Benefits of Procure-to-Pay Automation
Automating the procure-to-pay process offers a range of benefits to both the procurement and accounts payable teams, as well as the organization as a whole. These benefits include:
Streamline Processes
P2P automation drives cost savings and processing efficiencies by eliminating time-consuming and error-prone manual processes from procure-to-pay operations. When you fully automate your procurement and payables processes, you can capture 100% of your financial data, and achieve the highest levels of visibility across the supply chain.
Improve Supplier Relations
Through automation, you can connect with your suppliers in an electronic and streamlined manner. Leveraging a range of methods to engage with suppliers and exchange data and documents, you can connect to all of your suppliers – from the largest to the smallest. P2P automation also increases on-time payment performance and provides suppliers with real-time visibility into transaction status, improving supplier relations and collaboration.
Eliminate Maverick Spending
The way to ensure compliance with purchasing policies and negotiated contracts is to provide an electronic procurement (e-procurement) solution that enables end-users to quickly find and order exactly what they need. A solution that offers an easy-to-use interface, supported by a robust underlying data model, and guided purchasing will ensure 100% user adoption, enabling users to stay compliant with procurement policy and eliminating maverick spending.
Increase Visibility and Control
Cost containment and spend control are becoming strategic priorities for CFOs and CPOs, while at the same time minimising disruptions to operations. P2P automation solutions provide a holistic view into your suppliers and spend from a single, centralised location to enable better strategic decision-making. Armed with data and visibility into company spending, you will be in a better position to control spend, mitigate risk, and manage the entire supply chain.
To find out more about how Basware can help you optimise your procure-to-pay process, contact us today.
