What are the benefits of Procure-to-Pay Software
Want to know what the 7 main benefits are of procure-to-pay software?
A procure-to-pay software solution, which some people call a pay to procure process connects the entire lifecycle of procurement from one phase to the next. It begins with identifying suppliers, goods and services required, and ending with accounting and inventory. A procure-to-pay system facilitates greater efficiency through communication, by linking the phases involved in procurement together. The benefits of a procure-to-pay software solution include the following:
Streamline procurement processes – i2B provides connectivity throughout any organization and any ERP system so requisitions are requested and approved faster, appropriate suppliers are selected based on data, and POs are produced and sent to the suppliers. All electronically, fully audited and easily trackable.
Reduce invoice processing costs by up to 80% – Going paperless reduces time as well as cost, and enables companies to use employees for more strategic initiatives rather than for repetitive tasks better accomplished by automation.
Get 100% visibility – i2B provides visibility throughout the supply chain, giving both buyers and suppliers the ability to view invoice status in real-time.
Realize better management of exceptions – With most invoices processing straight through, exceptions can get the attention they deserve and get resolved faster.
Improve supplier relationships – By utilizing the i2B supplier portal, suppliers can know when they will receive payment and that gives them the information necessary for better decision making. Quicker resolution on invoice exceptions and disputes also engenders goodwill and allows buyers to gain greater visibility.
Leverage negotiating power – When suppliers have confidence in their payment status they may be willing to offer terms that are more advantageous to buyers while still ensuring that suppliers have the revenues they need to grow their business.
Capture data for better decision making – i2B offers robust on-demand reporting capabilities. By using real-time and historical data provided, companies can gain greater control over cash flow and working capital.
If you are interested in learning more about the i2B procure to pay platform, i2B Connect then please get in touch. We’d love to hear from you.