Procure To Pay Solutions Your Business Needs
Over the last decade, procurement has evolved drastically. It has transformed from a service-centric functions handled with paper forms and spreadsheets to a more strategic role relying on technology.
These technology powered procure-to-pay solutions give organizations more insights than ever before which helps them make data-driven purchasing decisions. Gartner predicts that more than half of organizations will have implemented cloud-based procure-to-pay solutions by 2025. Over the course of the last 10 years, the software-as-a-service (SaaS) based procure-to-pay solutions have taken over there on premise counterparts.
Companies have begun to embrace cloud-based purchase-to-pay solutions because they automate and streamline processes rapidly. There are a variety of P2P platforms that cater to organizations of all sizes. But the best P2P solution for any organization is highly specific to the organizational requirements and potential.
In order to help you figure out which procure-to-pay solutions are most suited to your business needs, take a look at this list of the top five procure-to-pay solutions that will help you drive efficiency in your procurement management. We’ve included solutions such as purchase requisition apps to document matching systems and contract approval.
In the beginning, procure-to-pay solutions were nothing more than an extension of outdated ERP tools and accounting systems. In the early 1990s, they were primarily on-premise solutions with only a few features that provided ease-of-use. Today is procure-to-pay solutions are based on the cloud delivery model that is most relevant to procurement today. The cloud-based model ensures that you can connect to the system from any internet-enabled device at any time and have the information sync in real-time across all areas.
Purchase Requisition Solution
Purchase requisition solutions are designed to help companies create and process purchase requisitions, obtain the required approvals, and dispatch those purchase requisitions to the procurement Department. The solutions make it easy for companies to check the status of a purchase requisition throughout the entire procure-to-pay cycle. This is accomplished through features such as fluid forms which allow you to capture, approve, and track purchase requests.
Purchase Order Solution
Purchase order solutions help companies process the purchase requisitions, create purchase orders, obtain the necessary purchase order approval and dispatched the purchase orders to vendors. You can issue POs and generate orders automatically from approved purchase requests.
purchase order Solutions make it easy for an organization to track purchase order status throughout the procure-to-pay cycle. At any given point in time, a company can find out instantly:
- The purchase requisitions and purchase orders that are currently under process
- Order status
- List of orders placed with vendors
- Approximate delivery time
- Agreed upon cost and purchasing terms
Supplier Management
Supplier Management Solutions improve the way companies work with their vendors. These Solutions prevent the exposure of confidential vendor information while also offering greater visibility into vendor data and performance. The information can be analyzed to allow their procurement Department to improve their strategic sourcing and procurement decisions.
Procurement teams can use vendor management software to onboard, maintain, and manage vendors throughout the entire supply chain in an easy to use and comprehensive tool. Ultimately this helps to improve supplier relationships, which is crucial to business growth.
Purchase-to-pay solutions can track every aspect of vendor performance and contractual obligations such as the quality of the product and service delivery timeline, and more. Using automated workflows and rule-based process flow ensures compliance and will raise red flags in the event of policy adherence issues.
“Having a robust and flexible user-friendly procurement software to address everything from requisitioning to inventory management not only simplifies your purchasing process, but also eliminates the need for manual processes to improve productivity, reduce maverick spend, and foster growth .”
Invoicing Management
An invoice management solution securely processes approved and stores invoices. With rule-based processing, routing and matching invoices with related order receipts and purchase orders is automatically handled to make it easy for you to approve invoices on the go with three-way matching.
Today’s procure-to-pay solutions are capable of managing exceptions such as taxes and shipping costs that are not represented in a purchase order. In the event that purchase orders and requisitions were not issued or information doesn’t match the pre-approved PO, the system notifies all important stakeholders in the process.
Contract Management
If your organization is relying on manual contract management, you’re wasting time looking for paperwork and space with filing cabinets rather than monitoring and enforcing the contract. This is an inefficient system that often creates misplaced, stagnant, or inaccurate contracts that will hinder your company’s growth.
E-procurement solutions offer a new level of visibility and efficiency when it comes to the contract management process. Storing contacts in the cloud allows multiple stakeholders to view edit and access contracts as needed to create a collaborative environment that improves employee efficiency, productivity, and accuracy.
Why You Need an All-in-One Procure-to-Pay Solution
Why does your company need a comprehensive procurement solution instead of individual apps for each specific purchasing function?
Having a solid procure-to-pay system to monitor and manage your procurement processes is crucial.
Options like PurchaseControl help your company keep track of inventory, supplies, and your overall operation expenses in one place. Rather than using individual pieces of software and creating data silos or huge pieces of data from various apps that are all incapable of interacting with data from other procurement functions, using an all-in-one solution ensures that all the data can talk to each other as needed to keep the workflow moving seamlessly.
Once a purchase requisition is approved it automatically triggers a purchase order with the right details already entered. With PurchaseControl, there’s no need to worry about redundant tools because it can work seamlessly with other software you may be using, such as QuickBooks and your ERP tool.
When you’re looking for an all-in-one procure-to-pay solution to meet your business’s needs, at a minimum, you should make sure it has the following six features:
- Purchase Requisitions: Allow anyone on your team to create purchase requisitions for their department. Create an automatic approval workflow so the department had or any other necessary approval received notification that approval is required.
- Purchase Orders: Automatically convert approved purchase requisitions into purchase orders with the necessary vendor information and send them to the vendor for fulfillment.
- Vendor Management: Quickly and easily onboard, maintain, and manage your vendors, to see if your critic mission-critical vendors are performing as expected or if you should seek to replace them.
- Invoicing and Three-Way Matching: Automatically match invoices against purchase orders and goods received to ensure that you were paying for items that were ordered and received. Automate the invoice approval process to make things easier on your accounts payable department.
- Analytics: Using the procurement data that you have collected over time, analytics will allow you to generate data-driven and actionable insights from your company data.
- Integrations: Connect your procurement data with other essential finance software systems such as QuickBooks to create an even more efficient process for your team.
Simplify Your Procure-to-Pay Process With PurchaseControl
To find the right procure-to-pay solution, your organization needs to determine and understand your process requirements. Then, you must look for a solution that will match it. Cloud-based procure-to-pay platforms such as purchase control allow your business to automate and streamline your purchasing activities across multiple industry verticals.
PurchaseControl is a digital procure-to-pay solution that allows organizations to take control of their essential procurement functions. With API integration, it can be connected to a variety of other apps and software so that it seamlessly integrates with your workflow.
Depending on your needs, PurchaseControl can be used to track basic data such as capturing your organizational spend and managing contracts. Or, it can do more extensive tasks such as sourcing optimization, spend analysis, vendor management, risk mitigation, and more.
If you’re looking for a procure-to-pay solution that will help you stay on top of company purchases and costs book a PurchaseControl demo today.
PurchaseControl is a full-service e-procurement solution that will help you streamline operations.
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