The Procure-to-Pay process is a key process in most enterprises that can make a big difference both in terms of cost and vendor relations. In a recent article, McKinsey finds that today’s technologies can automate more than half of the procure-to-pay process, and can reduce procurement spend by 3.5%. They find that the lack of compliance, lack of control, reduced efficiency and potential reduction in cost of transactions to be the key sources of value.
In vVolve’s work to help enterprises digitize their processes, we find that apart from these sources of value, the agility and ability to work with vendors at speed is a key differentiator that helps to build strong vendor relationships. Our Mobile-enabled Procure-to-Pay solution has been adopted by several clients, who seen benefits in terms of speed of execution. Coupled with specific Digitized GST and Office of CFO solutions, the entire procurement and finance functions can be automated, digitized and transformed.
Of course, this is not instant where processes are digitized and transformed overnight. It is more of an evolution, especially for a company beyond a certain size, with perseverance and consistent execution with trusted partners. We believe that Evolve and Succeed is the way to reap the benefits that Digitization has promised.