Procure to Pay (P2P) Evaluation Checklist
Are your P2P systems optimized?
In order to remain competitive, organizations big and small are continually looking for ways to improve operational efficiencies, productivity, and user experiences while reducing spend. As procurement professionals, how can you do your part to contribute to this mission? Simplifying and automating lower-level departmental functions is a great place to start.
Poor management of indirect spend can be a drag on the bottom line. Even simple transactions can include several steps and involve many people within the organization. To put it in perspective, according to the Aberdeen Group, processing a single purchase can cost an organization as much as $38 and take up to 41 days to complete the purchase to pay process. Not only is this inefficient but imagine how these costs add up within an enterprise each year.
Thankfully, there is a better way.
The industry calls the cycle where businesses inquire, request, receive and pay for goods and services, procure-to-pay (P2P). While P2P processes have improved over time, most enterprises are still not taking advantage of eprocurement solutions as a way to contribute to their organization’s bottom line.
To position your organization to receive maximum benefit from P2P functions, the best option is to automate. This doesn’t mean purchasing or creating a bolt-on solution to your existing accounting or ERP system, but investing in a real, cloud-based eProcurement system that covers the entire P2P process and will grow with your needs.
Research underscores the value of eProcurement software to improve P2P processes. If you’re diving into deploying P2P automation for the first time or considering a change from your current provider, we’ve developed a comprehensive checklist to help you track and evaluate both business and requirements. This tool will help you to find the right solution.
This checklist will help you to evaluate:
- A comprehensive list of your feature requirements
- User adoption best practices
- Ongoing support for your needs today and tomorrow
- A partner ecosystem that bolsters your ideal business processes
Download the free procure-to-pay checklist now!