![]() In addition to making the procurement process more consistent, automation can reduce the costs associated with maintaining them. Automating this can reduce friction and improve efficiency to make the procurement process much leaner and minimize the propensity for error. With procure-to-pay solutions, teams can: Streamline procurementĪpprovals, requisitions, purchase orders, notifications, and payments are processes that follow basic and consistent rules. Given the numerous parties and steps involved in the procurement process, there is significant room for automation to improve workflow efficiencies, lower costs, and build better relationships with suppliers. Most often, procure-to-pay is managed with a low-code business process automation tool. ![]() The procure-to-pay process is often automated in order to reduce risk and improve efficiency. This process connects the purchasing department and the accounts (AP) department and directly influences a company’s financial projections and quarterly financial statements, which is why it’s important that the P2P process is connected and managed properly. ![]() Procure-to-pay is a part of the larger procurement process. The procure-to-pay (P2P) process, also sometimes referred to as purchase-to-pay, is a structured workflow that involves receiving goods or services and issuing payments. What is the procure-to-pay (P2P) process?
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |