Embracing Digital Transformation to Streamline Procure to Pay (P2P) Function
Most of the medium to large businesses have centralized procurement departments with standardized processes for the organization. A significant percentage of the centralized processes are a mix of manual steps and electronic systems. Procure to Pay (P2P) processes are quite elaborate and involve numerous steps to complete just one order, and there are deviations to accommodate exceptions everywhere. Hence P2P is a much-preferred candidate for Intelligent Automation (IA) or Robotic Process Automation (RPA). Many documents involved in the process makes it a great candidate for Intelligent Document Processing (IDP) and applying advanced analytics gives the much-needed insights into the entire lifecycle. Several companies have already started embracing emerging technologies such as Intelligent Automation and Advanced Analytics to streamline Procure to Pay process and gather efficiency gains.