In today’s modern age of technology, automating procurement and procure-to-pay (P2P) processes are considered a strategic move for almost all mid- to large-size companies. It is more than simply automating manual processes, such as faxing a purchase order to a supplier. P2P processes offer complete connectivity and real-time pricing with suppliers on all of their products and services. P2P technology enables accurate decision making using on demand data.
The strategy further sets in with the ability to collaborate with suppliers and guarantee compliance, both internally and externally. This ultimately leads to cost control and receiving lower prices and rebates. The P2P system’s ability to order, store order data and history, connect with suppliers, build control and compliance and bring efficiencies to many levels within the organization is undoubtedly a strategic move. This approach offers visibility into overall spend across properties.
Staying competitive in today’s business world means operating in the most efficient way with the lowest costs. Larger organizations who use lean, adaptive and agile methods are growing rapidly and more profitably. According to Forbes magazine, customers get to market 50% faster and are 25% more productive when they employ a hybrid of lean and agile development methods. These practices can improve supply chain management and procure-to-pay processes, boosting your ROI and bottom line.