The State of Procure-to-Pay 2016 by IOFM
When managed effectively, an organization’s procure-to-pay function becomes a strategic partner by better serving the needs of internal stakeholders, suppliers, and customers. In this whitepaper, “The State of Procure-to-Pay 2016,” the Institute of Finance & Management (IOFM) describes the five trends that indicate P2P’s growing strategic role:
- More businesses are moving their P2P function to the cloud.
- More organizations are using mobile devices to capture and approve invoices.
- Procurement departments increasingly are purchasing goods electronically.
- Deployment of electronic invoicing will reach the tipping point.
- Enhanced reporting and analytics will remain on the C-suite’s agenda.
In order to achieve the benefits of moving away from a historically manual, paper-intensive process, organizations must also overcome certain challenges. IOFM explains that 1) high operational costs, 2) limited visibility into P2P information, 3) poor spend management, and 4) insufficient funding and IT are the challenges that must be overcome in order to realize the potential benefits of P2P.
The paper describes how you can leverage these trends to overcome the challenges. The results are that the organization can lower operations costs, accelerate cycle times, strengthen supplier relationships, reduce risk, improve working capital management, and become more competitive.