Procure to pay is the automated system that streamlines the process of requisitioning, purchasing, receiving, and paying for goods and services. Its name comes from the ordered sequence of procurement and financial processes. It involves end-to-end integration with invoice management, accounts payable and vendor payment systems. Procure-to-pay or P2P management solutions create approval flows that ensure time savings and negotiated savings reflect in your business’s bottom line.

Learn how tradata can reduce your costs by up to 30%.

Whether you operate a traditional, digital or hybrid business, Procure to Pay systems have been a game-changer when it comes to streamlining business operations. But why should you consider using a P2P system in your business today? Here are a few reasons:

1. Increased Efficiency

Businesses can save valuable time and resources by automating procurement and payment processes. P2P systems eliminate manual processes, paperwork and redundant data entry, reducing the risk of errors and freeing up staff to focus on more innovative and strategic tasks.

2. Cost Savings

P2P systems can help businesses save money in the long run by optimizing, streamlining processes, and reducing errors. Additionally, P2P systems can help businesses negotiate better pricing and terms with suppliers, ultimately reducing costs.

3. Improved Visibility

P2P systems provide businesses with real-time visibility into their procurement and payment processes. This means that businesses can better track spending and identify areas for improvement.

4. Mitigate Risks

Approximately $2 Trillion is lost to procurement fraud annually according to docuphase.com. P2P systems can help businesses mitigate the risk of fraud and non-compliance. By providing a centralized system for tracking and approving purchases, businesses can ensure that all purchases are authorized and compliant with regulations. So, here are just a few reasons why businesses should consider using Procure to Pay systems in their operations. And just for fun, did you know that the first recorded use of a procurement system dates back to ancient Egypt, where scribes were responsible for keeping records of transactions?

Digitizing your procurement process with P2P software solutions can strengthen compliance and control among vendors, regulations, contracts, buyers and accounts payable. If you are still going through manual procurement today, it’s time to consider switching to a procure-to-pay system that suits your business or organization.

Click here and register for a demo.