Corporate Financial Management
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Automating and Linking Purchasing, AP and Suppliers: Key to Reengineering the P2P Network
Article on Controller's Report, Accounts Payable, Financial Leadership, Logistics, Purchasing Inventory Costs • posted 12/01/11
Reengineering the P2P network to link and automate all the various processes allows AP, purchasing and suppliers to communicate better. It also enables more suppliers to access your system faster. And bringing more suppliers in faster is one of the best ways to get full value from your investment in the solutions that you and your suppliers use to communicate, collaborate and transact. Ultimately, this will lead to better financial controls, lower costs of products, reduced overhead, and better relationships with operations staff and vendors. Because of this, experts are beginning to call this the decade of the procure-to-pay (P2P) network. It is the controller and the finance department that are uniquely positioned to make this all happen.
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