LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the completion of their most recent whitepaper on the seven trends reshaping purchase-to-pay. A well-executed purchase-to-pay process helps businesses in speeding up the process of purchasing right from the point of order to payment. It also helps in improving the operational performance and assists firms in making better financial decisions while reducing overall costs.
In today’s competitive market scenario, purchase-to-pay systems offer a practical solution that incorporates touchless automation to reduce errors and improve the company’s bottom line. P2P processes also enhance control and visibility while refining the automation efficiency.
According to the procurement experts at SpendEdge, “Rapid advancements in blockchain technology and artificial intelligence will radically alter the way businesses purchase and pay for goods and services.”
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Trends Reshaping Purchase-to-pay
- Use of blockchain for payments processing – Blockchain technology eliminates the need to transfer data between trading partners and reduces processing costs while facilitating real-time financial reporting.
- The consumerization of purchase-to-pay – Offering a digitally engaging experience for the end-users helps in ensuring that all stakeholders have an optimal user experience.
- Artificial intelligence and robotic process automation – The use of such technologies help in automating the accounts payable tasks and also ensures consistency in operational procedures.
- Holistic purchase-to-pay automation – It includes integration of an ERP platform to automate the sourcing of goods and services.
- To read more, download this whitepaper
Download the complete purchase-to-pay whitepaper here:
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