Procure to Pay also referred to as P2P is process used in a company when there is any shortage or requirement of materials. It typically starts with the requirement planning, request for quotation, creation of purchase order, preparing receipt for goods, invoice for payment, payment and finally make a report out of the process.
iOPEX helps organizations to optimize their P2P process cycle by eliminating irregularities and delays in the process. Some of the key benefits of optimization of the P2P process is that it improves efficiency in procurement management, enables cost savings and resolves overwhelming business issues. Clients who integrate our workflow offering with e-invoicing see a reduce in accounts payable costs by 50% or more.
Procure to Pay – Process Cycle
Optimizing your P2P Cycle:
- Look out for Cost Reductions
- Save Employee time for process enhancement
- Visibility to improve efficiency
- Decreasing the risk of human error
Automate your P2P cycle with iOPEX:
The automation can be integrated with the following five stages, 1) Requisition 2) Invoice Capture 3) Invoice Matching 4) Invoice Approval and 5) ERP Integration
- Automation of the requisition process improves the visibility of the transaction and allows organizations to be in full control of the spending cycle from start to end. Predefined catalogues with approved vendors can be created by Finance heads and can allow requisitioners can choose products and services directly from this collection.
- Invoices of all types that include papper, PDF, fax, XML and email can be captured via automation. This allows touchless processing and problems such as invoice duplication, missing POs, can be avoided at the source of the cycle. The AP team members can focus on exceptions as matching and approval are taken care by the automation process.
- Manual paper-based processing can be eliminated by matching Pos, goods received and invoices. Automation technologies such as Optical character recognition and Intelligent character recognition can help straight-through processing up to 80% of all invoices.
- Based on the spend policies of the organization approval automation can be integrated to allow invoices to be routed electronically which reduces approval times. Advanced automation capabilities can even manage approval routing across multi-entity organizations.
- The ERP system of an Organization can be integrated with the automation system to improve the complete visibility of the entire P2P cycle.