Supply chain managers have long faced challenges when it comes to accounts payable and procure-to-pay (P2P) processes. Despite the shift to digital taking place across all industries, many organizations are still relying on manual, paper-based AP processes to approve and pay invoices. This creates a slew of problems, such as lack of control around timing of payments to suppliers, invoice exceptions that take up precious staff time, and poor visibility for the chief financial officer as well as suppliers.
By moving toward digital in your organization’s accounts payable process, you can eliminate the slow and error-prone process that is the root cause of many problems with your suppliers. In doing so, you can cut costs, optimize cash flow, acquire real-time visibility into outstanding payables, and head off potential supply chain disruptions before they occur.
From improving profitability and optimizing cash flow to creating a more stable supply chain, AP/P2P automation delivers a number of benefits to supply chain managers. Following are three of the more persuasive ones.