A Procure to Pay (P2P) solution is a critical aspect of any organisation’s financial management. It involves sourcing goods and services, processing invoices, and making payments to suppliers. This process can be time-consuming and error-prone, especially when done manually. That’s where an automated P2P solution comes in. In this article, we’ll explore the advantages of procure to pay solutions for an organisation.
Poll results
In our most recent LinkedIn poll, we asked our social media followers: what is the biggest advantage of using an automated procure to pay (P2P) solution for your organisation?
Advantages of using a procure to pay (P2P) solution: what we found
Better supplier relationships
45% of respondents said better supplier relationships was the biggest benefit from using an automated procure to pay solution, making it the joint highest response.
One of the main advantages of using an automated procure to pay (P2P) solution is that it can help improve supplier relationships by providing real-time visibility into the status of invoices and payments, allowing suppliers to see exactly where they stand at any given time. This transparency and efficiency can help build trust between the organisation and its suppliers.
An automated P2P system can reduce the likelihood of payment disputes, as it provides a clear and accurate record of transactions. This leads to a more streamlined payment process, which can further improve supplier relations by reducing the time it takes for suppliers to receive payment and reducing the administrative burden of chasing payments.
Increased efficiency
45% of respondents said increased efficiency was the biggest benefit from using an automated procure to pay solution, making it the joint highest response.
Automated P2P solutions streamline the entire procurement process, from requisition to payment, reducing manual effort and minimising the risk of errors. This results in a more efficient procurement process that delivers tangible benefits to the organisation. Organisations using an automated P2P solution can see efficiency benefits in automated workflow approvals, electronic invoicing, real-time reporting and improved accuracy.
Improved visibility
9% of respondents said improved visibility is their biggest organisational benefit from using an automated P2P solution.
Improved visibility is another key advantage of using an automated procure to pay (P2P) solution. An automated P2P system provides real-time visibility into the entire procurement process, from requisition to payment. This allows businesses to quickly identify any issues or bottlenecks and take corrective action.
Other
Finally, 0% of respondents selected other.
Whilst ‘other’ could mean several different benefits, one of these could be cost saving. Automated P2P solutions streamline the entire procurement process, from requisition to payment. Thus, reducing manual effort and minimising the risk of errors. This results in a more efficient and cost-effective procurement process that delivers tangible benefits. Without the need for more manual intervention, businesses are able to save cost in headcount.
More information
B2BE’s experience in the supply chain sector allows our customers to build, expand and adapt successfully, enabling greater effectiveness. To engage with B2BE and offer feedback on what matters most to you and your business, make sure to follow us on LinkedIn and across social media. You can also vote in our latest LinkedIn poll. If you’d like to discuss your supply chain strategy, get in touch with us.