Top 4 Procure-to-Pay Solutions Your Business Needs
December 4th, 2018 • Procurement Process
Procurement has evolved considerably over the past decade. It is no longer a service-centric function carried out with spreadsheets and paper forms. Procurement has started to take an extremely strategic role, and technology is at the heart of this evolution.
These technology powered procure-to-pay solutions offer organizations more insights than ever helping them take data-driven purchasing decisions. Gartner predicts that over 50% of organizations will have deployed cloud-based procure-to-pay solutions by 2025. Over the past-decade, SaaS based P2P solutions have taken over their on-premise counterparts.
Organizations have started to embrace cloud-based purchase-to-pay solutions as they automate and streamline the source-to-settle process rapidly. There are a number of P2P platforms that cater to organizations of all sizes. But the best procure-to-pay solution for any organization is very specific to the organizational requirements and potential.
So, in order to help you figure out which procure-to-pay solutions are most suited to your business needs, we have put together this list of the top 3 procure-to-pay solutions that will drive efficiency in a procurement process. Included in our list are software solutions ranging from purchase requisitions apps to contract approval and document matching system.
Top 4 Procure-to-Pay Solutions
Initially, procure-to-pay solutions were just an extension of archaic ERP tools and accounting systems. In early 1990s, they were primarily on-premise solutions with only a handful of features that provided the “ease of use”. The top 4 procure-to-pay solutions listed here belong to the futuristic cloud-delivery model.
Purchase requisition solutions help organizations raise and process purchase requisitions, obtain necessary approvals, and dispatch PRs to the procurement department.
Purchase requisition solutions make it easy for organizations to track the status of a purchase requisition throughout the procure-to-pay cycle.
Purchase order solutions help organizations process purchase requisitions, create purchase orders, obtain PO approvals, and dispatch POs to the vendors.
Purchase order solutions make it easy for organizations to track the status of a purchase order throughout the procure-to-pay cycle.
At any given point of time, businesses can instantly find out:
- Purchase requisitions and POs under process
- List of orders placed with vendors
- The agreed upon cost and purchasing terms
- Order status
- The approximate time of delivery
Online procure-to-pay solutions will let stakeholders manage their procurement process even when they are on the go.
3. Vendor Management
Vendor management solutions transform the way organizations work with suppliers. They prevent the exposure of confidential supplier information and offer a great depth of visibility into vendor data and performance. This consistent and accurate vendor data can be analyzed to take strategic sourcing and procurement decisions.
Additionally, purchase-to-pay solutions track every aspect of vendor performance and contractual obligations like delivery timeline, quality of the product/service, and more. Automated workflows and rule-based process flow will ensure compliance and raise red flags if there are any issues with policy adherence.
Invoice management solutions process, approve, and store invoices securely. Rule-based processing takes care of routing and matching invoices with related order receipts and purchase orders.
Modern procure-to-pay solutions are capable of managing exceptions like shipping costs and taxes that aren’t represented in a PO. In case, purchase orders and requisitions were not issued or some information doesn’t match in the preapproved PO, the system sends a notification to all important stakeholders in the process.
Why Do You Need an All-in-One Procure-to-Pay Solution?
Having a strong procure-to-pay system to monitor and manage procurement process is vital. It helps organizations keep track of their inventory, supplies, and overall operational expense effectively. This image lists six major reasons why organizations need all-in-one purchase-to-pay solutions.
Automate Your Procure-to-Pay Processes in 15 Minutes
Try KiSSFLOW, Trusted by 10,000+ Companies
Key Features Your Purchase-to-Pay Solution Must Have
Procure-to-pay solutions are no longer the archaic systems they used to be. They are embracing automation at a rapid pace to replicate and replace the functionalities in ERP systems. Here’s a list of features you need to look for in your automated procure to pay solutions:
1. Role-based dashboards
Customize the content of a dashboard based on a user’s role or profile
2. Mobile compatibility
Allow stakeholders to manage their purchase-to-pay processes on the go
3. Three-way matching
Match invoices with related POs and purchase requisitions automatically
4. Real-time analytics
Extract valuable insights from the available data using visual reports
5. Dynamic workflows
Route documents to specific steps or users based on pre-defined rules
Simplify Your Procure-to-Pay Process With KiSSFLOW
To find the right procure-to-pay solution, organizations need to determine understand their process requirements and then find a solution that will match it. Cloud-based procure-to-pay platforms let businesses to automate and capture all spend types across multiple industry verticals.
KiSSFLOW is a procure-to-pay automation solution that lets organizations craft their own procurement apps that documents and automates every step of the process. KiSSFLOW’s visual building wizard allows users to map out the complex procurement process and share it across teams. It can be connected with a number of other apps and software through API integration.
Depending on your need, KiSSFLOW can be used to basic stuff like capturing organizational spend, managing contracts, etc. or do something extensive like spend analysis, sourcing optimization, risk mitigation, and more.
Are you on the lookout for a procure-to-pay solution that will help you stay on top of purchases and cost? Give KiSSFLOW a spin and see if it is the right fit for your needs.