Procurement organizations are investing considerable resources to transform their operations. One area that has attracted a lot of interest in recent years is Purchase-to-Pay (P2P). The traditional players such as SAP (Ariba) and Oracle have made a livelihood on selling their software with recent entrants such as Coupa and Wax Digital challenging the formers’ near-monopoly. Yet, many organisations are only just starting off on the Procure-to-Pay journey. So, what should business and technology leaders do to de-risk their P2P deployment?
Successful procurement transformation is a major and long-term business improvement. It requires a new vision centered on adopting technologies that digitize the manual and repetitive processes for procuring goods and services.
The expectations are high, too. According to a survey from The Hackett Group, 85% of senior executives report that digital transformation will fundamentally change the way procurement services are delivered over the next 3-5 years, though only 32% have actually developed a strategy for getting there.
Perhaps not surprising, P2P transformation projects are risky. The costs are high, the change is tough and the return on investment can be slow and difficult to achieve. The good news is there are ways that procurement leaders, working with colleagues, can ensure a successful transformation with an on-time and on-budget P2P deployment.
It all starts by taking a data-centric approach. Without accurate data, your new (and existing) technology won’t provide you with the visibility and insight you require to generate the expected business outcomes and value.
Here are our recommendation to help you de-risk your upcoming P2P project: