing
- Shrivel sub-optimal purchases at branches
- Formal rate contracts with vendors for products and services across geographies
- Accurate P&L prediction and reporting ,requisitioning requests to deny, delay purchases
- Spend analysis and smooth audit
- Historical spend data readily available without loss of man-hours.