Why Does Your Business Need Automated Procure-To-Pay Solutions?
Through the course of history, the rote operations of business can be chalked down to elbow grease and tedious manual labour. Whether it was manufacturing, engineering, or even book-keeping in general, businesses would often have a designated team of individuals dedicated to fulfilling those tasks. Thankfully, the advent of technology and the introduction of automation in the past century alleviated the constraints of human capital. Businesses could streamline their operations without the need for exponential expansion. A job that once required a team of ten men could be done with an army of one, supplemented by machinery and technology at their disposal.
The benefits of automation can be seen across the board in all industries and all relative departments, with further opportunities for growth in the global economy. Client-facing services that required interaction with customers, vendors and suppliers also saw improvements with automation. Take the procure-to-pay process for example - defined as a workflow in which companies request, acquire, and pay for services and resources needed to conduct business, this process was historically done manually. Current procure to pay software leverage automation and advancements in technology to streamline workflows for better efficiency. These procurement software make tracking vendors, conducting purchasing, and managing cash flows as simple as possible, reducing costs and waste while eliminating unnecessary manual processes.
Incorporated correctly into any business, with the right procure-to-pay partners such as Esker, accounts payable automation, systems and software transforms purchasing into a strategic, cost-saving asset.
Benefits Of Automated Procure-To-Pay Solutions
Depending on a company’s needs, procure to pay software vendors might recommend a variety of different platforms that provide different solutions. Yet regardless of which is incorporated, the vast majority of automated procure-to-pay solutions come with a whole suite of benefits universal across platforms.
The most tangible of these benefits are fiscal, with procure-to-pay automation saving costs across the board. At the lowest level, these systems help businesses save on ink and paper since procure-to-pay platforms automatically churn out electronic invoices, as opposed to manually printed ones. At higher levels, this frees up labour and allows for employees to invest into more efficient workflows, ultimately bringing more value to the company.
Speaking of workflows, considering that automated procure-to-pay solutions are digital, invoicing also becomes drastically simpler as they move through various platforms. Purchase managers can instantaneously verify purchases, goods, and services, while issuing payments and records to their respective accounting departments. Companies can say goodbye to bottlenecks and even take advantage of early payment discounts due to this improved efficiency.
Furthermore, digital records of data are subject to risk reduction compared to manual inputs. Transferring data between systems and spreadsheets leaves information open to errors, which probably translates to time wasted and potentially huge losses. Automated procure-to-pay solutions streamline the record-keeping process, helping employees move data around systems efficiently and securely. Should organisations choose to integrate cloud services, the aforementioned data will also be accessible to collaborators remotely which opens up flexible work arrangements.
Finally, management stands to benefit from improved budgeting that comes from automated procure-to-pay systems. Procurement automation sets boundaries and guardrails that teams must follow with regards to purchases. These limits prevent overspending and reduce tail spend, while providing team leaders with visibility and big-picture analysis of budgeting.
Implement The Best Procure-To-Pay Solutions With Esker
Enjoy increased efficiency and better vendor relationships today, with Esker’s Procure-To-Pay Solutions. Offering 360-degree views of supplier information, Esker’s automated platform spans the entire aspect of the procure-to pay process. Reach out to us today for a demo and find out how you can harness the power of Artificial Intelligence and Robotic Process Automation to transform your procure-to-pay workflow today.
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