TECHNOLOGY payments . Suppliers like to know when they ’ re getting paid because the amount of cash on hand often affects their decisions on what to make and when .
Risk takes a variety of forms including performance , financial , environment and social . P2P systems that incorporate risk data can help procurement professionals make better decisions on which products to buy from whom and limit the amount of risk exposure . If given a choice and all other things being equal , a procurement professional will always select a supplier with a better on-time delivery rate . Or a supplier that is in better financial standing . Or one that doesn ’ t appear on a terrorist watch list . Who wouldn ’ t ? Sustainability applies to both the procurement group itself and the company overall . In other words , P2P solutions help a procurement organisation become more efficient and strategic thus contributing to their own sustainability . And the solutions help procurement professionals select more sustainable products and suppliers which helps the overall company ’ s contribution to sustainability .
What will 2022 hold for P2P solutions ? WM : We fully expect the use of AI to continue as a trend and quickly become standard functionality in P2P suites . We ’ re also focusing on the trend of hyper automation , which is a discipline and methodology that a company applies to automate as many areas of the business as possible . procurementmag . com 89