Process-to-Pay (P2P) encompasses a series of steps involving the requirement of goods and services, from requisition to approval and payment. Businesses face numerous challenges when it comes to managing their Procure-to-Pay (P2P) processes. To address these challenges, organizations are turning to innovative solutions, and one such game-changer is Intelligent Document Processing (IDP), using SharePoint Premium (Microsoft Syntex).
The P2P process can be plagued with inefficiencies, inaccuracies, and bottlenecks
Traditionally, this process has required extensive manual effort, leading to inefficiencies, errors, and delays. Many organizations still rely on manual data entry, paper-based documents, and disparate systems, leading to the following challenges:
Data entry errors: Manual data entry is prone to human errors, leading to discrepancies in purchase orders, invoices, and payment records. These errors can result in payment delays and disputes with suppliers.
Inefficient workflow: Lack of automation and standardized processes can cause inefficiencies in P2P workflows. This leads to delays in processing payments, approvals, and reconciling accounts.
Vendor and supplier relations: Late payments and disputes can strain relationships with suppliers, making it challenging to negotiate favorable terms and discounts.
Regulatory compliance: Many business regulations and industry laws, mandate the protection of sensitive data. If your P2P processes mishandle confidential information, vendor and supplier data, and inaccuracies in financial documents, this can lead to data privacy violations and regulatory fines.
With Intelligent Document Processing using Microsoft Syntex, organizations can achieve enhanced accuracy, faster processing times, and improved visibility throughout their P2P lifecycle.
Microsoft Syntex is a powerful tool that leverages Artificial Intelligence (AI) and Machine Learning (ML) to automate the processing of documents. Microsoft Syntex can automate the capture, classification, and extraction of data from various types of documents, such as purchase orders, invoices, receipts, and contracts.
Let's explore how Microsoft Syntex can transform each stage of your P2P process:
Identification of need: AI analysis of historical data to predict and recommend when to reorder stock or procure new services.
Requisition: Automate the creation of requisition forms by extracting information from user queries and past data.
Approval: Route requisitions to the appropriate managers for approval, based on predefined rules and roles.
Purchase order creation: Automatically generate POs by extracting terms from requisitions and contracts and using templates for consistency.
Order management: Track order status and update systems in real-time by integrating with ERP systems.
Goods receipt: Process and verify packing slips and delivery notes against POs, updating inventory systems automatically.
Invoice processing: Match invoices with purchase orders and goods receipts, flagging discrepancies for review.
Account payable: Automate invoice processing, approval, and prepare payments while ensuring compliance with financial policies.
Payment processing: Integrate with payment systems to execute transactions, apply discounts, and manage cash flow.
Is your organization struggling with inefficient P2P processes, compliance challenges, and data inaccuracies? As the business landscape continues to evolve, leveraging innovative solutions is essential to stay competitive and ensure a seamless P2P experience.
Proventeq can help your business to make the shift to SharePoint Premium (Microsoft Syntex), and optimize your P2P operations, giving you the powerful edge in today's dynamic modern workplace. Proventeq's Content AI Solutions using SharePoint Premium with Intelligent Document Processing can enhance your content management capabilities, workflows, and business processes - easily integrate into your line-of-business applications. To learn more, book a call with one of our experts.