P2P STRATEGIES
NAVIGATE P2P COMPLEXITIES WITH TECHNOLOGY , POLICIES & BUY-IN
Navigate the Complex , Manually-Intensive Process of Procurement With Stakeholder buy-in and a Comprehensive Approach to P2P Strategies
WRITTEN BY : GEORGIA WILSON
Procure-to-Pay ( P2P ) – a strategic business process that involves the entire procurement lifecycle from initial requisition of goods and services to final payments .
Key stages of the P2P process includes :
• Requisitioning
• Vendor identification and selection
• Purchase order ( PO ) creation
• Goods or service delivery
• Invoice receipt and verification
• Three-way match
• Approval workflow
• Payment processing
• Payment reconciliation
• Supplier relationship management
Efficient management of the P2P process is crucial for organisations to optimise costs , enhance transparency , and maintain positive relationships with suppliers .
In this Special Report , Procurement Magazine takes a look at the challenges in the procurement industry , what a successful strategy looks like , and the role that automated procurement systems and other innovative technologies play in streamlining and improving the accuracy of the P2P process .
Detailed breakdown of the industry key areas Putting context to the complexities and challenges the procurement industry faces ( data from SAP and KPMG recent reports :
• 77 % of executives can ’ t access real time spend
• 50 % can ’ t find alternative sources of supply quickly enough
• 42 % experience reconciliation issues with invoices
• 37 % have semi-automated or manual systems procurementmag . com 55