The first step in the P2P process involves realizing and defining a need within the organization for goods or services. Identifying the need for goods or services
Raising a purchase order (PO) for those goods or services.ġ. Requesting a purchase (aka purchase requisition). Identifying the need for goods or services. The P2P process may differ depending on your company size and established workflows, but it always includes the following steps: 
A standardized procure-to-payment process allows you to save money, increase efficiency and improve supplier relationships. It includes multiple stages, from identifying needs to processing payments for products that meet those needs.Ĭompanies often use specialized software or enterprise resource planning (ERP) systems to streamline the P2P process and automate many of the steps involved in it.
P2P stands for procure-to-pay and refers to the process of sourcing and purchasing goods or services from suppliers at the best possible price for value.
Communicate the entire process to your employees. 
Choose P2P software that meets your needs. How do you make it happen? That's exactly what we’re covering in this article.Ĭontinue reading to find everything you need to: But for most, procurement is just a smart word.īy optimizing your procure-to-pay cycle, you can minimize your company’s vendor spending - which may reach 75 percent of your company’s spending if you don’t take action - and even avoid job cuts. If only everyone in your organization realized the impact of effective procurement on your budget.
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