With vast amounts of data flowing through the procurement and finance departments every day, procure-to-pay (P2P) professionals are in a unique position to deliver critical information to the enterprise, if only they can unlock, aggregate, organise and analyse the data.
Some 38.9 percent of organisations recently surveyed by the Institute of Finance and Management reported that P2P automation is a budgetary priority for their organisation. Moreover, 15 percent of those surveyed said they believe that P2P automation will be the most important technology to the future of accounts payable (AP). Implementing a many-to-many P2P network with embedded analytics capabilities enables organisations to capture all financial transactions, and harness this information enhanced working capital management, spending, and operational efficiency. But none of this is possible with traditional approaches to P2P processing.