The benefit of p2p automation is that it saves a lot of money. It helps the company to find out how it spends its money on various projects. This report can be generated through automation and information can help to increase compliance to contracts, negotiating pricing, prevent from being overcharged by vendors, and try to get more discounts. Manual processes increase procurement time process and this increase the cost with the risk of work getting duplicated. P2p is a process of how organizations spend money and automation of p2p is crafted to help reduce time and amount of money spend. P2p automation will benefit the company to reduce cost. Executive should have interest in procure to pay automation as it has significant impact on the bottom line. People heading the finance team and working with p2p automation will ensure accurate financial statement, increase profit and better controls.
P2p has been caught the attention by many companies but the process has been there for quite some years now. P2p helps to refer to the entire process by which organization buy and pay goods and services. Companies have never give priority to procurement process. Public sector companies in India do not have proper technology in place to be able to understand and control procurement process. There are various technologies used to create and provide purchase orders usually different companies use different companies software like ERP, issuing purchase order manually or some companies who does not issue purchase order at all, rather they call the vendors take orders over the phone, but without using p2p technology and still establishing a control over the process order and making total use of the opportunity is impossible.
Technology and process solutions designed to computerize procure to pay comes in variety of forms; most people subscribe to the same basic functions and incorporate some piece of these functions. Eliminating manual process to create paperless procurement environments, which reduces time required for each step of the procurement cycle. By increasing the number of transaction received or sent electronically. This helps the companies with a clear spend details and all the detailed information company policies.
Many companies are using automated p2p but they are still not aware of the extent of the feature exist in the software. Companies should understand and use ERP solution when thinking about automation of p2p process, which will help to lead most integrated and cost effective solutions.
P2p has been caught the attention by many companies but the process has been there for quite some years now. P2p helps to refer to the entire process by which organization buy and pay goods and services. Companies have never give priority to procurement process. Public sector companies in India do not have proper technology in place to be able to understand and control procurement process. There are various technologies used to create and provide purchase orders usually different companies use different companies software like ERP, issuing purchase order manually or some companies who does not issue purchase order at all, rather they call the vendors take orders over the phone, but without using p2p technology and still establishing a control over the process order and making total use of the opportunity is impossible.
Technology and process solutions designed to computerize procure to pay comes in variety of forms; most people subscribe to the same basic functions and incorporate some piece of these functions. Eliminating manual process to create paperless procurement environments, which reduces time required for each step of the procurement cycle. By increasing the number of transaction received or sent electronically. This helps the companies with a clear spend details and all the detailed information company policies.
Many companies are using automated p2p but they are still not aware of the extent of the feature exist in the software. Companies should understand and use ERP solution when thinking about automation of p2p process, which will help to lead most integrated and cost effective solutions.
SHARE
