Opportunities in an automated procurement
Purchase to Pay (P2P), the procedure of requisitioning, purchasing, receiving, paying for and accounting for goods and services, is often seen as one of the functions that is challenging to manage. This is changing as intelligent, end-to-end P2P solutions begin to enable businesses to introduce automation, connectivity and digital workflows to tackle specific issues within the process such as manual admin, reduced productivity and increased risk of human error.
The introduction of digital technologies to the procurement and finance function can significantly reduce the time and cost associated with related processes.
Procurement optimisation should be a key and strategic pillar in the digital transformation of any business and a crucial way of linking the physical and digital information being managed by a modern procurement department. Technology is a key enabler and, when designed to meet specific processes in a hybrid paper/digital environment, it can speed up delivery of genuine operational savings, transforming procurement to a profit centre.