Thursday 19 February 2015

Transforming Procure to Pay Process Online Increase Efficiency and Benefits

Authored by Usama Shahid

Procure-to-pay processes involve all stages of a business transactions and are integral to overall enterprise efficiency. Organizations face a number of challenges with these Processes that can affect profitability, compliance and efficiency including profit Recovery, Process automation and process optimization.

One of the most consistent problems organizations face in the procure-to-pay process is undetected financial leakage. Companies often fail to realize the efficiency that can be gained through the automation of key business processes. For example, invoice payments are typically reviewed through a system of manual approvals. This process is not only time consuming, but it can also fail to take advantage of early payment Discounts or avoid late payment penalties. Furthermore, a manual approval process leaves the door open to potential fraud through post-approval modifications. While there is a crop of applications designed to improve this process, few provide the level of security and control that is required by many compliance requirements. In addition, these applications contribute to a various IT environment just as most companies move towards one IT platform to better manage IT costs.