What’s the answer to all of these problems? Costly mistakes associated with out-of-date information.Excessive manual data entry which comes with greater chance for error.Heightened risk associated with reviewing third party paper.Inefficient contract generation and approval processes.Limited or a total lack of visibility into contract terms and statuses.

Optimized technology can also have a great positive impact for procurement teams who aren’t using the right or best technology for their needs because not only does an inefficient procurement setup frustrate internal departments who need materials to run the business, lack of appropriate technology can also jeopardize relationships with third parties.ĭisconnect across the P2P lifecycle can result in serious issues, including: With best-in-cloud technologies that increase ease-of-us and cross-departmental collaboration, procurement teams can overcome the long-spanning problems they’ve had for a decade, especially if they’re still largely manually handling procurement tasks. There’s a level of stagnation in technology advancement for procurement teams that simply isn’t present in just about any other department – even finance with its propensity to cling to spreadsheets. Don’t leave procurement behind as your business matures Leaving procurement behind as the rest of your business progresses with smarter, faster, and better tools will leave threads of inefficiencies that reach into each department of your company – and, even worse, to your customers. Procurement departments are responsible for consolidating spend, maximizing supplier performance and ensuring compliance with company sourcing policy – with many companies still stuck using manual processes even as many other departments are transformed and optimized with customized software. Companies located in the US and Canada are losing $1.5B per year and wasting 32 million person hours annually due to inefficiencies in procurement processes or technology. How much can an inefficient procure-to-pay (P2P) lifecycle cost an organization? The answer isn’t pretty.

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