Procure-to-pay software solutions can help you improve compliance and control among vendors, contracts, regulations, buyers, and accounts payable by digitizing your procurement process. Process automation with procure-to-pay software can enable firms to acquire from chosen suppliers at agreed pricing without the tedious paperwork and spreadsheet hassles.
It is the process of integrating purchasing and accounts payable systems to improve efficiency. It’s part of a bigger procurement management process that includes four stages:
- Selecting products and services
- Enforcing compliance and order
- Receiving and reconciliation
- Invoicing and payment
Table of Contents
Benefits of Procure to Pay Software
- Control and improve worldwide spending.
- Should consolidate most manual commerce operations to reduce errors.
- Save time and resources by streamlining catalog maintenance.
- Allow new vendors to be approved quickly.
- To optimize the benefit of sourcing discussions and drive savings to the bottom line.
With today’s IT solutions, digitalizing procure-to-pay operations may improve procurement management and provide worldwide spending control. It can highlight areas of present and potential concern for further process optimization and provides immediate ROI through catalog and contract compliance.
Features of Procure to pay software:
- “The Cloud”
P2P software is available in a variety of formats. Some corporations design their tools, while others buy software from SaaS companies and have it installed and hosted on their premises.
Both of these solutions have a higher total cost of ownership and, in many cases, a clumsy setup. A top-of-the-line peer-to-peer system will include dynamic cloud-based software. When using cloud-based software, the vendor is responsible for the tool’s overall functionality and works with companies to meet continuing business demands and processes.
- Can be configurable
Configurability is one of the most difficult characteristics to find in a long-term P2P solution. A cookie-cutter software solution appears to be an easy remedy due to large variances in business processes from one organization to the next, right?
Unfortunately, this usually necessitates a significant amount of process adaptation and change management on the part of the end-user. The ideal P2P tool will allow users to customize the solution to their workflow and business demands rather than the other way around.
Any P2P solution should be adaptable to the existing company structure and provide a positive user experience to make integration simple.
- Orders can be automated
If you’re looking for purchase-to-pay software, chances are you’re attempting to improve the efficiency of your daily operations. Of course, making things easy for you and your procurement team is also a good idea.
Automation, in this case, is the way to go. An audited, validated, and error-free procurement process from requisition to purchase order to supplier submission workflow should be a requirement of any system you’re considering.
- Exist as a single data source
If you’ve been in procurement for a while, you’ve probably heard about the nightmarish processes in which the full purchase-to-pay process was split across multiple tools, departments, and approvers. The following are some of the advantages of having a single data source:
- Encourages requisitioners and suppliers to work together.
- Helps control spending and maverick buyers by increasing user adoption
- Performs performance, compliance, and risk assessments.
Fortunately, many, if not all, procure-to-pay suites create a single source of data in the age of eProcurement.
- Include electronic invoicing
Although not all procurement solutions integrate e-Invoicing, some do. E-Invoicing is the process of automating and aligning procurement and accounts payable. It facilitates the payment component of the purchase-to-pay cycle while maintaining transparency and compliance.
When comparing P2P software, you may not consider this a requirement, but it is useful if you want to improve payment control and overall invoice quickness.
Top 5 Procure to Pay Software
Jaggaer
With billions of dollars in annual spending, JAGGAER is trusted by some of the world’s leading commercial, manufacturing, and life sciences firms. In the higher education and government sectors, JAGGAER is also the leading procure-to-pay provider. On our scalable, flexible, user-friendly platform, JAGGAER eProcurement and strategic sourcing customers around the world have acquired access to the top suppliers at the best terms. Our source-to-settle SaaS system gives procurement leaders and suppliers unprecedented visibility, insights, and suggestions. As a result of sophisticated expenditure analysis, complete contract management, and efficient accounts payable solutions, a fluid supply chain has emerged.
Key Features
- Asset Management
- Expense Management
- Inventory Management
- Supplier and Purchase Order Management
- Catalogue Management
- Purchase Order
- Receiving
- Contract Management
- Data Management
- Invoice Processing
- PunchOut
- Sourcing Management
- Spend Analysis
- Spend Management
Pricing
The software provider or publicly available price sources provide pricing information for Jaggaer. The seller must undertake the final cost discussions for the purchase of Jaggaer.
Pros
- According to all ratings of capabilities, it’s a one-solution shop for all analytics and expenditure management needs.
- It has a user interface that is simple to use and navigate.
Cons
- It keeps user data in a third-party’s public cloud, which raises concerns about the risk of data security breaches and compliance issues.
- Searching for items is slow and inconvenient.
