If the last few months have taught us anything, it’s that digitization is essential – and procurement is no exception. Executives can no longer rely on siloed, manual and paper-based procurement processes. These traditional processes cause inaccuracies and inefficiencies, reduce spend visibility and detract from corporate controls. And in today’s remote work environment, paper-based processes can literally bring financial and AP operations to a halt.
In today’s market, organizations need to move away from traditional approaches and choose digital, modern and cloud-based solutions that elevate their procurement strategy and allow them to compete, grow and profit – from anywhere, and at any time.
But what questions should you ask when evaluating procure-to-pay technologies? We’ve compiled the top 10:
- Does the system reduce manual and paper-based processes by streamlining and digitizing workflows and supplier communications?
- Will the platform increase the percentage of our PO’s that go out digitally and enable us to eliminate manual reconciliation processes and reduce errors?
- Can we create customized and digital catalogs for our business that allow employees to easily find and request the goods and services we need?
- Will we receive real-time, remote notifications, across devices, with anytime, anywhere platform access?
- Does it provide a controlled environment for staff purchases, only offering options with approved vendors and suppliers?
- Is it easy to use and implement? 100% employee adoption and spend under management is possible – with the right user experience.
- Does the invoice functionality support spend controls and eliminate payment errors by offering 3-Way Match of PO to Invoice and Goods Receipt?
- Does the system provide spend visibility reports across purchase orders and invoices to ensure visibility into all spend?
- Can we automate and schedule payments digitally – eliminating the need for manual, check-based payments?
- Will the platform eliminate manual invoice management and free staff resources to focus on more strategic financial initiatives that drive value?
By investing in modern and proven procurement software, organizations can improve spend management and control, while lowering costs and saving valuable time. For executives and departmental leaders, automation enables you to focus on running your business and creating procurement and financial value.
Deciding to automate and digitize procurement is an important step in the financial maturity of an organization. Make sure you ask the right questions and find the right partner.
Once you’ve chosen your P2P solution, learn how to measure its impact and value: Procurement ROI and KPIs.