Like it or not, we’re all now operating in a digital economy. The fast-paced nature of business means that, for many of us, the manual processes and procedures of yesterday are now struggling to keep up. This digital gap is particularly evident when it comes to a business’s procurement systems, a gap that our P2P One procure to pay solution helps to bridge.
Put simply, procure to pay, or purchase to pay as it’s also known, is how businesses request, receive and pay for goods and services, encompassing the many steps involved from initial decision making right through to the final payment transaction. There are invariably lots of manual processes involved, even just to create a single order. This includes the creation of purchase orders, order confirmations, invoicing, numerous approvals at key purchase and payment points - and this isn’t a complete list by any means. Many businesses handle this often cumbersome and time-consuming process with a mixture of electronic and manual systems, a method that’s simply not cutting the mustard.
Currently, procurement departments spend an awful lot of time creating documents, sending files to the right places, securing approvals etc., which is clearly not the most efficient use of their time. Add to this the fact that many businesses are reliant on legacy software and disparate systems to handle the entire procure to pay process and you can see why data duplication, data entry errors and lack of overall spending control are negatively impacting profitability. This inability to have full visibility and control over company-wide spending means that procurement teams have to spend a great deal of time monitoring spending and procurement practices across the business, something that’s easier said than done, to prevent maverick spending and to try and ensure intelligent spending decisions are being made at all times.
P2P One pulls together the multiple procurement processes under the umbrella of a single, easy-to-use solution. By managing the entire end-to-end procure to pay cycle, the cloud-based application enables businesses to move away from inefficient legacy software and systems through a streamlined web approach to purchase management.
This ability to unify all aspects of the process makes for greater efficiency, particularly when it comes to administrative tasks such as document creation and approvals. Increased automation means that documents such as purchase orders, purchase requisitions and invoices can be created automatically. Without the need for manual intervention, the system sends the right document to the right person for approval based on pre-defined workflows. The lack of admin processing and paperwork required makes it faster and easier to track a purchase from initial request through to payment – streamlining the entire purchasing cycle in real time.
With the bringing together of multiple processes comes increased visibility across not only procure to pay activities, but the entire organisation. This real-time visibility into procurement practices leads to greater depths of business insight, which in turn can be used to underpin smarter spending and more robust, effective decision-making. This on-demand access to information from across the entire purchase cycle leads to more strategic purchasing as well as the ability to control and track company-wide spending. This approach helps to reduce maverick spending considerably while extending your purchasing capabilities – just two ways that P2P One can lead to major cost and efficiency savings for your business.
P2P One integrates fully with SAP Business One, ensuring business data from your CRM system is transferred in its entirety, while eliminating the need for data and transaction replication - often the source of errors within any business. Your business’s underlying master data feeds into the system – extending purchasing functionality throughout the business without the need for additional licences. The system is flexible too, with customisable dashboards delivering the information you need when you need it, and with multi-entity and multi-currency capabilities as standard making it a good fit for your business regardless of size, scope and location. And, perhaps most importantly, it’s web-based and simple to use, engaging users with the process and making it easier to secure user buy-in from the outset.
By combining the many and varied processes involved in procure to pay, P2P One supports a more consistent approach to accounting, streamlining slow and admin-heavy procedures, and increasing control of spending across the entire organisation. The cost and efficiency savings to be made with a unified procure to pay system, such as P2P One, are surely too great to ignore, with an increase in profitability and a shift to strategic spending providing optimum levels of ROI from day one. Our digital marketplace requires a digital approach to procurement, unencumbered by slow, inflexible systems. P2P One does just this, digitising the procurement cycle and paving the way for future business growth.
Find out more about the benefits of P2P One at Sapphire Systems.
One of our team will be in touch shortly.