Blog / Purchase-to-pay
Review the P2P process and add value to your organisation
Today’s CIO has undoubtedly one of the most challenging and exciting roles in a modern organisation. They have various competing demands on their time, and they need to be able to focus both on the day-to-day business processes as well as taking a proactive approach to new technologies and IT solutions.
The challenging situation facing CIO’s was described by Mark Sundas, CIO at Oracle:
“This is the most challenging time in history to be a CIO, because in order to survive, organizations need to embrace new technologies at an unparalleled pace. But by the same token, CIOs have never had a better opportunity to add value to their organizations—if they embrace the challenge.”
Add value: review the P2P process
So, what ways are there for a CIO to bring value to the organisation? One thing they can do is to review the Purchase to pay (P2P) process. By introducing a modern P2P tool, you can quickly, and relatively simple, provide significant efficiency gains and be of great benefit to the entire organisation.
But how should a purchase to pay process work, and how should you specify requirements when looking to invest in a new P2P tool? To ensure you make an informed decision, it is important to set up clear goals from the start. You should also look at relevant KPIs such as:
1) Reduced purchasing COSTs
2) Number of matching invoices, and finally
3) The share of e-invoices (compared to paper or PDF files).
In addition to actual cost and efficiency savings, a modern tool for P2P can give your organisation a number of direct benefits. For example, with an automated process from purchase to payment, it becomes easier to follow and control the company’s cash flow and liquidity; the finance team can constantly see all outlying orders, the amounts awaiting approval, and which are ready for payment.
Another benefit is that your organisation save time when it comes to searching for information; users of a modern P2P tool testify that they find it much easier to find information in their P2P system than in the financial system.
Download more information
If you want to get more inspiration and recommendations on how to streamline your P2P process, you can download our white paper: Give your business an instant boost by reviewing the P2P process.