Could procure-to-pay ( P2P ) be getting a new name ? According to cloud-based P2P software company Basware , a shift is happening in the P2P space .

A common term in the world of procurement for many years , it appears that the P2P function is ripe for another transformation .

“ Although change can be a little intimidating , it ’ s almost always necessary . Especially when it comes to redefining ( or rather renaming ) procure to pay ,” says Basware .

The time is now to redefine P2P The leading software company calls upon a change to redefine P2P , instead calling it PN2P – Procure , network , to pay .

The value of an open commerce network is vital for organisations to be successful in their business functions . By establishing an effective and comprehensive network for suppliers , the procurement function can benefit from :

• Optimised time and money

• Increased supplier collaboration

• Greater purchasing speed

• Supplier management of information electronically

• Greater accounts payable speed

“ So , the answer is clear . The network you use makes a huge difference in your operations and shouldn ’ t be overlooked when it comes to your procure-to-pay processes ,” concluded Basware .

� GENERAL MOTORS ( GM ) General Motors ( GM ) signs two new long-term agreements with Livent and LG Chem for the supply of battery-grade lithium hydroxide and cathode active material ( CAM ).

� EUROPEAN UNION ( EU ) Establishing the European Defence Industry Reinforcement through common Procurement Act ( EDIRPA ), the European Union ( EU ) strengthens the region ’ s defence with a € 500mn budget between 2022-2024 .

� TESCO & KRAFT HENIZ Leading British grocery retailer Tesco has reached an agreement with US food giant Kraft Heinz following a 30 % rise in supply charge for its products . Tesco initially refused to continue to stock Kraft Heinz products rather than pass on price rises to consumers .

� H & M Retailer faces investigation from Quartz , which states that more than 50 % of H & M products with high sustainability scores are no more sustainable in their sourcing than comparable competitor garments .

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