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.
This White Paper serves as a guide for finance leaders, examining how automation can resolve the significant challenges of manual AP processes and the value it adds to the retail supply chain.
AP and Procurement teams that have already optimized their P2P strategies are experiencing a number of improvements to their working capital performance, including greater liquidity, increased profits and improved operational efficiencies. This eBook focuses on the benefits of positive working capital and the P2P strategies for achieving the correct level.