Procure-to-pay, also known as p2p, is the backbone of many businesses. In many cases, p2p is the actual heartbeat of a business that keeps it thriving and alive. Because it is such an important part of the structure of a company, if it is not done right, it can cause problems. Hiring a p2p consulting company could have a huge impact on the overall efficiency of a company. Although you may really know what you are doing, and how to best procure for your company, a consultant may help you see things that you were not aware of that could save a substantial amount of money. Here is how:
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Optimize Planning
The very first step in the whole procurement process is to plan the whole operation from start to finish. Get everything out on the table and have a good look at it. From this angle of viewpoint, you and your consultant can see where potential problems lie and are able to stop them before they even happen. Each step along the way will have details and procedures that can be evaluated and changed if necessary in order to save money and resources down the line.
Get the Most From Your Sources
One of the most important factors in the p2p process is to have reliable, cost-effective sources for goods, services, and whatever else that the company needs in order to flourish. Of course, when it comes to finding sources it becomes a source-to-pay process as opposed to a procure-to-pay one, but the bottom line of the whole operation is whether or not you are making a great profit. In some cases, re-evaluating your sources and finding better ones can change the whole game. A consultant will be able to use technology to layout prospective sources side by side and choose the ones that will be the greatest benefit to the establishment.
Simplify Contracts
A p2p consultant will be able to have a professional look at the way that you acquire contracts for each of your vendors. Not to say that a consultant can manage and enforce your contracts, but that one could look the process over and show you ways to make the existing methods more efficient, and more simple. Introducing a robust s2p software platform could be a great way to transform your current method into an automated, money-saving machine.
Optimize Payment Methods
The final step in the p2p process is to make sure that all of the vendors are paid and that all of the invoices have been satisfied. A skilled consultant can have an educated look at the way your payment process runs and will be able to provide valuable insight and advice on how to simplify, and even automate the whole process so that less time and resources are spent in the process.
Keep Money and Reap Benefits
Probably the best reason to consider a p2p consulting company is to reap the benefits that come from having a streamlined process that puts money back into the bank and relieves valuable resources. As the technological world advances and more companies are turning to digitized workplaces, having a p2p process that is effective and efficient will become more of a necessity than anything. Bringing in a professional to help achieve the greatest possible solution can not only save money but bring new value into the business.
Nothing To Lose
The greatest part of hiring a consultant is that if you do, you have nothing to lose and everything to gain. If your p2p or s2p process was perfect and did not have room for improvement you would probably not be seeking outside help anyway. Since you are, do yourself a favor and hire a professional s2p consultant before you waste any more money.