Comarch Procure-to-Pay
Comarch Procure-to-Pay integrates e-sourcing, e-procurement, e-invoicing, and automated accounts payable invoices. Thanks to the Robotic Process Automation of document handling and a comprehensive approach to data sharing, it ensures increased collaboration both within your company and with your business partners while utilizing financing of solutions. As a result of having immediate access to credible Big Data reports, your organization will be more efficient and have more options for optimizing working capital.
Key Features
- Purchase Requisition
- Vendor Management
- Purchase Invoices
- Purchase Orders
- Powerful Integrations
- Speed Analytics
Pricing
The pricing information for this product has not been provided yet.
Pros
- It is constructed on a robust procurement platform that has automated the entire process and simplified access to any procedure.
Cons
- There is a delay in customer service response.
GEP Smart
GEP SMART is a unified procurement software platform designed by procurement specialists for procurement professionals. Increase efficiency and performance with a comprehensive direct and indirect procurement solution that streamlines and automates your whole source-to-pay process.
GEP SMART becomes the single global procurement solution for all users by unifying the full range of procurement software functionality into a single platform, delivering incisive procurement analysis and decisive insights to the CPO, full category-wide control to sourcing managers, and immediately-available catalogs and “consumerized” ordering to buyers.
Key Features
- Unlike other solutions that are awkwardly modified or moved to the cloud, GEP SMART procurement software is specifically designed, constructed, and purpose-built for seamless operation in the cloud. It makes use of Microsoft Azure, the world’s most scalable, powerful, and secure cloud platform.
- GEP SMART is a mobile-first procurement platform that includes comprehensive apps for iOS and Android. Access dashboards and reports on the go, participate in sourcing events and evaluate and approve orders.
- GEP SMART uses RPA, including AI and machine learning to automate repetitive, time-consuming processes, allowing procurement team members to focus on more important responsibilities.
- AI is transforming corporate operations across the board. GEP SMART’s cutting-edge AI capabilities automate procedures throughout the whole source-to-pay operations spectrum, from spend analysis and sourcing to purchase order processing and invoicing administration.
Pricing
GET SMART has not provided the details of its pricing yet.
Pros
- GEP Smart’s Artificial Intelligence capabilities are very beneficial because it automates the workflow and reduces effort in terms of spend analysis, invoice management, and order processing, among other activities.
Cons
- This software slows down and sometimes fails to give the report for procurement modules.
SAP Fieldglass
External service procurement and Statement of Work (SOW)-based engagements now account for a large amount of an organization’s external workforce spend. You can streamline how service providers are sourced, engaged, and managed using SAP Fieldglass Services Procurement Software. Projects, offshore/offsite, and other SOW engagements are all handled using the procurement of SAP Fieldglass.
Key Features
- Audit Trail
- Budgeting/Forecasting
- Cataloging/Categorization
- Compensation Management
- Competency Management
- Contract/License Management
- Contractor Database
- Contractor Management
- Employee Management
- Employee Scheduling
- Fixed Asset Management
- Goal Setting / Tracking
- Individual Development Plans
- Inventory Management
- Invoice Processing
Pricing
Pricing details are not provided by SAP Fieldglass yet. Contact the vendor to know about it.
Pros
- It manages external employees.
- It is an amazing software for all medium and large-scale companies.
Cons
- The worker details take a lot of time to update.
- It restricts a lot of functions.
Ivalua Procurement Solution
The Invoice to Pay experience from Ivalua simplifies invoice automation, redefines the AP journey, and eliminates old hurdles to touchless invoice processing: ALL invoices and ALL vendors are supported by a centralized invoicing hub. All countries’ tax compliance is being digitized and validated. AP Automation with one-click approval and incorporated smart matching workflow. It also has a compromise-free analytical dashboard.
Key Features
- Auction Management
- Audit Trail
- Budget Management
- Buy-Side (Suppliers)
- Cataloging/Categorization
- Collaboration Tools
- Compliance Management
- Contract Lifecycle Management
- Contract/License Management
- EDI
- Electronic Signature
- Expense Tracking
- Fixed Asset Management
- Full-Text Search
- Invoice Processing
Pricing
Pricing details are yet to be provided by Ivalua Procurement Solution.
Pros
- Business demands can be met easily because you can customize it on your own.
- The configuration is easy to handle, and it is relatively affordable.
Cons
- It experiences a lot of bugs and causes the system to break.
Conclusion
The process of integrating purchasing and accounts payable systems to improve efficiency is known as procure-to-pay. It can help you improve compliance and control among vendors, contracts, regulations, buyers, and accounts payable by digitizing your procurement process. This article deals with Procure-to-pay software and the 5 best procure-to-pay software that you can use before making any kind of payment.
