Procure-to-Pay: Everything You Need to Know
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Imagine running a 100m sprint with your legs tied. That’s what it is like when your procure-to-pay process is riddled with inefficiencies and waste. While you are fiddling around and manually generating your purchase orders for critical goods, your competitors would have already procured what they need and moved on.
Too many businesses around the world are still using outdated techniques to manage their procure-to-pay cycle and processes. Not only could it lead to operational disruptions, but it puts your long-term growth at risk. The good news is that the P2P processes have evolved significantly over the past few years, removing complexities and streamlining the procurement cycle end-to-end.
This post covers everything you need to know to get a fundamental understanding of procure-to-pay process management.
What is Procure-to-Pay?
Every organization needs some raw materials and essential services to run its business effectively. The procure-to-pay process covers all the steps involved in successfully procuring these materials and services, from need identification to vendor payment.
Typically, the procure-to-pay process involves four key stakeholders: the department that raised the request, the procurement department, suppliers, and the accounts payable department (or an external agency in case of accounts payable outsourcing).
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