Focus On Procuring In The P2P Cycle
The Complexity Of The P2P Cycle
Due to the complexity of the P2P cycle, there is potential for errors and oversight to occur at every stage. When you have so many processes be it individual or departmental needing to converge and work in sync with each other, and with outside entities such as vendors, the potential is often realised.
These errors can be PO’s not reaching vendors, PO’s not being acknowledged by vendors, to incorrect orders, such as the wrong item being delivered or the wrong amount. These issues add-up to delayed payments and delayed production, by placing a heavy burden on administrative tasks, and the need to often liaise directly with vendors.
The i2B Way
i2B integrates with all major ERP systems meaning a more efficient procure to pay cycle. We’ll do the heavy lifting, and will provide you with all the information and assistance you need at your end as well. Once the integration is complete, we’ll train your procurement staff, administrative staff, and your vendors on how to use i2B.
When there is such heavy reliance on manual execution of processes, there will inevitably be bottlenecks and inefficiencies. Requistions and RFQ’s, purchase order management, chasing vendors for up-to-date information, and 3-way matching all play a part in reducing the speed of a P2P cycle. With i2B you can take back the time taken by harnessing automation based on your business rules.
A more efficient and speedier P2P cycle is just one of many benefits i2B will provide. You’ll be replacing your paper based documents with the latest cloud based technology. Giving you far superior analytics and reports available that really shine a light on what is really happening in the cycle. You’ll improve vendor relationships as they’ll know what is needed from them at any point in time. You’ll also manage your spend with full audit trails of who spent what, and where.
What i2B Brings
Macro to micro visibility into your orders, be it at the top level, down to a specific item, you have instant access and are constantly in the loop as to the status of your orders.
With automatic notifications, reminders, full audit trails, as well as vendor performance reports, you’ll know when there is room for improvement, and how to address it.
With drastic reduction to complete elimination of manual process and repetitive tasks, we enable your procurement team to procure instead of fight fires.