The Procure to Pay Process demands a huge amount of resources. Just putting together the basic pieces – RFQs, contract management, payment processing, and filing documentation – requires dedicated staff and a variety of software solutions. Add on top of that spending caps, regulatory compliance, and data collection for executive decisions and you get the…
In today’s world, ‘Innovation’ is the key to success…! Part 1 of Electronic Procurement we discussed a ‘Quick Return on Investment’, and ‘Noticeable reductions in costs’. In Part 2 of this 3-part series, you will continue to learn why digitizing your procurement process is no longer a luxury, but essential in the Procure-to-Pay (P2P) process for reducing costs…
Procure to pay (purchase to pay or P2P) is the process of obtaining and managing the purchasing of a product, materials needed for the manufacturing a product, or providing a service. It involves the transactional flow of data that is sent to a supplier as well as the data that surrounds the fulfillment of the…
