Introduction

P2P as a driver of digital transformation

Financial decision-makers have a strategical role in business processes that is enabling them to be leaders of digital transformation projects. Among these, the digitalisation of Procure-to-Pay process is one of the priority.

The supplier invoicing process (one that is still often manual, complex, time-consuming and a source of costs and disputes) is generally the first natural step in the P2P digital transformation journey and a key performance lever.

Once a P2P automation is in place, it becomes an outstanding showcase for the digital transformation of the entire organisation and gives CFOs a role as leader in the field.

digitalization procure-to-pay

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HOW TO SUCCESSFULLY AUTOMATE YOUR AP PROCESS? INSIGHTS FROM 1000+ PROJECTS

55%

consider that CFOs will be leaders in digital transformation

PWC Study 2020 – Priority of Finance Manager

60%

of finance departments believe that digitisation is one of their main priorities

PWC Study 2020 – Priority of Finance Manager

KPI

Procure-to-Pay automation: how to maximise benefits?

Digitising the Procure-to-Pay process offer a number of benefits: productivity, auditability, traceability, risk management, resilience, real-time control… Meaning, costs and processing times of the supplier invoice can be considerably reduced as confirmed by numerous studies:

  • Cost of processing an invoice: £19 in manual processing; up to less than £2.60 for automated processing
  • Processing times: More than 15 days in manual: up to less than 3 days if automated

Organisations that get the maximum benefits from P2P digitisation have told us about various good practices:

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PilierP2P

Best Practices

How to successfully implement your P2P digitalisation project?

How can you make your P2P digitisation project a success and guarantee the achievement of your objectives? Making digitisation a success is first and foremost a case of choosing the right solution. Several criteria must be taken into account:

  • Simplicity: Is the solution pre-configured and ready-to-use? Is it easy for the business lines to adopt it?
  • Performance : Does the vendor have a commitment to a minimum automation rate?
  • Security:  Are the fraud detection features (fake invoices, fake suppliers…) systematic, before invoice payment and is the data embedded in the solution?
  • Comprehensiveness: Does the solution offer more than just AP automation?
    What about digitalisation of procurement to optimise checking?
    And supplier relations management to streamline exchanges and increase compliance? Or business management for analysing and optimising processes?

Once the solution has been chosen, making its implementation a success involves good change management practices: defining clear objectives, obtaining support from management teams, involving all participants.

Be careful with the traditional methods (V-cycle), which have demonstrated their limits and do not make the most of the cloud: difficulty in developing, tunnel effect, gap between what is expected and what is achieved…

Today, agile and practical methodologies such as Quickstart from ITESOFT capitalising on over 1000 digital transformation projects offer fast implementation in production to allow business lines to become familiar with the solution in real situations, and then develop it along the way according to their real needs. As a bonus: improved adoption by users, ROI from the beginning of the project and a faster and more controlled rollout.

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