What Is Procure to Pay?
The Procure to pay category of applications falls within the enterprise resource planning (ERP) family. Procure to pay cuts across procurement and financial accounting processes to provide end-to-end visibility of a purchasing transaction across purchase demand, procurement, verification of procured goods and services, and payment. It presents purchasing information in an integrated manner, enabling stakeholders to understand the complete picture of what they are spending, with whom, and at what stage.
Enterprise software manufacturers like Oracle, SAP, Microsoft, and Sage are leaders in the sector, providing modular solutions that can provide basic or advanced functionality as required. Procure-to-pay solutions provide accountability, traceability, and transparency around company spending and enable reporting against annual operational budget lines.
Implementation challenges are largely around understanding existing processes, and mapping them to more streamlined processes that can be underpinned by a procure-to-pay solution. Therefore, achieving the benefits requires a combination of software deployment and business/operational change.