In today’s fast-paced business landscape agility and cost-efficiency are paramount. As a result, organisations across industries are constantly seeking innovative ways to streamline their operations. One such avenue of optimisation that has gained significant traction is the implementation of Procure-to-Pay (P2P) software. This powerful suite of tools promises a multitude of advantages, from enhanced financial control to reduced manual workload.
Poll results
In our most recent LinkedIn poll, we asked our social media followers: what is the main benefit of using procure to pay software?
What is the main benefit of procure to pay software?
According to our results, full visibility into every stage of the procurement and payment processes is the main benefit of procure to pay software. That’s followed by improved efficiency, reduced processing costs, and improved supplier relationships.
The results in full
Here’s what we found:
1. Full visibility
A significant 55% of the respondents identified “full visibility” as the primary advantage. This response underscores the pivotal role that visibility plays in modern procurement and finance operations.
Full visibility in the context of procure to pay software refers to the comprehensive and real-time insight it provides into every stage of the procurement and payment processes. The recognition of “full visibility” as the main benefit of P2P software reflects a commitment to transparency, efficiency, and data-driven decision-making in procurement and finance operations. It empowers organisations to make more informed choices, reduce risks, and optimise their procurement processes. Ultimately, full visibility is a positive attribute that contributes to better financial management, compliance, and overall business performance.
2. Improve efficiency
27% of the respondents highlighted “improved efficiency” as a significant advantage. This response underscores a core strength of procure to pay software and reflects its positive impact on organisational operations.
Improved efficiency refers to the streamlined and optimised procurement and payment processes made possible by these digital tools. The recognition of “improved efficiency” as a significant benefit of P2P software highlights its transformative impact on procurement and finance operations. This efficiency gain is a positive aspect because it empowers organisations to operate more effectively and reduce costs. It can also enhance supplier relationships, and help organisations remain competitive in a rapidly changing business landscape.
3. Reduce processing costs
9% of the respondents identified “reduced processing costs” as a significant advantage. While this response was chosen by a smaller percentage of respondents, it’s still an important aspect of procure to pay software and reflects a positive impact on financial management.
Reducing processing costs refers to the ability of digital tools to lower overall expenses associated with procurement and payment processes. Prioritising reduced processing costs reflects a cost-conscious approach to procurement and financial management. Every dollar saved in processing costs contributes to the bottom line, making the organisation more financially efficient and competitive. Additionally, these cost reductions often extend beyond direct labour expenses, encompassing indirect costs associated with errors, inefficiencies, and late payments.
While not chosen by the majority, the recognition of “reduced processing costs” as a significant benefit of P2P software is positive because it underscores the cost-saving potential of these tools. This can ultimately lead to improved financial health and competitiveness for organisations.
4. Improve supplier relationships
9% of respondents identified “improved supplier relationships” as a significant advantage. While this response was chosen by a smaller percentage of respondents, it’s important to recognise the significance of this benefit in the context of procurement and why it’s a positive attribute of procure to pay software.
Improving supplier relationships refers to the ability of these tools to enhance collaboration, communication, and overall interactions with suppliers. While “improved supplier relationships” may not have been the most widely chosen benefit, it signifies a commitment to fostering positive and mutually beneficial interactions with suppliers. Strong supplier relationships can lead to cost savings, quality improvements, and a more resilient supply chain, ultimately contributing to the organisation’s success and competitiveness.
Learn more about B2BE’s Procure to Pay solution.
More information
B2BE’s experience in the supply chain sector allows our customers to build, expand and adapt successfully, enabling greater effectiveness. To engage with B2BE and offer feedback on what matters most to you and your business, make sure to follow us on LinkedIn and across social media. You can also vote in our latest LinkedIn poll. If you’d like to discuss your supply chain strategy, get in touch with us.