Procure-to-Pay solutions standardize purchasing processes and ensure visibility into spending as well as traceability back to the requisition.
Digital Procure-to-Pay solutions provide a centralized location for your team to request items and services as well as providing standardized processes for your purchasing teams.
Digital solutions for purchasing are
Organizations with modern purchasing solutions can gain valuable insight into spending and cut costs by focusing on process bottlenecks or areas where overspending occurs often.
Automating the purchase order system gives the company granular visibility, which helps the business understand cost trends and better plan its budgets.
The granular visibility offers better data, which organizations use when negotiating with suppliers.
Organizations with manual purchase order systems may face human or process errors, which could cause a breakdown or delay in the purchase order process. Using a modern solution that automates the purchasing process can help companies prevent the following:
An authorized individual should sign off on a purchase order. If the person forgets to do so or does not receive the physical paperwork, the accounting department may decline the purchase order.
If an employee fills out the business code or the full name of the supplier incorrectly, this may result in breakdowns. While it may seem like an innocent mistake, it costs the company time to fix the issue.
This is a common problem when filling out forms by hand. This issue won’t surface if the company has automated the purchasing process.
Many organizations have a list of preferred suppliers. If an employee attempts to purchase goods from outside the list, the company’s finance team will object to this decision. Although there may be valid reasons for deviating from the list, it usually requires an explanation and obtaining an escalated approval.
Some organizations experience seasonal surges in the number of purchase orders coming through the purchase order system. This may compound the other problems and result in further delays.
Enterprises that want to transition to an automated purchasing process can get Stave Apps’ ProcurementPath.
Our software allows you to automate the various stages of the process, which include: