As markets connect on a world-wide level and technology continues to rapidly progress toward digital automation, businesses are constantly adapting to keep pace with the changes. In the process of this adaptation, businesses must be shrewd when choosing solutions; enterprise level organizations have the most to gain from streamlining their P2P processes, yet also the most to lose if interruptions occur.
In an effort to clarify what’s to gain by digitizing P2P processes, let’s examine the topic from a broader perspective. After all, gaining strategic confidence is where decision makers must begin when integrating new solutions into enterprise systems. In this regard, let’s discuss 3 benefits of digitizing and simplifying supplier related transactions.
Improves Visibility with Processes
Businesses working with suppliers to make goods or deliver services to consumers are essentially a team in their joint objective to make a profit. One difficulty in this team effort is integrating disparate enterprise systems in the P2P process. Mainly, supplier partnerships are made because of the quality of goods delivered, rather than the quality of their P2P processes, which may or may not be optimal.
While businesses can’t control their suppliers choice of enterprise systems and software solutions, they can upgrade their P2P processes to gain visibility. Gaining visibility by digitizing supplier related transactions gives businesses the ability to optimize P2P processes despite their supplier’s disparate systems.
Integrating the power of cloud and mobile computing into supplier related transactions gives businesses more ability to visually see and control the transactions. Not only will real-time data be available for: ordering, tracking, billing, invoicing, transaction history, and related communications, it’ll also be available anytime, anywhere, and on any device.
Streamlines P2P Processes
SaaS P2P solutions consolidate comprehensive real-time data into one centralized interface; supplier related transactions will be streamlined when businesses can access and control the processes involved in real-time with any digital device.
While optimal access to P2P processes in real-time will vastly increase capabilities, automation will expand capabilities even further. With rules based controls, businesses can set up automation parameters to eliminate manual processes when possible. Sophisticated P2P software automation features collaborate with ERP systems to streamline processes according to: inventory levels, historical transaction data, predictive analytics, price fluctuations, intelligent content extraction, and more.
In an article found on CIO Journal called: “Procurement’s Path to Digitization”, industry expertise from Deloitte Consulting LLP explains:
“Those working in transactional procurement or procure to pay (P2P) could see P2P grow more automated, with processing purchase orders, requisitioning goods and services, validating reception of materials, paying invoices, and other actions becoming routinized and requiring minimal human intervention. And professionals in supplier relationship management could see their function grow more proactive, with preemptive risk mitigation strategies that allow professionals to focus on continually optimizing operations rather than conducting damage control.”
Improves Strategic Effectiveness
By digitizing supplier related transactions, businesses will have more data for strategic purposes. Bulky pain points can be detected with greater visibility and then resolved with automation tools.
When supplier related transactions are digitized, every part of the P2P process can then be visually understood through analytical data. The insights gained can be used to optimize supplier relationships and transactions, giving businesses a strategic advantage when choosing and dealing with suppliers.
Essentially, SaaS P2P solutions give businesses the comprehensive data and analytical tools needed to improve their strategic effectiveness when optimizing supplier related transactions. Knowledge is power, and businesses with greater visibility into their P2P processes will have more data, thus more knowledge.
Once the benefits of integrating SaaS P2P solutions convince businesses to move forward with implementation, choosing the right partner becomes the next important decision. It’s important to choose a partner that has the capabilities, expertise, and experience to serve an enterprise-level company.
With over 31 years in the ERP Manufacturing industry (20+ serving the QAD communty), ISS Group has the experience, expertise, and capabilities to confidently serve enterprise-level businesses with products suited for their needs. Our comprehensive suite of proven BPI solutions, including P2P SaaS, we’re fully capable of giving businesses the digital advantage they need in this integral process. If interested in learning more please contact us today.