How does your P2P stack up?

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:

  1. Key Strategies – What can you implement immediately for fast results? Get actionable insights to insert into your next quarterly strategic plan.
  2. Process – Are you operating efficiently? Running lean? Process improvement is often half the battle.
  3. Organization – Do you have the right talent in place? Are employees set up for successful collaboration?
  4. 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?
  5. 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.

 

About the Author

Tradeshift connects buyers, suppliers, and all their processes in one global network. We help you transform the way you work with suppliers today – and adapt to whatever the future brings.

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