An efficient procurement operation is vital for any business. You can significantly reduce costs and boost profitability by not only measuring the performance of your procurement operations but also deriving actionable information. A quality P2P platform will enable delivery of strategic procurement goals and adherence to business process.
Benefits of P2P implementation software
- Spend 25% less on procurement operations than typical companies
- Understand supply chains in more detail to identify and mitigate risks
- Better utilise preferred vendor agreements
- Typically, a 30% reduction in transactional costs
- Improve on-time payments and benefit from early discounts
- Achieve ten-fold increases in contract compliance
- Increase managed spend to over 80%
Best practices to ensure a successful P2P implementation project
- Get the teams together – Normally, business and technical teams collaborate to form a p2p deployment coalition. Each group has specific needs and uses for the P2P solution. For instance, the business group utilises the front end of the solution and the technical group needs to guarantee that the information coming from the procurement solution meets transactional support requirements. Try and get each group in agreement and talking a similar language. Casual and regular meetings can be a great starting point.
- Try to set realistic timelines – Usually companies can’t wait to have the P2P solution implemented and ready to use. It’s tempting to rush the process and set a go-live date on a condensed timeline, but sometimes rushing the process could lead to more problems. Deploying a solution takes time, attention to details and patience.
- Educate your team on the technology behind automated P2P solution – You may face a roadblock when your team doesn’t understand how automated P2P works. Even if you’ve shown them the benefits of the new system, your team may not fully understand how the system works and how they fit into it.
- Keep a good communication with the stakeholders – Clear and consistent communication with all stakeholders during deployment can be a daunting task, but it is crucial to building excitement and ensuring user adoption. Communication with team members ensures that decisions are made in a timely manner and deadlines aren’t jeopardised. Communication is essential to the success of a smooth deployment.
An organisation’s eProcurement strategy should be viewed as an integrated part of the overall procurement strategy to ensure the business objectives are met. It is important to understand the impact of your eProcurement plan on the structure of your entire organisation; therefore, clear communication is required at all stages of the project.
Efficient procurement solutions can help in supporting the complete supplier network, which makes it easy to use and manage for you and the suppliers. Procurement solutions can save you from considerable expenses down the road. All it takes is a little management and avoiding the common mistakes.
Interested in finding out more about how to successfully implement a purchase to pay solution? Get in touch with one of our consultants!
3 Stages on a successful Source to Pay implementation Journey