Purchase-to-Pay (P2P) automation involves digitizing and streamlining the entire procurement process, from the initial purchase requisition to supplier payment.
The typical stages of the purchase-to-pay process are: requisition, approval workflow, purchase order generation, invoice processing, payment authorization, and execution.
P2P automation aims to streamline these steps by integrating various systems (such as procurement software, enterprise resource planning (ERP) systems, and electronic payment platforms) to eliminate manual tasks, reduce errors, improve compliance, increase visibility into the procurement process, and ultimately optimize efficiency and cost-effectiveness.
Main features
Automated purchase order generation
Automated purchase order generation
Electronic invoice processing, including automated reconciliation with purchase orders
Automated workflow for invoice approval and payment authorization
Reporting and analytics to monitor procurement performance and spend patterns
Typical benefits
Streamline procurement processes – reducing the time it takes to procure goods or services
Improve spend visibility and control
Strengthen supplier relationships
Drive cost savings
