How to reach touchless P2P nirvana
Procure-to-pay (P2P) is one of your most important processes, spanning almost every business activity. Supplier research and negotiations, master data, and contracts must hand off seamlessly to purchase orders, delivery, invoicing, and final payment for goods received. Yet, the reality is that P2P remains a mystery to most of the key players involved.
P2P should execute in the background, with minimal intervention by your teams. The goal is to make this process so seamless it’s boring. It’s no surprise, then, that P2P is a process ripe for transformation. Touchless P2P may seem like a monumental undertaking. After all, you’re struggling with some significant legacy processes and technology: You have myriad stakeholders, who have a vested interest in improving P2P but may not want to lead this initiative. And your business is dealing with too many tactical issues, due to disconnected data and manual intervention.
Automated P2P can increase your data visibility and supply chain agility. With supplier controls, you could capitalize on preferential terms, such as volume discounts and better finance terms. You’d also combat procurement policy violations more effectively, while avoiding costs like tax fines. Finally, touchless processes would enable your business to reduce costs.
Whether you work in sourcing, procurement, finance (including treasury), or legal, you have a vested interest in achieving touchless P2P. Fill out the form above to learn how to achieve rich business dividends by addressing the five key pillars of automated P2P. Then check out how Clearsulting and Coupa can help.