The Procure-to-Pay cycle (P2P) is a complex process of acquiring the goods
and services a business needs for key business activities. The variety of goods
and services makes it mandatory for each enterprise to track and operate this
complex process accurately. In a way, the COVID-19 pandemic revealed the
urgency of opting for automation. As many have reported, the enterprises that
suffered the least during the pandemic were the ones that had already
committed to digitization. Procure-to-pay automation allows enterprises to
transition from siloed business units to well-established and efficient
operations, upgrading IT to withstand unprecedented circumstances. In
addition to this, 81% of businesses are prioritizing process automation to
reach their financial saving goals.
Table of content
- Overview
- What is Procure-to-Pay?
- Procure-to-Pay Automation
- Key metrics to track the success of Procure-to-Pay automation
- A Strategic roadmap for Procure-to-Pay process Automation
- The criteria to qualify a procurement process for automation
- Important criteria to consider when evaluating a P2P automation vendor
- Conclusion
