Understanding the Fundamentals of the Procure-to-Pay Process

What strategies can companies implement to guarantee that procurement and payment processes are smooth and cost-effective? The answer to this lies in the procure-to-pay (P2P) process which is an important function that interconnects procurement with accounts payable to form a single chain. As new technologies emerge and trends like ChatGPT come into play, the P2P process is being made easier for organizations to manage their procurement. Integrated business solutions have also contributed greatly to the process of changing this process to ensure that firms have more control over their spending. Fundamentals of the Procure-to-Pay Process The procure-to-pay cycle is divided into several steps all of which are important in the procurement of goods and services, receipt of the g...