LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the benefits of procure to pay (P2P) software.
Most companies find it difficult to manage procure to pay process. The process is time-consuming and starts with requirement planning, then RFQ, vendor selection, purchase order, goods receipt, order and goods assessment, payment invoice, and reporting. Manually going through all such processes may result in errors. With procure to pay software, organizations can better understand their spend and increase contract compliance.
At SpendEdge, we understand that the traditional procure to pay process involves a lot of checks and authorizations. And to help you realize the importance of procure to pay software, we have listed out a few of its benefits.
Benefits of Procure to Pay (P2P) Software
Enhanced spend visibility
Automated procure to pay software increases end to end visibility between POs, goods receipts, invoices, and documents. This helps companies to ensure quality of goods before issuing payment. Automation further enables companies to eliminate paperwork within each step of the procure to pay process, thereby offering better spend visibility.
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Easy access to records
As procure to pay software stores all records in the system digitally, CPOs can easily retrieve data on a particular supplier or transaction. They can easily access online catalogs from suppliers and approve purchase orders in electronic formats. Moreover, the cloud-based system allows multiple levels of access and generates automated reminders to alert users. To know more, reach out to our experts now!
Companies usually keep catalogs from a selected few suppliers. This makes it difficult for CPOs to access information on suppliers’ past offerings or offerings from new suppliers. An automated procure to pay software helps companies to store contracts in the absence of catalogs of suppliers and fetch historical costs from a particular supplier without a catalog.
To know more about the benefits of procure to pay software, read the complete article here!
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