Procure-to-Pay Transformation for CFOs
Today’s Chief Financial Officers are constantly looking for ways to reduce costs and improve efficiency. A review of back office processes highlights the procure-to-pay function as a perfect candidate for automation given its tendency to be manual and paper intensive.
Procure-to-pay (P2P) refers to the entire process by which organizations buy and pay for goods and services, from the request for the product to the issuance of the purchase order (PO), receipt of the goods, and finally the processing and payment of the supplier invoice.
For many companies, the P2P process is still primarily manual and paper-based. When the volume of invoices increases for example, these manual procedures begin to struggle and show their limitations. This white paper explains the details behind transforming this paper based process which leads to considerable results, such as a 300% improvement in invoice processing times.