Accelerating The Procure-To-Pay Process Through Managed Services
Best In Class Procure To Pay Process
Companies that have implemented the procure-to-pay (P2P) process have gained an enormous advantage in the market, allowing them to make more informed decisions, manage risk, achieve cost savings, and enhance the efficiency of their supply chain. However, the journey from manual processes to cutting-edge technologies and workload automation can be daunting. For businesseseeking to elevate their P2P process, managed services can provide valuable solution.
What Exactly is Managed Services?
Managed services refer to contract with third-party provider to deliver and manage it iservices, such as monitoring software and networks, on behalf of company. It is service model wherein the customer offloads particular workload or deliverable to service provider and allows the provider to own and manage the process. The service provider will handle the maintenance, management, and daily operations of companies IT environment.
A Guided Guide to Leveraging Managed Services for Best-in-Class P2P Process
The following steps serve as guide to leveraging managed services for an effective procure-to-pay process.
1. Identify Prospective Technology
The first step in this process is to identify the technology that is most suitable for the companies needs. Companies should explore the options available and gather multiple bids for comparison. Key considerations for this step include the potential cost savings that could be achieved and proof of available service providers? excellent track record.
2. Conduct Thorough Analysis
Once potential technology solutions have been identified, the companieshould begin detailed analysis of the options. During this step, the companieshould investigate the solution?s features, compatibility with other Softwaresystems, and verify the service provider?s credentials. This intensive scrutiny will allow the company to make the best decision that will support the improvement of the P2P process.
3. Implement the Best Solution
After the analysis is complete, the companieshould select the technology solution that is best suited to their needs. At this stage, the companieshould deploy the technology, arrange for monitoring and support, and engage the service provider for management and delivery.
4. Monitor Performance
Once the technology is implemented, companies should take the time to monitor and measure its performance. This can be done through any tracking methods that measure cost savings, efficiency, and customersatisfaction. Companies should continuously review performance and make necessary adjustments as guided by their service provider.
Conclusion
With the right managed service provider and the best technology, companies can significantly reduce the complexity and cost associated with procure-to-pay process. By following the steps outlined above, companies will be able to get up and running with P2P process that is best-in-class and in line with their business objectives. Ultimately, the goal of best-in-class P2P process is to ensure that employeeacross the organization can work quickly, enjoy savings, and reach higher levels of success.
