P2P is the acronym for procure-to-pay or purchase-to-pay. The P2P process covers activities performed to obtain and manage materials required for manufacturing a product or providing a service. It involves the transactional flow of data with the supplier from the point of order right up to the point of fulfillment of the actual order and payment for the product or service.
In addition, enhancing the purchase-to-pay procedure can add visibility that gives the management a chance to have more satisfactory communication with the dealer regarding where the articles are in the delivery cycle and revenue to the dealer.
Many factors are related to the P2P method, which is essential to the overall procedure. The procedure starts with sourcing items and ends with payment to the selected vendor.
Step 1: Identify needs
Step 2: Create requisitions
Step 3: Purchase requisition approval
Step 4: Create a PO/spot buy
Step 5: Purchase order approval
Step 6: Goods Receipt
Step 7: Supplier Performance
Step 8: Invoice Approval
Step 9: Vendor Payment
GEP delivers end-to-end P2P solutions which seek to automate the entire P2P process. In addition, companies can use invoice automation solutions to streamline invoice data capture, reduce the risk of errors and automate accounts payable processes.
Vendors can also take measures to decrease the chance of mistakes or delays on the invoices they send to their consumers by taking advantage of electronic invoicing solutions, which assure invoices are sent to the correct place and in the correct format.
GEP SMART is an AI-powered, cloud-native source-to-pay platform for direct and indirect procurement. GEP SMART offers comprehensive source-to-pay functionality in one user-friendly platform, inclusive of spend analysis, sourcing, contract management, supplier management, procure-to-pay, savings project management and savings tracking, invoicing and other related functionalities.
GEP NEXXE is a uniﬁed and comprehensive supply chain platform that provides end-to-end planning, visibility, execution and collaboration capabilities for today’s complex, global supply chains. Built on a foundation of data, artiﬁcial intelligence and cognitive technologies, GEP NEXXE helps enterprises digitally transform their supply chains and turn them into a competitive advantage.