Improve Efficiency and Financial Controls with a Procure-to-Pay Process
Procure-to-pay (P2P) optimization is a process that aims to improve efficiency and financial controls in the procurement and payment of goods and services. It involves centralizing procurement activities and controlling the entire life cycle of a transaction, from purchase orders to vendor payment. By doing so, organizations can gain financial visibility across the organization and reduce the risk of fraud, inefficiencies, and financial losses.
Agile’s P2P program is designed to optimize the purchases of goods and services by integrating accounts payable, invoice management, and vendor payment systems. This integration ensures compliance, accuracy, and efficiency in the procurement process. The program also focuses on managing customers’ suppliers by sourcing from preferred suppliers to obtain the lowest rates.
Agile’s P2P program optimizes several steps throughout the process, such as purchase order management, rate validation, and dispatching equipment and/or materials that enable a more streamlined procurement process and ensure that the right goods and services are obtained at the best possible rates.
The benefits of procure-to-pay optimization include reducing labor costs, increasing accuracy, enhancing efficiency, and reducing financial risk. By centralizing procurement and controlling the transaction’s life cycle, organizations can achieve these benefits and improve their overall financial performance.
5 Steps of Procure to Pay: