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Procure To Pay Process Optimization

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As business processes go, the procure-to-pay process (also called the P2P process or purchase-to-pay process) is more important than most. All of the goods and services your organization purchases, from the raw materials essential to production to office supplies and IT services, fall within its domain. And yet, many businesses may overlook the potential savings and value hidden within the P2P process because they have not, as yet, invested in procure-to-pay optimization.

Of course, achieving optimal results requires a plan of action. In order to capture cost savings, improve your productivity, and transform procurement into a value creation dynamo for your business, it’s crucial to identify the areas in need of improvement, develop best practices to address that need, and apply the right tools—including artificial intelligence (AI), process automation, and analytics—while building a plan to help you reach your goals for optimizing your procure-to-pay process.

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