Selecting the Ideal P2P Software for Enhanced Organisational Efficiency

Procure to pay is a process that integrates accounts payable and receivable systems so that the organisation can achieve greater efficiency. Choosing a good P2P software solution helps the organisation to enjoy greater compliance and control when it comes to vendors, contracts, regulations, buyers and accounts payable. Below is a look at how to go about evaluating software and at some of the features you may wish to keep a lookout for when choosing P2P software for your organisation.

Consider the bigger picture

P2P is part of the wider procurement strategy, and your software should be as well. Before you meet software vendors, you should identify the different cases for uses and the capabilities that are the most important to you.

Align with your goals

You must also take into account the wider IT strategy, which may include a move to the cloud, commitments to specific IT standards or to a specific architectural approach, and also the incorporation of any artificial intelligence (AI).

Establish the challenges, outcomes and solution requirements, and confirm these and the level of prioritisation with stakeholders. What do you need? What do you want? What is just nice to have?

Identify key capabilities and uses

Being clear on key capabilities and uses will make it easier to reach a consensus when evaluating software. It also keeps the evaluation on the right course. For each case of critical use, list in detail your technical, functional and user experience requirements, and other requirements. For non-critical uses, again detail your requirements to make choosing between similar solutions more straightforward.

Take control of the demo process

Demos are crucial to rule out different providers. Forming a demo script based on your requirements will help you to compare functionalities more easily, establish any gaps in capabilities of functionality and ask the right questions. It also stops a provider from only displaying the solution’s strengths and not giving you the full picture of a solution.

Features to look for in P2P software

When choosing your P2P software, there are certain features you’ll want to keep a lookout for. Here are some of the main ones:

In cloud habitation

Some organisations build tools internally. Others hire them from a software-as-a-service (SaaS) provider and then implement and host the tool on the site. Both options create a high cost of ownership, and configuration can be problematic. If you use software that lives in the cloud, the vendor is responsible for the functionality of the software and partners with organisations to meet their needs.

Configurable

Since there are major differences in processes between organisations, cookie-cutter solutions may seem the answer; often, however, they force the organisations to adapt their processes and workflow so teams can work with the software. Your P2P software should be more configurable to your organisation structure and provide a good user experience.

Automation of purchase orders

If you’re searching for P2P software, it’s likely you’re doing so to increase the efficiency of your operation. Automation is the way forward, and a piece of software that automates processes will lend your procurement a big boost.

E-invoicing capabilities

Not all solutions will feature e-invoicing, but this useful feature helps ensure compliance and creates visibility. It also speeds up payment in the P2P process. You may not find e-invoicing strictly necessary, but if you’re looking to exercise more payment control and improve responsiveness to invoices, it’s important to have.

Built-in reporting capabilities

Built-in reporting capabilities allow procurement professionals to gain insight and then make strategic decisions. Although some reporting should be automated, the system must also be able to produce independent reports. Capturing data through the reporting will help you to monitor performance, compliance and risk.

Spend analytics assistance

The reporting capabilities will help you to capture data in real time on savings, spend by region, supplier spend and more. The software can present this data in a manageable format so that you can improve efficiency and compliance, uncover any spending out of the scope of your procurement policy and save money.

If you’re considering a P2P system for your organisation, find out more about Coupa Software and how it can positively impact your business. We’re approved implementation partners in the UK and Ireland, and will ensure that the system is configured to meet your unique requirements. Or, if you’ve embarked upon a P2P implementation and are still struggling with your platform, why not take out our P2P Diagnostic service? We’ll perform an analysis to understand and solve any issues you’re having with process implementation, and help you configure or develop your platform. We’ll help you to implement the process and the platform as well. Visit our service page to find out more or use the details on our contact page to get in touch and we’ll get back to you.