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HomeProcurementFive Crucial Factors for Implementing P2P System

Five Crucial Factors for Implementing P2P System

Organizations across all industries, from retail to construction to education, rely on Procure-to-Pay (P2P) solutions to convert negotiated contracts to realized savings. Implementing a new P2P solution is a big undertaking that requires collaboration with many stakeholders from suppliers to business and technical leads.

Every detail matters when tracking and managing the deployment of a P2P solution, gathering content from suppliers to fulfilling the needs of every internal team. And the most successful P2P implementations require teamwork from both internal and external stakeholders.

purchase pay retail report
Picture above shows the key elements in P2P, and taken from https://www.paystreamadvisors.com/resource/2015-purchase-pay-retail-report/

Why is Purchase-to-Pay Important?

The deep embedding of technology in business in the late 20th century facilitated a rapid evolution in business practices of all kinds and supply chain was no exception. Historically, procurement and purchasing were distinct from finance and accounting. Although the two functions may have shared a set of suppliers in common, the absence of joined-up processes and detailed business intelligence and reporting meant that there was little opportunity to generate synergy.

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Chin Ting Boon, DPSM
Chin Ting Boon, DPSM
Chin Ting Boon has several years of experience in the field of procurement, specifically in design engineering and architecture. He is a member of the Singapore Institute of Purchasing and Materials Management (SIPMM). Ting Boon completed Diploma in Procurement and Supply Management (DPSM) course on December 2018 at SIPMM Institute.
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