Automation offers a variety of benefits:

Increased efficiency: automating the P2P process streamlines operations and reduces manual tasks. This minimizes errors, shortens cycle times, and improves the overall efficiency of the procurement and invoicing process.

Cost savings: Automation generates savings by reducing the need for manual work hours, for example. Better compliance with contracts and payment terms can also lead to discounts and rebates.

Forcasting: Based on order and contract data, a forecast can be made for expenses.

Improved control and compliance: P2P automation provides better control over the procurement process. Rules and policies can be implemented to ensure that only approved purchases are made and that all procurement steps are traceable. This facilitates adherence to compliance regulations and internal policies.

Transparency and real-time analysis: Automation means that all P2P activities are recorded in a central system. This creates comprehensive transparency across the entire process. Recommendations for action can be made directly through the system and real-time analytics tools enable data to be used to measure performance metrics, identify bottlenecks and make informed decisions.

Reduced risk of fraud and errors: Automated P2P systems can implement preventive measures to reduce the risk of fraud, errors and double payments. This includes, for example, verifying supplier information, validating invoices, and monitoring payment terms.

Improved supplier relationships: By automating the procurement process, companies can improve collaboration with suppliers. Simplifying communication, processing purchase orders and payments on time, and ensuring compliance with contracts can strengthen long-term partnerships.

The Purchase-to-Pay process covers all of your company's operations "from purchase to payment." Streamline your procurement process and accelerate invoice processing. (Screenshot: P2P Basware solution)