Today, the procurement function has evolved from an administrative and record-keeping business function into a transformative one. Organizations like yours are looking to optimize their procure-to-pay process to ensure proactive vendor management, gain visibility into the complete transaction lifecycle, and reduce inefficiency and fraud.

A procure-to-pay software(P2P) can be your finest bet in achieving these goals. With an ideal Software, your organization can eliminate paper-driven procurement processes and streamline the entire procurement cycle. The software can help reduce process cycle times significantly, ensure seamless information flow across an organization, and empower users with contextual information at the right time.

Selecting the Right Procure-to-pay (P2P) Software

A procure-to-pay platform is a must-have, but selecting the right one can make all the difference. Below are seven considerations to help you choose a perfect procure-to-pay solution for your organization:

1. Eliminates Manual Purchase Requests

A procure-to-pay platform must eliminate manual processing of purchase requests to ensure that users don’t have to circulate physical forms from one desk to the other for approval. It must allow for direct submission of goods and services purchase orders.

2. Enables Single-Click Order Creation

An ideal software should allow the procurement department to access open and approved requisitions. With a single click, users should initiate requests for new requisitions, submit supporting documents, and share those cases for approval.

3. Ensures Hassle-free Vendor Onboarding

Using the software, organizations should be able to onboard vendors in a hassle-free manner and save significant process cycle times. The vendors should be able to initiate requests by filling out the onboarding form, which can be verified and approved based on pre-defined rules.

4. Streamlines Contract Lifecycle

The chosen software must standardize, streamline, and automate the complete contract lifecycle, from initiation, creation, negotiation, execution expiration to archival.

5. Facilitates Seamless Vendor Management

The software should expedite, standardize, and streamline the vendor data and documentation. The procure-to-pay solution should be tightly coupled with workflow systems, giving insights into the status of invoices to vendors in real-time.

6. Optimizes Invoice Lifecycle

The software must enable your organization to optimize the lifecycle of invoices by giving complete visibility into invoice processing.

7. Allows Easy Information Access

The software must enable users to access information anytime-anywhere while analyzing trends, opportunities, and organizational performance.

Newgen’s procure-to-pay solution is adept at handling end-to-end processes through its dynamic and workflow-driven environment. The solution binds the purchasing and accounts payable department, enabling stakeholders to collaborate seamlessly.

Watch this video to learn how Travel India Corporation Ltd. streamlined their accounts payable processes with Newgen.

The post 7 Tips on Selecting the Right Procure-to-pay (P2P) Software appeared first on Newgen.