Procure to Pay Process Automation

SIMPLIFY AND DIGITIZE PROCUREMENT WORKFLOWS

The average supply chain has a digitization of 43%, the lowest of all industry functions. Even decision makers that have supply chain transformation as a part of their digital strategy stands at a mere 2%. Howsoever, in terms of returns process efficiency in supply chain can enhance earnings by 4% while enhanced decision-making using data from different sources can improve the company’s top-line.Procure-to-Pay process involves multiple documents - invoices, purchase orders, contracts, as well as information from various enterprise applications, such as ERP, accounting system, ECM, and CRM. The typical process can be highly manual and prone to errors. As much as 56% of invoices remain paper based, and processing delays are common – only 4% of businesses pay all their invoices on time.

INTRODUCTION

CHALLENGES IN P2P

§ Errors and delays resulting from manual input of information.

§ Too many different document formats make it difficult to automate.

§ Lack of visibility into invoices and payments.

§ Problems with archiving and finding documents.

§ Slow Approval Processing

§ Difficulty with matching invoices to the related purchase orders

§ Inability to adapt the process in response to business changes.

Manual processes in Procure-to-pay often lead to disjointed and inconsistent efforts, which can

cause redundancies and errors that impact fulfilment and payment, as well as lengthen

process life cycles.

Control inventory replenishment, enable flexibility in purchase order management to better address market demand. • Replenishment based on

inventory norms • Visibility of inventory levels

across the supply chain • Tweak orders suggested by the

system to order based on market demand

• Flexibility of goods return • Completely automated through

integration with ERP systems

Consolidate data into meaningful insights to provide supply chain managers with inside to control costs, regulate inventory, improve cash flow and increase sales across products and distribution channels.

q Sales report • Mater Wise • Customer Wise

q Inventory Reports • On Regional Basis• On Customer Basis

q Purchase Order Reports q Load Register q Price Listq Tax Reports

• Purchase Tax Report• Sales Tax Report

2) Master Data Management

1) PO Management:

Maintain uniform master data and streamlined processes across the entire downstream supply chain. Comprises Customer Master, Material Master, Price Master, Beat Master. • Create & maintain master data • Integrate with ERP systems• Maintain Product & Pricing

catalogues• Sales and geographical

hierarchies for master data and reporting purposes

• Target v/s Actual nonalignment with overall Sales Operation Plan

Invoice matching tools automatically link invoices to purchase orders or other receipt documents. Modern technologies like RPA and OCR can be leveraged for matching these documents.

Control Liquidity of inventory, enable flexibility in sales order management to better address market supply. • Batch wise inventory liquidation• Flexibility of pick list and

instructions• Flexibility of sales return• Shorten order to shipment

timeframe• Automate transitions from order

to ship • Completely automated through

integration with ERP systems

4) Invoice approval management

3) Invoice Matching

5) Supply Chain Analytics:

6) Supplier/Vendor PortalSupplier management features centralize, control, and optimize supplier data. Supplier management functionality features a supplier self-service portal where suppliers can upload invoices, check on payment statuses, and update payment information.

BUSINESS BENEFITS-

§ Standardized, digitized Procure-to-Pay operations§ Fast document processing and approvals§ Control, collaboration, financial reporting§ Reduce late payment fees and access early payment

discounts from suppliers§ Improved compliance through transparency and

expense control. § Increased accuracy and fraud prevention measures

BEST PRACTICES FOR P2P

Learn how to address your procure-to-pay concerns today with ORANE

Established in 2009, Orane Consulting Pvt. Ltd is an IT Consulting Company. We are a team of 110+ dedicated professionals who are committed to meet and exceed customer expectations. Our unique technology capabilities coupled with domain understanding has enabled us to provide excellent value-driven solutions to customers across verticals. We’re authentic in our actions and approach, we have a passion for innovation, and we know that smart insights lead to better outcomes... making way for you to achieve unstoppable business intelligence. We partner with our customers to break down the barriers preventing insight-driven decision-making by transforming their data and analytics into a conduit for growth and innovation.

About ORANE:

For more information, please contact us at:

T: +91- 120-4888111Email: Sales@oraneconsulting.comVisit us: www.oraneconsulting.com