Automating Procure to Pay with RPA
Procure to pay is all about acquiring the raw materials required for manufacturing a product or providing a service, and making payments for these. Every manufacturer or service provider needs to run this cycle efficiently and systematically if, they are to continuously manage their cash flow, build goodwill with suppliers, develop profitable relationships and generate revenue.
- Risk of documentation errors
- Delays in processing
- lack of communication and cohesiveness between the various divisions
- Invoices might inadvertently get written for goods that got rejected
- Use of extensive paperwork leading to higher lead times
- Increased operational costs
- Reduced employee productivity
- Reduced ROI
- Lack of governance and compliance
Procure to Pay workflow
To reduce operational costs, while increasing the P2P process efficiency, it is important to implement RPA throughout the procure-to-pay cycle. With electronic purchase requisitions that automatically convert to purchase orders when approved, automated approval routing and e-invoicing, RPA digitally transforms the entire procure-to-pay cycle. Adopting this technology allows the procurement team to focus more of its efforts on high-value-added activities to add value to the organization while enabling the accounts payable department to be more productive and cost effective. You’ll no longer have to worry about late payment fees and may even be able to capture early payment discounts by implementing RPA.