Perceptif For Better Procure To Pay Cycle
The Procure To Pay (P2P) process starts when a company employee decides a specific good or service needs to be obtained. Once the good or service has been provided and paid for, the process is complete. Sure sounds simple when we put it that way.
But in reality, you know it's much more complex than that.
P2P process usually includes obtaining estimates, approving the purchase, selecting a supplier, issuing a purchase order, receiving the goods (or service), and paying its invoice. It involves multiple departments and inefficiencies lead to consequences in purchasing power, working capital, and supplier relations.
Perceptif pioneers an approach to unleash business excellence through Process Intelligence Automation. This powerful tool opens doors to improve your operational performance, ensuring competitive advantage.
with Process Mining
Unlock operational excellence with process mining & automation. Businesses unprepared to take the next step in digital transformation will quickly get left behind in challenging times.
1. Cost Reduction
Process mining, when implemented in P2P processes, can bring significant impact on your organization's cost performance.
To strengthen operational flow and minimize deviations that are draining precious time and money, leaders need clear understanding and visualization of actual processes. With this, you can take data-driven recovery action and monitor results. Identify bottlenecks to run seamlessly.
When processes are optimized to its best potential, watch as overpayment issues and operational costs reduce while competitive pricing leads to healthy cash flow. One case study with a telco giant recorded USD$5million in savings, after applying process mining to their Procure To Pay process.
Let Perceptif help you do this with ease.
2. Digital Transformation
Process mining facilitates the digitalization and evolution of legacy Procure To Pay tools that are still the pillar of mature finance departments. Though many tech-forward organizations may have gotten rid of lengthy processing times and paper-based procedures, there is still room for improvement and modernization into a growingly digitalized future.
Bottlenecks, invoice errors, overpayment issues, and manual data entry are still happening today.
Can this be holding back your business performance?
Now here is where process mining comes in to streamline complex processes and accelerate your organization's digital transformation with better automation in Procure To Pay.
Automate processes like manual orders, tedious reworks, or inefficient approvals more effectively by adapting to new technology like Perceptif's, a step up from the legacy tools that have limited capabilities to revolutionize Procure To Pay operations.
3. Drive Productivity
Perceptif lets you in on vital KPIs and operational insights to drive productivity of financial processes to gain tangible business benefits.
When organizations use process mining to optimize their Procure to Pay process, businesses can improve overall lead time, productivity, and problem management. Data-driven approach is how process mining impacts P2P teams in making timely payments, gain competitive prices, regulate compliances, and audit precisely to bring the best outcomes for the business.
Eliminate inefficiencies that impact relationships with suppliers too. With AI-driven analytics, your business can be on its way to seamless, functional Procure To Pay flows to drive productivity to new heights.
4. Improve Compliance
Many problems can occur within P2P. Especially if you're a worldwide organization with a standardized Procure To Pay flow, regional offices may unconsciously deviate to their own best practices in line with local cultures.
This becomes a compliance issue when there's multiple variations of the approved, standardized process under one global roof.
How does your current system detect non-compliant variations and take corrective action before it grows into bigger, more expensive problems?
You must be able to easily assess and compare compliance level with conformance checks across different sets of data, then identify the single best practice to enforce moving forward. With Perceptif, you identify the root causes of how specific action impacts compliance with data, not guesswork.
Compare different execution steps of Procure To Pay between teams and individuals, then drive changes. Monitor how, where, and when your Procure To Pay processes deviates in real-time and maximize compliance with Perceptif today.
What Is Perceptif?
Perceptif is a powerful tool to unlock operational excellence with process mining & automation. It harnesses the power of big data technology and AI to pinpoint areas of process improvement. This is applied to multiple aspects of your business to save time, effort, and cost with minimal effort.
Request a demo or subscribe to any of Perceptif's Plans for immediate access. Got a question? Get in touch with our expert team of consultants.