Better systems are the key to better results, especially when your organization is on a growth track. A robust procure-to-pay process (P2P) is one of the most beneficial systems to speed progress while retaining visibility into spending.
But how can you be sure your procurement and purchasing processes are optimized? What does an effective procure-to-pay process look like? How can automation ensure that spending remains under control as you grow?
Procure-to-pay does not encompass the entire procurement function. It focuses on the purchase, reconciliation, and vendor payment portion of the process.
Activities such as strategic sourcing, lifecycle evaluations, vendor off/onboarding, and supply chain management fall outside the scope of procure-to-pay.
The benefits of a standardized, repeatable procure-to-pay process in your organization cannot be overstated.
Having a streamlined workflow in place reduces maverick spending, makes the purchase process faster, improves your order and supplier management, and increases productivity and satisfaction for stakeholders.
Read original article
