WBSP265: Grow Your Business by Learning Procure-To-Pay Business Processes Best Practices, a Live Interview w/ a Panel of Experts

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Order-to-cash (O2C) and Procure-to-pay (P2P) processes do the most heavy-lifting in a company operationally. While O2C gets the most attention due to its customer-facing nature, if you don't have your P2P processes figured out, there will be significant implications to your planning cycle and, as a result, on O2C processes. There has also been a significant advancement in the P2P processes, including specialized tools for Source-to-pay (S2P) processes and streamlining of invoice processing, etc., through AI tools and P-card processes. The procurement teams are also significantly impacted by the recent supply chain disruptions. And companies need to rethink how their supply chain and procurement function. So what are the best practices for streamlining the P2P process, having appropriate KPIs at each step in the cycle, and having technology architecture that will serve the needs of the procurement department?

In today's episode, we invited a panel of cross-functional experts for a live interview on LinkedIn who brings significant expertise to discuss procure-to-pay business processes and best practices. We covered many grounds, including the scope and branches that extend from procure-to-pay processes, the roles, and the organizational structure of the procurement department. Finally, we discussed the difference between P2P, S2P, and S2C processes and the communication and collaboration of different systems part of the architecture for the procurement department, and the best practices for process design across these systems.

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