The global purchase-to-pay (P2P) software market looks set to reach £7.66 billion by 2026. With procurement systems stretched more than ever it is essential to have an efficient process in place, from needs analysis to requisition to accounts payable.
But what exactly is P2P? How can it help your business? And how can you make the process smoother, from needs analysis to requisition to accounts payable?
We have a P2P guide that tells you just that. Read on to learn more.
What Is P2P?
Purchase-to-pay (P2P) software lets you view, track, automate and optimize your procurement cycle. This starts with identifying a need for your product or service and then moves through requisition, purchase orders, goods receipts, invoicing, and accounts payable.
In most companies, this process moves through several disparate departments, like purchasing and accounts. This can lead to problems like flawed communication, opaque process data, payment errors, and incompatible systems between departments.
The most successful businesses use tools like P2P to boost growth, efficiency, and security. If you want to compete, you need to have an edge.
How Can P2P Help Your Business?
By harnessing P2P data using solutions like Xelix, you can clarify your procurement process. Lack of visibility and tracking is a cause of many procurement errors, but P2P lets you see which stages need optimization. This means that you can tidy things up before problems arise, reducing the risk of things going wrong during procurement, reducing the risk of lost capital, and thus improving your processes.
Automation frees up your team for other priority tasks. You can tweak things, and you will need to review your data at intervals, but P2P software helps lessen the strain.
Tracking each stage gives you peace of mind. You can share P2P data across your departments, filling any communication gaps. Enterprising Resource Planning (ERP) and policy compliance will become easier.
Smooth Out Your Procurement Process
Added control over your procurement will help you curb unneeded spending and costs. You will lessen payment risks and a refined strategy will help things run smoother than ever.
Your procurement process will be centralized, and once your supply chain runs with P2P, your whole business model will be smoother, right from the first step.
Having more data at your fingertips helps you nurture supplier relationships. You can optimize your communication with them or automate messaging for more free time. When you need to swap data or compile reports P2P puts what you need in easy reach.
Ready to Add P2P to Your Toolkit?
The right P2P tools let you track and automate procurement, tidy up any inefficiencies and avoid costly errors. Make your procurement data visible across departments, boost supplier engagement; expand your time for other duties to new levels.
The vast global rise of the P2P software market reflects the growing need for procurement optimization. Get what you need through a smooth, automated process, then focus on delivering the service your customers thrive on.
And there you have it – everything you need to know about P2P: what it is, why you need it, and how it can make a difference to your business processes and performance.