procure to pay trends

Procure to Pay (P2P) Trends for 2019: Getting Ahead of the Curve

In a recent report by Spend Matters, the authors discuss some of the most disruptive trends for 2018 and beyond in the world of Procure to Pay (P2P).

Business to business eCommerce trends are changing how companies use technology

For one, EDI is transitioning to less costly web-based services that can use PDF or XML files to capture invoice data. Integration with the ERP allows companies that want to add new functionality have more flexibility in how they optimize their business processes. And the SaaS subscription model is growing as companies realize cost savings by avoiding capital investments in software and hardware.

2019 Technology Trends and Disrupters

The cloud is still news! Cloud systems are internet based solutions that give access to shared computer resources on demand. The SaaS model and resources like Amazon AWS and Microsoft’s Azure are contributing to the growth of cloud services for the enterprise – a trend that is not slowing down.

AI and Machine Learning
Artificial Intelligence is being used by companies that scan invoices and capture data. Smart OCR and digital data capture can intuitively recognize data fields and store them accordingly.

Data Analysis
Enterprises are being required to make better informed decisions and improve buying/spending/payment outcomes.

More employees are using mobile devises connected to cloud services and SaaS, providing a productivity boost and making P2P compliance easier to manage.

Internet of Things
More organizations are using technology to create “touchless” business processes, such as PO matching that delivers a matched invoice to the ERP without human intervention.

Enterprises are still committed to huge paper usage and the processes that ensue. Faster and smarter OCR allows companies to automate data capture, avoid data entry, and reduce the manual errors inherent in paper processes.

Be There Now

What’s interesting is that everything mentioned above is built into the Palette solution: whether it’s preparing and digitalizing invoices to make them available for an approval workflow; matching and approving POs, invoices, and goods receipts; creating purchase requisitions and controlling maverick spend, or budget and spend analysis.

Palette is available in the cloud, and pricing is based on invoice volumes (rather than costly user licensing). Our cascading matching engine delivers “touchless” invoice processing by automatically sending the invoice for payment after being matched. Executives and managers can do approvals through email or their smartphone. And AI is being used in the technology for capturing invoice data.

It might have something to do with the fact that we have been building AP automation for over 15 years, and designing for every role in the organization that touches the purchase to pay process.

Find out more about Palette AP Automation here.