What is Procure-to-Pay?
Procure-to-Pay (P2P) is the process of requesting, purchasing, receiving, and paying for goods and services.
Procure-to-Pay solutions integrate and automate procurement with accounts payable, and P2P is part of a larger inbound supply business process which includes the planning and execution of direct materials supply to support a firm’s integrated business plan.
Procure-to-Pay is a key element of supply chain management as it feeds the manufacturing process with direct materials and services, required to meet production targets and customer demand. To satisfy customer demand while keeping inventory levels low requires the entire network of business partners to coordinate their efforts. Traditionally, this has been a challenge as Procure-to-Pay systems have typically lacked real-time information, been enterprise-centric, and relatively siloed or disconnected from other supply chain processes such as sales, manufacturing, planning, and logistics.
One Network’s Perspective on Procure-to-Pay
One Network Enterprise’s Procure-to-Pay solution on the NEO Platform enables the full procure-to-pay cycle in the context of planning and execution for the inbound supply process across the entire business network. It is connected to your internal processes and your partner’s processes and systems in one unified, collaborative network approach – enabling visibility and intelligent coordination of P2P across RFQ/Sourcing, Contract Management, Shipment Management, Receipts, Invoice Management/ERS, Score-Carding and Spend Management.
With One Network’s P2P solution, purchasing, logistics, and financial operations are integrated into a single environment, with requisition, sourcing, order management, logistics tracking, invoice management, and data feeds to payables systems. In addition, the NEO Platform enables you to work with your internal colleagues and external trading partners to resolve the inevitable issues that arise throughout the procurement, receipt, and payment cycle.
How business network platforms enable a new collaborative relationship between manufacturers, their suppliers, co-manufacturers, logistics providers and customers. Operate in real-time to optimize decision making, increase resilience, and unlock enormous business value for all parties.
How business network platforms improve resilience, lower costs, and optimize operations with demand-driven inbound supply management.