Advancing procure to pay functions in the age of digital transformation
October 30, 2019
as featured in Manila Times
In this age where digital transformation is imperative for businesses to survive and thrive—Procure to Pay functions are being challenged to answer more than what the current systems are capable of. The challenges revolve in the areas of efficiency and data understanding — not just data visibility, performance, and controls. Below is a guide on how you can advance the role of Procure to Pay within your organization to incorporate artificial intelligence in the processes.
Evaluate any “great wall”
A “great wall” is a system that blocks the initiatives for digital transformation. Typically, it is the culprit for massive spreadsheets and islands of systems leading to redundant data handling.
Instead of increasing proficiency, the “great wall” acts as the barrier from simplifying processes, making information available, and providing quicker response time.
Breaking this “great wall” is the most challenging task for an organization as it will undertake major changes on its Information Technology landscape.
Ensure system controls
To say that ensuring system controls is about setting up security from intrusions and unauthorized system access is an understatement. More than that, it includes securing system compliance in the digital environment in terms of the process flow, workflow, field definition, formula, validation and controls.
Professionals from IT, Finance, Accounting, Human Resources and Operations are starting to realize the value of tightly integrating processes with workflows, document controls and service level agreement.
Allocate resources properly
Allocate a reasonable budget, resources and timeline to put in place Procure to Pay business applications which encompass work instructions, performance measurement, accountability, notifications, mobility and analytics.
Certify regulatory compliance
Ensure regulatory compliance to reduce risks of fraud and nuisance to elevate your organization’s credibility, trust and integrity.
Harness vendor portal benefits
Enhance your partnership with your suppliers and providers through Vendor Portal from supplier enrollment, maintaining up-to-date vendor profile, managing deliveries, pricing, discounts, terms to establishing structured communication and process automation.
Secure end to end applications
How Procure to Pay interfaces with Financials, Warehousing, Operations, Project Management, Production will manifest in the effectiveness of your organization.
Choose browser-based application that can support hybrid infrastructure with Internet of Things (IoT)- ready applications so data can be processed or viewed from different devices or browsers allowing seamless updates and exchange of data in a secured environment.
With the direct impact of Procure to Pay to profitability, cash flow, response time, and performance, leveraging Procure to Pay digital transformation will future proof your organization.
NOAH Business Applications includes Financials; Financial Consolidation; Warehousing; Production; Banking; Distribution; Forecasting, Planning, and Budgeting; Loan Management; Realty; Human Resources Management System; Procurement Management; Project Management; Customer Relation Management; Mobility/IoT; Analytics, Reporting, and Dashboard, and; Data Management.
To learn more on how NOAH Business Applications is helping businesses in reducing risk and future-proofing yourprocure to pay functions, visit our website at https://noahapplication.com/. You may also email us at email@example.com or contact Benjie Fernandez at 09176222602, firstname.lastname@example.org; and Bianca Ducusin at 09176250685, email@example.com.