A streamlined procure-to-pay process is a must-have for agile organizations but remains elusive for many. Whether it’s shifting suppliers to electronic payments or trying to enable your entire supplier ecosystem through a business network, you need to get a snapshot of where you stand before moving forward.
This process has been cumbersome in the past, so we’re endeavoring to simplify matters. Tradeshift has compiled a new P2P Checklist, featuring analysis and research by Ardent Partners, to get you started. The checklist covers five keys areas of P2P excellence:
- Key Strategies – What can you implement immediately for fast results? Get actionable insights to insert into your next quarterly strategic plan.
- Process – Are you operating efficiently? Running lean? Process improvement is often half the battle.
- Organization – Do you have the right talent in place? Are employees set up for successful collaboration?
- Performance – Checking boxes can be helpful, but how do you really stack up? If your company needed to rapidly bring a new product to market, could you source, pay, and monitor new suppliers in real time?
- Technology – The future of P2P technology is highly automated and network oriented. These technologies are helping to elevate P2P’s role to that of a strategic advisor and revenue contributor. Ensure you have the right tools for success.
The checklist is a quick one-page reference guide, but the ideas it will spark should lead you to more thorough content. A few are suggested below under “Related reading.” The first step to improving your P2P is understanding where you stand.
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