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 paper explains how organizations can use third party P2P solutions to optimize their investment in AX and presents results that companies have achieved including 100% visibility over finance.
Incorporating the results from a 2022 finance leadership study in conjunction with IFOL, this White Paper discusses five of the most important areas that today’s finance leaders are prioritizing and why they are important.
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.