What is Procure-to-Pay?
In simple terms, it refers to combining the Purchase and Account Pay departments. The cycle seems to be very simple, but in reality, it involves a lot of steps to complete the payment for procurement. Automation can make the process simpler. Procure-to-pay means a data-driven, fact-based approach to proven business results. Data management plays a key role in Procure-to-Pay today.
Through a smart procurement solution, one can perform spend analysis, and research is completed on time. It is beneficial for the time, risk, and success of the project to gather all the facts before moving to the next step.
Due to a lack of P2P automation, companies are more prone to human error, payment delays, and lost customers. To serve the customer you need an efficient supply chain management system, which is ready to help you get the work done, but it involves several steps, procedures, and collaboration with departments.
How can automation increase Procure-to-Pay efficiency?
Major drawbacks with the P2P automation system:
Key Benefits of Procure-to-pay Automation
The procurement-to-pay automation technology can simplify the day-to-day work process. Automating the procurement-to-pay process eliminates the need for paperwork and manual work, saving a lot of time and money.
Do you have concerns about your procurement setup, order processing, or payments delays? Talk to one of our procurement specialists today.